See my returns and portfolio breakdown. Follow for Spot Trading tips.

In Pakistan, one major issue with P2P transactions is the frequent freezing of bank accounts. Here’s what usually happens:

When a verified merchant asks for identity documents like ID cards, selfies, videos, or any additional proof, many Pakistani users get offended. They think, "I’ve already done my KYC, why are they asking for this again?" They assume the merchant is accusing them of being a scammer.

However, the reason merchants ask for these documents is to ensure the buyer is not involved in fraudulent activities. If a merchant’s account gets blocked due to a suspicious transaction, it creates a chain reaction. Everyone who receives payments from that scammer could face account blocks too.

The biggest issue here is the lack of patience. People don’t wait even for an hour. "Oh, the merchant hasn’t replied in 15 minutes? Let’s file an appeal!" This impatience makes things worse. Please, give the merchant at least one hour to respond before raising any dispute. They might be handling multiple orders at once.

Another problem is people ignoring the merchant's terms and starting unnecessary arguments in the chat. This creates extra pressure for merchants, who are already juggling multiple buyers.

In short, patience and understanding are key. Read the merchant’s terms carefully, cooperate with the verification process, and wait for a reasonable time before filing appeals. This will help reduce issues like bank account blocks for everyone.

Why Do Bank Accounts Get Frozen in Pakistan? 🏦

If your bank account was recently frozen in Pakistan, you’re not alone.

Why Does This Happen? 🤔

The real scammer in this situation operates in a sophisticated way:
1️⃣ They approach someone offering a high rate for crypto, pretending to be new and unaware of how P2P works.
2️⃣ You agree to the deal, receive the payment, and then buy crypto from P2P to send it to them.
3️⃣ You feel happy because you earned a small profit from the transaction.

However, soon after, your account gets blocked. Why? Because:

The person who sent you the payment likely scammed someone else to acquire the money.

Their account gets blocked due to a fraud report, and since the money passed through your account, yours gets frozen as well.

This chain continues, with more accounts getting blocked as the scam progresses.

The so-called “new” buyer is actually a scammer who victimized someone else to purchase crypto through you.

The Legal Void ⚖️

Currently, there are no specific laws in place by the State Bank of Pakistan to address fraud or scams in such cases. This creates significant challenges for victims.

What’s the Solution? 🛠️

In 2024 alone, over 11,000 accounts were frozen in Pakistan, with 90% of the affected individuals being innocent.

Many people refund disputed payments simply to regain access to their accounts, especially when they have a significant balance that’s also frozen.

Business vs. Individual Accounts 🧾

15% of frozen accounts were reactivated because the owners provided proof that the payments were for legitimate business activities.

85% of account holders couldn’t provide sufficient evidence to justify their transactions.

If you disclose that the payment was for crypto trading on P2P, banks may release your funds but will permanently close your account.

In Pakistan, my friend recently faced an issue with Binance. 😔 He was new to the platform and accepted a third-party payment. 🛑 He also obtained the identity card of that person, but his account got frozen on next day. ❄️ The bank says that they had no idea about it and said the FIA had frozen his account. 🏦

After three months, we visited the FIA office. 🏢 The officers explained that "a person contacted a lady on Facebook, pretending to be her uncle who was in trouble. 🚨 She tried calling him (real uncle), but he didn't answer. 📞 She sent Rs. 10,000 to the fraudulent person, who then demanded Rs. 20,000. 💸 She sent it again, but when he asked for Rs. 200,000, she contacted her real uncle once again, who attended her call and denied sending any messages. 🚫 She called the Bank helpline and reported the fraudulent transactions. 📲

The fraudster created a Meezan freelance account in a lady's name. 👩 Meezan Bank immediately opened her freelance account without thorough verification. 👇 My friend, being new, didn't notice that the lady only had a thumb impression and no signature on his identity card. ✍️

The fraudster captured an uneducated lady's identity card and managed to apply for a Meezan freelancer account in her name. He then received multiple payments and bought USDT on Binance.

No one could approach the lady because bank records showed no account under her husband's name, and no other account was found. Further verification revealed that the lady belonged to a poor family. Consequently, the fraudulent person remains unknown.

📝📝📝 Addition (09.08.2024) :
Lady has now revealed that she go to the Benazir Income Support Program to receive her monthly installment. The staff informed her that the payment will be later deposited into her bank account. To facilitate this, a staff member opened her meezan account and kept her bank details, selfie, and CNIC picture with him. 📝📝📝

Precaution:
- Never accept third-party payments, even if they provide CNIC pictures. 🛑

In Pakistan recently, an incident occurred where a person bought USDT on Binance P2P from us. 🏦 We received a CNIC picture and a mobile number from the buyer. 🆔 The Binance name and bank name were similar. 🤔 However, just the next day, our bank account was frozen. ❌

When we reached the bank, they told us the provided purpose of the transaction. We provided the CNIC we received during the transaction and a written statement. 📄 In the statement, we wrote that we provided freelance services like software activation and Amazon gift cards. 💻🎁

