How to use P2P in Nigeria and not get caught
It has officially become a thing in Nigeria now, where we trade with fear of getting caught by the government.
Just a few days back I was discussing with some friends and she mentioned how N100 million influx from Binance came into an account and the account was frozen.
I was talking to a new hive user who was inquiring if I had gotten caught before trading hive and I realised it had become so common at least as a conversation.
Last week I read a post by @nonsowrites where he discussed this same topic and it got me a bit worried.
This morning I plan on trading P2P on Binance and here are some precautions I plan on taking.
1. Trade low volumes
It seems as though they only get suspicious of the amount you're moving through your account if you are trading in tens of thousands of dollars. N100 million is almost $175k. If you move high volumes like that it would draw attention to your account.
Even if you have to you could try reducing it into chunks so it's significantly less...but that would mean about 100 trades to get the feds off your case...but how we go do?
2. Choose to trade only with accounts with high trade history.
If you have to trade, no matter the volume find accounts that have traded many times. Say in the hundreds, you are less likely to be meeting a fraudster working for the government.
When I read the post by @nonsowrites felt I would be trading to the '80s or '90s but with the raised awareness of just how common it is....my advice is to find more experienced traders. They are less likely to be fake.
3. Don't use any crypto-related memo
I'm guilty of this. Before the whole crypto Nigeria problem, I use to send people money with a memo saying "for crypto".
When this whole thing started becoming serious I started noticing people warning on Binance about sending that particular memo.
It doesn't matter the volume you're trading, adding that memo will put you and the person you are trading with in trouble.
Any other thing you think is important?
Just add it to the comment so anyone reading this can be well informed and also I'll add it to my list too.
What should be done?
I feel Binance should look into this matter closely because it doesn't make any sense that they stopped trading with banks and now they are fishing out people who are using P2P.
Then again Binance kept the trading history visible but I don't feel that is enough. Just the same way Twitter is looking to protect its users in Nigeria, Binance should be critical about Nigerians on Binance...unless they are of the impression that we are breaking laws.
Keep on having an amazing week!!
As always I'm going to keep posting till I can't type.
Peace!!
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You are welcome. Just try and stay safe out there
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This morning, I saw someone status, and he said, we should avoid a particular person during exchange because he is a spy.
Then, the next slide said, we should trade with account of people with lots of trades.
The possibility of the spy having more trades in the short frame of time is low. This was a great precaution. I took it to heart
And yes, the news is everywhere. They are using all means possible.
Aso, there was another status from another friend whom a strange number messaged requesting for a certain crypto coin and the user had no idea what he was talking about. The spy apologized and left.
I am sure if the user was a trader, he would have inquired how much worth of the token the spy wanted to sell or buy and there he would be been caught.
Wow...these freaks will do anything.
Although I go good news that they have un freezed those accounts
Oh, that's great news.
Very very...
This is insightful. I'll soon be trying to cash out crypto in Cambodia via P2P in the next few months. Crypto is technically illegal for the banks to get involved with, but not illegal for people to use it amongst themselves. I am little concerned about how the transfer will look coming into a Cambodian bank account and whether or not they will freeze it. I guess the best way is to try a small amount first, like you said.
I'm glad you found this helpful and I'm so sorry about the situation in Cambodia. We non crypto countries need to stick together.