A new wave of P2P fraud is targeting crypto traders in Pakistan, exploiting loopholes in the banking system:
1️⃣ Scammers buy your crypto, receive it, and then file a false complaint with their bank claiming the payment was “unauthorized.”
2️⃣ Banks respond by freezing both your account and theirs, leaving you locked out of your own funds.
3️⃣ Due to AML (Anti–Money Laundering) checks, other accounts linked to your CNIC may also be blocked.
💡 Smart Safety Moves
Only trade with verified P2P partners who have strong ratings and trade history.
Keep a separate bank account exclusively for P2P activity to protect your main funds.
Move your money out as soon as the transaction clears.
Keep detailed records—screenshots, chat history, payment confirmations—ready in case of disputes.
⚠️ Note: Crypto’s regulatory landscape in Pakistan is still unclear. Once an account is frozen, unblocking it can take weeks—or even months.How the Scam Works
Step 1 – The Hook: Scammers pose as trustworthy buyers (often on Binance P2P) and may even offer above-market rates to gain your trust.
Step 2 – The Switch: Once they receive the crypto, they contact their bank to reverse the payment, citing:
“Unauthorized transaction” (claiming a stolen account/card), or
“Mistaken transfer” (using bank refund policies).
Step 3 – The Fallout: Banks freeze accounts under suspicion of fraud—yours included—regardless of your innocence.
Why Pakistan Is Particularly Vulnerable
Weak Regulation: With no official legal protection for crypto traders, banks can act unilaterally.
Bank Bias: Many banks prioritize fiat disputes over crypto evidence.
AML Crackdowns: Recent high-profile crypto fraud cases (worth over $100M) have made banks extra cautious—sometimes overly so.
Protection Checklist for Traders
1️⃣ Verify Your Buyer: Only deal with users having at least 100 completed trades and 95%+ positive feedback. Avoid mismatched names between bank accounts and P2P profiles.
2️⃣ Separate Your Risk: Keep P2P transactions in a dedicated account, never in your main salary or savings account. Withdraw to a secure cold wallet or unrelated bank account immediately.