A few days later, the bank revealed that the sender had stated someone offered him 10,000 Rs monthly to open an account and provide details. 💸 The man, who was poor, agreed and then made a Binance account in his name. The person who made the offer committed fraud with five different people. 😡 He received PKR in the poor man's bank account and then bought USDT. The gang involved five individuals. 🕵️‍♂️ The bank clearly stated that the only option for our safety was to refund the amount immediately. 🔄 They mentioned that if we did, they would declare that we didn't know who sent the money, keeping us safe. 🔐

Actually, the fraud targeted a businessman who registered an FIR. 🚔 The police captured the account holder, who then revealed the truth. 😓 The gang has not been captured yet. 🚨

Solution :
For P2P sellers on Binance, always get an account statement video of the last seven days' history. 📹 If they haven't received payments from anyone, then proceed with the trade; otherwise, cancel it. ✅🚫

In Pakistan, These days, if a seller avoids a forward dispute (where the sender doesn't complain but someone else who received a payment from them does), then he is 99% the safest person on the P2P channel from bank account freeze.

💪 However, if you are already a victim of a bank account freeze and think the sender has complained, you can investigate and find that the sender did not complain. 🚫 Your account was blocked because the sender's account was blocked. ⚠️ The sender committed fraud with someone else, but you also became a victim. 🔍 If you're not aware of this, investigate and you'll find this to be 100% true. ✅

I've been working on Binance P2P for a while and have had my account frozen multiple times due to these issues. ❄️ Binance has a very strong security system. 🛡️

🛡️ Precautions 🛡️

1. Never accept third-party payments, even if they provide a CNIC. ❌
2. If the name matches, ask them to provide a video showing account statements history along with the front and back of their CNIC. 🎥
3. If they received a payment in the last 3 days from someone, ask for the details. 🕵️‍♂️ If they can't provide it, cancel the trade. 🚫
4. Banks typically respond within 3-6 hours if any payment is reported as suspicious. ⏰
5. If they haven't received any payments in the last 3 days from anyone, it means they are likely buying in safe mode from you. ✅
6. In the case of MFBs (Microfinance Banks like Easypaisa, JazzCash) and EMIs (Electronic Money Institutes like Nayapay, Sadapay), ask for the last 10 days of account history. 📅 These payments can have disputes launched several days later. ⚠️

Stay safe and trade smart! 🚀

#ScamAwareness #Pakistan

🛡️ Stay Safe on P2P: Simple Tips for Seller 🛡️

In Pakistan, two main types of P2P scams are currently prevalent. Here’s how they work and how you can stay safe:

1. Third-Party Payment Scam:
Scammers advertise discounted items like mobile phones or watches on Facebook and Instagram. When someone shows interest, the scammer provides attractive pictures and reviews to lure them in. After the victim agrees to the deal, the scammer posts an ad on Binance, gets the payment information, and sends it to the victim. The victim then sends money to the Binance merchant. The scammer provides a fake CNIC to the merchant, who verifies the payment and releases the USDT. The scammer then blocks the victim, who is left waiting for their purchase. When the victim complains to their bank, it results in a dispute against the merchant's account.

Precaution:
Never accept third-party payments, even if a CNIC is provided.

2. Same Person Scam:
Some users who don't have 5000 USDT for the security fee for Binance merchantship join groups on Facebook or other platforms. Scammers offer to buy USDT at a high price and send payment immediately to the user, who then trusts them and agrees to sell USDT without asking for any documents. The user buys USDT on Binance and transfers it to the scammer. Later, the scammer files a complaint with the bank, leading to the buyer's account being blocked and the merchant's account facing a dispute.

Precaution:
Always request a video statement and transaction history of the last three days from the buyer. If they have received money from unknown sources, ask about it, get a CNIC, or cancel the trade.

By staying vigilant and following these precautions, sellers can protect themselves from P2P bank disputes and ensure safe trading. Happy trading! 🚀✨

#ScamAwareness #Pakistan

In Pakistan, I faced three P2P forward disputes (not buyer complaints, but due to their accounts being blocked, which led to my account being blocked). Three things were common in all disputes: buyers made deals outside of Binance, took payments from others, bought USDT from us, and then sold them outside at a higher rate.

In these three disputes, the buyers were new and made deals outside. They made deals, got money from others, bought USDT from me, and sold outside without taking any proof or source of funds from those they dealt with.

Afterwards, the senders complained against the buyers for fraud, leading to their accounts being blocked, which then led to my account being blocked. In one of the three disputes, after investigation, the payment came into my account because one buyer settled with the sender. But the remaining two did not settle. I had to reverse the payments for the two disputed transactions.

Binance has strong security for merchants, but everyone tries to buy from Binance and sell outside.

To be careful when selling on P2P on Binance, always take a video statement and the buyer's mobile number. CNIC is less valuable. A video statement will provide more evidence to show a legitimate transaction. Alternatively, take a video of their transaction history from the last 24 hours. If the payment is received in their account, ask them for the CNIC of that person or cancel the trade. This is a safer approach and will help avoid disputes.

#P2PScamAwareness #Pakistan

Good morning from Pakistan 👍

Hi,,, Good Morning Narowal People and All Crypto Community.