P2P scams in Pakistan's banking system, especially involving USDT transactions on platforms like Binance, are becoming a big problem. Here's a simpler breakdown:
1. How the Scam Works:
The buyer sends money to the seller's bank account and marks the deal as complete on Binance.
After getting the USDT, the buyer files a false complaint with their bank, claiming the payment was a mistake.
Without proper checks, banks may freeze the sellerâs account or reverse the payment.
2. Impact on Sellers:
Financial Loss: Sellers lose their USDT and may face frozen accounts.
Mistrust: This makes it harder for honest traders to trust P2P transactions.
Account Risks: Sellers might face account closures or reputational damage.
3. Problems in the System:
Banks don't always verify complaints before taking action.
Sellers have little protection or support.
Dispute resolution takes too long, adding stress to the sellers.
4. Possible Solutions:
Banks need stricter checks before freezing accounts.
Awareness campaigns can help sellers protect themselves.
Platforms like Binance should collaborate with banks to ensure fair handling of disputes.
In short, these scams highlight the need for stronger checks, better cooperation between banks and crypto platforms, and greater seller protection.
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