P2P transactions involving USDT on platforms like Binance are increasingly being exploited by scammers in Pakistan. The scam typically unfolds when a buyer transfers funds to the sellerâs bank account and marks the transaction as complete on Binance. After receiving the USDT, the buyer submits a fraudulent complaint to their bank, claiming the payment was made by mistake. In response, banksâwithout adequate verificationâmay freeze the seller's account or reverse the transaction, leaving the seller financially vulnerable.
This scam poses serious risks for sellers. Many face significant losses, with their USDT gone and accounts locked. Trust within the P2P trading community is also eroding, making it difficult for genuine traders to engage confidently in transactions. Furthermore, sellers can suffer from reputational harm, account closures, and restricted banking access, all of which disrupt their ability to continue trading.
A major issue lies in the banking systemâs approach, where complaints are often acted upon without thorough investigation. Sellers receive minimal support, and dispute resolutions tend to drag on, increasing their stress and frustration. The absence of safeguards makes it harder for sellers to protect themselves, leaving them exposed to financial abuse.
Addressing these scams requires urgent reforms. Banks must implement stricter complaint verification processes to avoid unjust account freezes. Raising awareness among traders can empower them to recognize and avoid suspicious activities. Additionally, collaboration between platforms like Binance and financial institutions is essential to streamline dispute handling and foster a safer trading environment for all participants.
