Just yesterday, the CBN of my country issued a notification to all fintech companies, mandating them to flag and report to the authorities, all transactions that are crypto related.
How will they determine whether the transaction is related to "crypto"? In particular, if it is P2P. Transactions "from" and "to" people who rarely change crypto can't be identified as involved in "crypto", because it look like ordinary transactions between bank clients.
In the case of exchangers and cryptocurrency individual changers, suspicions may arise, because many transactions occur "to" and "from" their cards. It seems to me that the actions of financial organizations in this regard are aimed at combating precisely such (exchangers) bank clients. They will begin to infringe on ordinary crypto users later.
This is the second time something like this is happening, and from the first one, I've decided never to use my cards to facilitate any crypto transactions in other to be on the safe side.
Then how do you implement? Exchange for cash in person? Do you think this is safer?
Another way to stay undetected is to avoid adding the word crypto as description on your banking transaction.
What idiot did this? To avoid attracting attention, you should not add anything at all to the description.
