Topic: Trading BTC (Read 174 times)

When I was reading your post and I saw you directing it towards binance p2p, I didn’t expect one to fall victim of any crime whatsoever through it if they follow the rules guiding the p2p platform of binance. You don’t release coins when you haven’t received money. Most times, I do extra check to confirm that the money is legit and not a fake transfer into my account by sending some part of the money to my alternate account or purchasing some services with it. Bank app will make you know if you’ve actually received the money in your account but with the raveling technology today, I don’t really trust it even when the money has reflected there.

About p2p merchants sending stolen money is a big deal that needs to be looked into. Thank goodness that the percentage of successful trade of each merchant is showed on their profile before trading with them. That cannot totally stop that from happening but at least their reputation on the platform should be checked before transacting with them. While we pray not to fall victim of such crime through this p2p merchants, we should also try and check who we are transacting with and have some list of trusted merchants that are reliable always.

How do you want us to differentiate between stolen funds and funds that are not stolen? Thank God you said p2p platform which means we haven't met the other party who is buying the coin. Honestly it will be difficult to determine this. But I will be more than grateful if you can tell us more on how we can be able to know if the person is paying us with stolen money.

I don't know if you are selling Bitcoin in exchange and the vendor credits your bank account with the actual amount that you are supposed to receive, tell me how can you know where the money is coming from? By right you are not close to the vendor as you have not seen the person ever before, that means you don't know who he is if he's a female or male.
IMO the little ways you can know if the money is stolen might be when the vendor mistakenly sent you 1 million times above what he was supposed to send that's when you might conclude if he stole the money or not. But a vendor can not make such a big mistake because they are very smart, many of them are retired scammers and they already knows how they can hide their money without making use of the fiat bank.
However, you did a good job to tell us little of your knowledge, I am aware that this post, even if it's not one hundred percent aquratte, it have boosted some people's knowledge.

Di caution na make we dey careful so dat a fellow trader no go scam us but e no get how you go fit take avoid trading with a bad actor or tainted coins on P2P because you no go know. Di good thing be say crypto now dey legal for our country and if you go fit prove to di authorities say you no do anything bad, ah no see any issue.


No be only bank fit report to EFCC, dem get public channels, so individuals sef fit report to dem. E get di story wey I come across online wey a girl report her boyfriend to EFCC say him dey do yahoo because say she want get back at di guy for cheating on her. Meanwhile na forex di guy dey do.

True talk , in as much the person is verified, no need to fear you only need be smart because, when smart is not apply they fit scam you. In as much the system is concerned one really need be careful

Make God just dey help us ooo, some people dey wey go steal money and they go wan clean am, so Wetin dem dey do na to use am buy crypto, so na people wey dem buy from go hear am if problem happen later in the future. If you dey sell coin for p2p, make sure say the person wey dey send money give you, no be from third party the person dey send, if na the person main account him use send, then incase if anything happens in the future, then the account you received money from can be tracked. And make sure say people wey u dey deal with if you dey use p2p, na people wey don dey run the business for long time, I no dey every use people wey never get plenty trade.

This is mainly some of the downsides am avoiding that makes me not to do p2p trading with any trader who is asking to pay with a different name from the name he registered with on the exchange platform. Immediately I see that in your conditions of making payment third party name is involved as the payer I will immediately ignore and move to the next serious trader in the queue.

We know the kind country we come from and how certain things wey even clearly they right for police eyes them go still want run man black just to get money from the matter. Prevention to me is better than cure, so instead of me to come the do plenty explanations make I dey proactive with avoiding stories that touch.

You can only be paid stolen money if the person doesn't send from him account because as i know the way binance dey do if you wan sell btc and any other cryptocurrency you go use bank details wey correspond with your bank details with same to be for binance there, so e go dey hard for person to send you stolen money except the person lie say him go send you through him company account or other account at this point you fit dey fear say person fit use stolen money take send give and them go track you come carry you for house. na wetin make sometimes we go accept company account except personal accounts.

No be lie oo, 😂😂 how person Wan carry know where the person dey send the money from and how possible say person fit  dey careful enough to select well so that him no go be victim of such thing. When person Wan trade coins for binance and other exchange them, na the same process wey dem do because all the vendor will be listed and then na you go come choose and when choosing their is description on their forehead about the money that they use being used for fraudulent activities.

Sure, them don see say the volume of trade wey dey come out from this country, e big naim make them just accept, and the way this new government dey do be like e serious well well for tax matter, because e wan they look like small game changer. However I no fit predict the outcome but I pray make e be wattin we all need.




To fall victim for this kind exchange matter no be about how careful you are sef naim go make you they immune to this kind issues sef, because person wey be the most reputable trader for there person fit carry stolen money sef go trade with am and e no go know, e just like say you go market come dey ask which are wey Dem kill the fish from before you buy am, or where Dem plant the leaf before buying.
 

I think it's very rare and I no think say people dey actually encounter such thing for exchange and I know how this matter come take concern the cbn removing the ban of crypto because I believe that the main reason for the their actions is for them to actually get some benefits from the massive benefits that the crypto industry brings to the table. The reason the government uplifted this ban is to for them to actually look for a way to access the taxes on transactions on crypto.

