Many Pakistani users have reported that their bank accounts are being blocked after trading cryptocurrency on Binance’s P2P platform.
Here is how it happens:
- You buy or sell crypto on Binance P2P.
- You send or receive money by bank transfer.
- The bank flags the transaction as suspicious.
- The bank then blocks your account, citing fraud or irregular activity.
Banks in Pakistan do this because cryptocurrency is not fully regulated in the country. The State Bank of Pakistan asks banks to watch and report crypto-related transactions.
Many accounts get flagged because they receive money from many unknown sources, show high transaction volumes without clear reasons, or face disputes where buyers claim fraud.
Trading crypto via P2P is not illegal in Pakistan, but it is in a grey area. Banks are careful because of official warnings. Even honest users can have their accounts frozen or money held for 30 to 90 days while banks investigate.
To avoid problems:
- Use only verified Binance accounts.
- Complete KYC checks on buyers and sellers.
- Avoid large or frequent transfers from unknown people.
- Keep proof of all trades.
- Use a separate business account for trading, not your personal bank account.
The P2P crypto system offers financial freedom but also risks in Pakistan’s unregulated market. Users should be cautious to protect their money and accounts.
