Recently, numerous users in Pakistan have faced sudden bank account freezes after trading crypto via peer-to-peer (P2P) platforms like Binance. Here’s the breakdown of what’s going on 👇
🚨 How Does This Occur?
✅ You trade cryptocurrency on Binance’s P2P marketplace
✅ Money is sent or received through bank transfers
🚫 Your bank marks the payment as "potentially risky"
🔒 Account access is suspended due to "unusual or fraudulent activity"
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🧾Why Are Banks Taking Such Measures?
🇵🇰 Pakistan lacks formal crypto regulations. Though not outright prohibited, the State Bank of Pakistan (SBP) directs banks to scrutinize digital asset transactions.
💸 P2P trades often trigger alerts because of:
- Payments from unfamiliar or multiple sources
- Frequent high-value transfers without justification
- Disputes where buyers accuse sellers of scams
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⚖️ Is P2P Trading Against the Law?
⚠️ Not explicitly banned—but operating in a **legal gray zone**. Financial institutions exercise extreme caution following SBP warnings against crypto dealings.
Even lawful traders risk:
- Temporary account suspensions
- Funds held for months during probes
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🔐How to Minimize Risks
✅ Trade only with verified Binance merchants
✅ Confirm buyer/seller identities via KYC checks
✅ Limit transactions with unverified parties
✅ Document all trade details (screenshots, chat logs)
✅ For heavy trading, use a dedicated business account
🗣️ Key Takeaway
📢 P2P empowers users but carries hazards in restrictive environments like Pakistan.
If your account gets frozen:
📩 Notify your bank promptly
📝 Provide transaction records and ID proofs
🔁 Persistently follow up while staying courteous