Well na only if you no dey gree or you ignorant enough before you go fall victim of such exchange p2p scam. The reason why I say this na because of the awareness and flags of warning wey dey flash around for the exchange concerning release of coins without first confirmation of received funds. So many times I don encounter something similar but the truth be say lie lie, I no dey ever release my coins if I never see the money.

A different form of scam is just happening around P2P exchanges, and it's not something that one can map out all at once. Even when sending from the same account that matches the sender's name, some scammers go as far as opening a business account, where they can send any stolen funds and use it to conduct their buy order on Binance.
 
I'm talking out of experience. I sold a little high amount of USDT to a vendor on Binance sometimes last week, and when I opened the order, there was some auto message where he stated that he would be paying from his main account, and if the limit reached, he could complete payment with a business account.
 
When I received the money, I was not convinced with the name I'm seeing, so I decided to request the sender to send his CAC document for me to very the business name, which he refused, and I also refused to release the crypto, and I ended up sending back the money to the same account that sent it, which was a hell of stress, but it was worth it for my own safety.

I agree with this,because with my experience of trading cryptocurrencies in binance,I have seen or encountered many people with issues of someone sending money to them with wrong names not matching with the binance name.so we should try every possible best to avoid what will lead us to problems

For this kind matter na wattin baba Charles-Tim talk naim I go take oo. To trade with people wey don old for the business wey get better reputation for there. Though person wey just come fit get better reputation oo and that old trader fit go sell em Bitcoin for stolen fiat money so either way problem go still sup,  but e better make we trade with person wey don Tay, at least e go reduce the risk of falling victims to such matter. Since trading Bitcoin don dey legal for the country, I no sure say we no go fit defend ourselves if something of such happens, because your own na just sell you sell, so how the money take come no concern you, na just business you do. Dem supposed trace the first source den hold am responsible.

For me I no see any connection between P2P fake money and efcc for here.
1. First of all where you think say people wey dey do money laundering dey keep there money?
As me I know, money laundering na when people thief money put for a secret place wey people no go know, like to keep am for a room or Cary am buy Bitcoin or use am buy landed property. So if person do money laundering keep for account since EFCC no find am, no be when you don carry am buy usdt for binance wey dem go trace am come. Except say na suspected person wey don already buy Bitcoin with huge amount of money wey dem dey Monitor. then who buy the bitcoin from such person Naim go enter problem. I'd not E no too dey common except say na millions of dollars but no no be all this small small money them wey we dey exchange. Or if you no dey comfortable for alert, wether na fake one dem wan give you, the. You use opay as your receiving bank. Because play no dey get fake alert like bank except say na me no no.

2. Wetting concern EFCC for binance P2P?
EFCC work no be to dey monitor exchange except say na bank go call them come report a suspicious or criminal related case before them go go.

3. How lifting of ban carry be downside?
Lifting of ban no get any downside because as them lift that ban, I no think say people dey use direct binance to bank or using reference wey go acltract bankers to people crypto currency activities. Because people self no even try use that option wey concern or involved bank card .

This na very good evidence wey you fit take free yourself if at all you do trade with person wey dey do fraud , if not for kyc many people wey dey get their money through fraud na exchange wey dey for come dey hide. Their is nothing to be scared of the person you are trading  with his / her fraudulent act can't implicate you . The thing people needs to be careful in exchange is to be very careful when they are making trade , to make sure they recieve their money before confirming the trade.

If the account is verified by the exchange like binance now, it means that person don pass KYC and the person fit trade with you. Wetin you go check na the person name tied to the account number, no be third party.

Me I no see issue with efcc there oo, dem don lift ban. Na you wey dey trade go dey careful make dem no scam you.

Ask dat your friend very well if d transaction he or she did is from P2P from binance exchange or other exchange because, some of d yahoo boys are now using d name of cryptocurrency to deceive people as deir source of deir income these days, but once d person dey stole d money from report dem to police or EFCC to recover d money from dem and dey are cute for dat evil act, dey will begin to tell deir friends lie dat it happen in d cryptocurrency exchange wen someone pay dem money with stolen money.

I have full assurance dat dis new administration will lift d  crypto banned from d country for crypto users in d land will not b intimidated by any police or EFCC again which is d major problem many youths are facing today in d country and many are in d prison because dey don't have d money to pay for deir release.

Na too much stress self to begin dey deal with different p2p merchant everyday for Binance. Sometimes wey you need the funds sharp sharp, the merchant fit dull you, and you go begin dey worry say why you choose such person to trade with. Sometimes, the merchant go say he don pay you and you never see the money for your account. I don trade with one merchant wey he say him don pay me, make I release the coins but I never see the money. It took two days after I create dispute, wey I come notice say he don cancel the trade before my mind rest.

So, after all these ugly experiences, I come decide to select merchants wey, I go dey trade with. Wetin I do be say after that incident, the next guy wey I trade with wey pay me within two minutes, I come collect him number, chat am up say I won dey trade only with am for security reasons. Anytime wey I won do p2p trade, I go just call am. The moment I call am, I go place my order, and in the next two minutes, I don receive the payment. So make we try get a reputable trader number wey we go dey trade with often to avoid scam or any delay in payment. Omo since after I start to trade with that guy, I don dey get rest of mind anytime wey I dey use Binance p2p or Kucoin. You even fit get two merchants like that wey you go dey trade with so that if one no dey available, you go call the other person.