A member of our community just shared a concerning experience, serving as a warning for all those trading P2P. Here’s what happened:
While conducting a regular UPI transaction, he discovered that his bank account was frozen due to 'illegal funds.' The underlying cause? The person who paid him on the P2P platform was involved in fraudulent activities, and anyone trading with them was affected, including having their bank account blocked.
An important lesson to protect yourself:
1️⃣ Avoid risky profiles:
Never trade with users who have a transaction rate below 50% or a completion rate below 95% on P2P platforms.
2️⃣ Verify information:
Always check and ensure that the name of the bank account holder matches the records on Binance (or similar platforms). Any mismatch could cause trouble.
3️⃣ Always be vigilant:
If you feel something is off during the transaction process, stop immediately and double-check all information.
Why is this important?
P2P trading offers convenience but also poses significant risks. Fraudulent activities can not only cause you to lose money but also lead to account freezes, preventing you from accessing your hard-earned funds.
Prioritize safety over convenience. If you've ever encountered a similar situation, share your story to help the community avoid these risks. Together, we can make P2P trading safer for everyone 💪