In Pakistan, bank accounts are getting blocked due to P2P (peer-to-peer) crypto trading mainly because of the country's unclear regulations around cryptocurrencies. Here's what's happening:
Reasons for Bank Account Blocks
- *Suspicious Transactions*: Banks flag transactions related to crypto trading on P2P platforms like Binance as suspicious because cryptocurrency isn't fully regulated in Pakistan.
- *Regulatory Concerns*: The State Bank of Pakistan asks banks to monitor and report crypto-related transactions, leading banks to be cautious.
- *Fraud Prevention*: Banks want to protect customers from potential scams and fraudulent schemes common in the crypto market .
Impact on Users
- Accounts can get frozen or money held for 30 to 90 days while banks investigate.
- Over 11,000 bank accounts were frozen in Pakistan in 2024 due to crypto-related risks.
- Only 15% of those accounts were restored .
Ways to Minimize Risks
- *Use Verified Accounts*: Only trade with verified accounts on platforms like Binance.
- *Complete KYC Checks*: Ensure buyers and sellers complete Know Your Customer checks.
- *Avoid Large Transfers*: Minimize large or frequent transfers from unknown sources.
- *Keep Transaction Records*: Document all trades .
#Write2Earn #CryptoIn401(k) #bank #Pakistan #Fraud_alert $BNB