As of August 13, 2025, Pakistan’s cryptocurrency landscape is evolving with the recent Virtual Assets Ordinance 2025, yet peer-to-peer (P2P) trading remains a popular but risky method for buying and selling digital assets. With millions engaging in P2P transactions on platforms like Binance P2P, fraud has surged due to the lack of robust regulation. Scammers exploit the unregulated nature, posing as legitimate traders on Telegram and WhatsApp, often luring victims with fake deals or promises of high returns.
A notable case involved a Karachi businessman losing 340,000 USDT in a kidnapping linked to P2P fraud, highlighting the physical and financial dangers. The absence of clear legal recourse leaves victims hesitant to report, while police collaboration in such crimes adds complexity. The Pakistan Digital Asset Authority (PDAA) aims to license exchanges, but until fully implemented, users must verify identities, use trusted platforms, and avoid cash transactions. Awareness and caution are critical to navigating this growing threat.