I am facing quite a lot of difficulties with P2P transactions on Binance and the main reason for this is all these fraudulent and suspicious transactions that are getting Pakistani users accounts frozen.
If I talk about the law regarding crypto in Pakistan then currently crypto is not legal here and there is also no permission to use it with a free hand. Previously the government had also imposed strict restrictions once then after that there was some relaxation and now they are becoming strict again. Because of this, all Pakistani users are facing difficulties with P2P transactions.
And I myself am also one of the victims of this. I sold some USDT and as soon as the money was credited into my account, it turned out to be a suspicious amount. Meaning the merchant who was buying the USDT had black money and they wanted to convert their black money into white money.
I have been working in cryptocurrency for approximately seven to eight years and have quite good experience but this kind of troublesome situation is happening to me for the first time which is quite sad for me.
On Thursday I wanted to sell approximately 1,711 USDT because I needed some money. At that time I wanted to switch into Al Meezan Investment because I have this habit that whenever I get an opportunity I switch there and after grabbing that opportunity I go back into a safe investment entry.
In simple words I convert low risk into high risk, earn profit from it and then convert the high risk back into low risk so that I always remain on the safe side.
So I selected a P2P merchant who had 98.12% positive feedback and some negative feedback. When I saw the good feedback I did not think it was necessary to read the reviews as well to see what people were saying about him.
So I blindly trusted him because his percentage of positive feedback was very high. Actually these kinds of fraudulent merchants try to keep getting fake positive feedback from Binance users by giving them money so that people blindly trust them. So I also got scammed in the same way.
What I did was blindly trust him and started a transaction with him. I wanted him to give me five hundred thousand rupees and I would release the USDT to him.
Everything was happening normally. The money was credited into my Meezan Bank account and I released the USDT to him.
Later I thought that I should check his reviews once. When I read his reviews there were approximately eighteen to nineteen victims whose accounts had been frozen after making transactions with this merchant.
The amount in their accounts had been put on hold by the banks and the banks were asking them about the amount that had been credited from that account saying that it was suspicious and fraudulent.
After reading these reviews I became very worried and I immediately contacted Binance Support and asked what the solution would be.
They said that I should properly read the rules and regulations so that I could avoid these things because third party payments are not allowed.
But my focus was not on that. I received the payment without paying attention to the possibility of a third party payment because of which the chances of my account being frozen are now quite high.
A message may come from the Pakistani government or the relevant authority saying that your bank account has been closed, you should visit the bank and provide proof of the amount you received.
So these kinds of fraudulent merchants are also working in P2P. While converting their black money into white money they can destroy your accounts and your career as well.
My post is especially for those countries where crypto is not allowed and where P2P is becoming a major problem. In such situations all users should be careful and keep the things I have explained in my story in mind so that they can make safe transactions.
After this incident I have become quite frustrated with Binance and I want to withdraw all my USDT and not use Binance in the future.
So now because this matter has happened to me my strategy is that first of all I will withdraw all the money from my account and keep it as cash so that even if my account gets frozen, my funds will not get stuck.
This is my first step. After that I will continue to watch and regularly check my account to see what kind of action the Government of Pakistan takes regarding this matter.
Anyway we are like innocent traders who sell our hard earned USDT through P2P and receive suspicious cash in return. But these kinds of fraudulent people do not care about users at all and they can do anything that may even cause you to suffer at the hands of the government.
So all Pakistani users should keep this in mind and in the future, before making any P2P transaction, first read the reviews properly. Only make a transaction when you are fully satisfied.
I hope you guys will like this post and is interesting as well. If you find it informative then dont forget to give me a support. Share you reviews in the comment section below. Thank you all for your time reading the content.
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