#2024WithBinance *Bank Account Freezes in Pakistan: The Crypto Scam Threat*
*How the Crypto Scam Works*
1. Scammers offer unusually high rates for cryptocurrency trades.
2. Victims receive payment and buy cryptocurrency via P2P platforms, transferring it to the scammer.
3. The transaction seems profitable, but the victim's bank account is frozen.
*Alarming Statistics for 2024*
1. *Frozen Accounts*: Over 11,000 bank accounts in Pakistan were frozen.
2. *Restoration Rates*: Only 15% of accounts were restored.
3. *Crypto-Related Risks*: Declaring crypto transactions often results in permanent account bans.
*Protect Your Finances*
1. *Avoid Suspicious Deals*: Steer clear of unusually high-rate offers.
2. *Maintain Transaction Records*: Keep documentation of all transactions.
3. *Stay Informed*: Educate yourself on potential scams and legal risks.
*The Need for Regulatory Action*
The absence of clear laws from the State Bank of Pakistan leaves P2P traders vulnerable to scams and account freezes. Stronger regulations and enforcement measures are necessary.
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