Crypto Transactions Restrictions; Banks tracking algorithm exposed!

[Africolo]

This is not New but as we all know there were more than thousands of accounts frozen under the past CBN Governor without them knowing how they were tracked but I'm going to expose the algorithms banks were using and still using to track down these crypto related transactions.

If you're selling your crypto to Naira with decimals you're likely going to get caught up by the system and get instant frozen.

1. Don't sell your crypto for Naira 20,567.00 the 67 Kobo is what the system is going to detect and flag a warming on your account because no business transact in Kobo except crypto. Tell your vendors not to pay Kobo, tell him to pay you only N20, 500. This way the system will not suspect anything.

2. You could also avoid chatting to your vendors as some of them can be busy won't even check messages. Just use the "With Fiat" section and not the *Crypto" section and simply type in the amount of Naira you want without including the KOBO. This way you can trade as much as you want with being flagged.



Lastly. If you're not a vendor why not trade once or twice a week? Going to trade for 5000, 10000, after every minutes is not a good sign, the system might not be able to detect it as crypto related but for your own safety trade once or twice daily.

Fintech banks are not your regular lazy commercial banks, they have the technology to track your transactions. I just exposed the current algorithms.

[Perfectbaby]

Yeah this is true there is nothing hidden there and I can relate as well most times when I do trade on cryptocurrency exchange then when Binance was offering p2p i don't engage myself with kobo deal. What happens is that I will always want my payment to ends with round figures, let say 10k, 20k or 35k if possible the narration you can states buy building material, or Pay for Plumbing material such as food stock and etc. With this there will be no suspect or your account.

[Charles-Tim]

Most people that were targeted are those that make use of P2P for transacting often and people that deals with huge amount in their transactions. Although, your advice is very good.

Also not to label the purpose of the transaction as bitcoin, crypto or anything that has to do with crypto.

You can see how incompetent government and its officials are. No difference in those fintech and commerical banks. If it is commerical banks, a lot will go unnoticed as well.

[sokani]

Here's a screenshot of a plastic shaker cup¹ on jumia selling at N9,899. I could buy 1, 2, 18 or 29 to resell to others. So if I buy it at this price my transaction will be flagged as crypto related right?

There's nothing wrong to adhere to this advice in other to be on the safe side but I find this information hard to believe. Whenever, issues like comes up people write and post all sorts of things on the Internet. The banking institutions are not that incompetent not to know that non-crypto traders also buy goods at the price you mentioned.

1. https://www.jumia.com.ng/generic-aa-600ml-plastic-useful-sport-gym-protein-powder-shaker-cup-203539892.html?utm_medium=social&utm_campaign=pdpshare-apps

Don't sell your crypto for Naira 20,567.00 the 67 Kobo is what the system is going to detect and flag a warming on your account because no business transact in Kobo except crypto.

It's not 67 kobo, it's 67 naira.

[EL MOHA]

This is definitely a good advice, i personally have thought of it too and think it’s the only way round this now. But it will then again depend on the type of vendor sending you money. Most vendors have made mistake by registering the account number they usually use to send funds to other vendors as business under crypto category which easily makes the bank very much aware of their dealings. Opay In the past if you wish to send money to such accounts will even warn you that their vendors and you should be careful with dealing with them.

My suggestion aside yours is after rounding up amount, one should check from the description of the vendor what account name tag is sending the money if there is anything bitcoin or cryptocurrency related then one should avoid them. A simple and straightforward name is better

[Africolo]

Most people that were targeted are those that make use of P2P for transacting often and people that deals with huge amount in their transactions. Although, your advice is very good.

Also not to label the purpose of the transaction as bitcoin, crypto or anything that has to do with crypto.

You can see how incompetent government and its officials are. No difference in those fintech and commerical banks. If it is commerical banks, a lot will go unnoticed as well.

Always leaving it as blank is not also a good practice that's why most commercial banks make it a compulsory step before making a payment, they want to be able to track how the money is used. Not all app make it mandatory but UBA and Sterling banks at least the ones I'm using make it compulsory.

I always tag mine as "family" or "bills"

The current Govemment has forgotten about governance and all focus on crypto crackdown.

Here's a screenshot of a plastic shaker cup¹ on jumia selling at N9,899. I could buy 1, 2, 18 or 29 to resell to others. So if I buy it at this price my transaction will be flagged as crypto related right?

There's nothing wrong to adhere to this advice in other to be on the safe side but I find this information hard to believe. Whenever, issues like comes up people write and post all sorts of things on the Internet. The banking institutions are not that incompetent not to know that non crypto traders also buy goods at the price you mentioned.

Jumia operates E_commence and every payment are made through verified third party Marchant ( cards and others). You do not transfer money to Jumia account do you?

And besides the screenshot you shown is without shipping fees and VAT charges. I just exposed what banks are currently using to track suspected p2p payment.

[sokani]

Jumia also offers pay on delivery. My last transaction was actually pay on delivery and I didn't pay to any merchant. The delivery guy gave me an individual account, I made transfer and he called the account holder "Chioma" to confirm receipt of funds. On the screenshot below is the amount I transferred to the account and I added Jumia package on my description.

And besides the screenshot you shown is without shipping fees and VAT charges.

Are you satisfied now?

though it might not affect every body that does transaction that ends with Kobo, but might be that majority that was track down was as a result of it.

Look at this #20,567, it's not in kobo and also check the prices on various exchanges offering P2P, they're not in kobo either.

[Samlucky O]

There's nothing wrong to adhere to this advice in other to be on the safe side but I find this information hard to believe. Whenever, issues like comes up people write and post all sorts of things on the Internet.

In times like this, there is no point to Doubt. Government are using different strategies to track people down and you wouldn't know if it's true or not. Sometimes you just need to adhere to informations and take it serious whether is true or not. Because I somehow see this information as truth and it can save you from impending danger. though it might not affect every body that does transaction that ends with Kobo, but might be that majority that was track down was as a result of it. If you check normal business transaction it doesn't comes with Kobo regularly. But if you are into crypto you will discover that all your coin which you have sold always comes in different dimensions of small fraction of naira and kobo and I find that information to be true.

When banks was tracking down people bank account due to cryptocurrency transaction, it was because people where including bitcoin as a description on transactions. That was why they were able to fish out most people but since it didn't work out again because people where not using description I think this method is another current method.

[Jaycoinz]

Omo at first watin the OP talk being really dey play for ma head because this sounds and seems like a logical way to actually track and ban account wey supposedly dey do crypto but as sokani come share him own insight, the matter come look somehow somehow because sokani sef get valid point but all I fit talk be say e for better to avoid any palava than to regret làter so telling vendors not or you booking a trade without the kobo sounds logically and doable.

[DPHOR]

There's nothing wrong to adhere to this advice in other to be on the safe side but I find this information hard to believe. Whenever, issues like comes up people write and post all sorts of things on the Internet.

Information is very powerful it's better you get some of the information and prepare yourself for it, there are people whose account has been freeze because when the read information they pays deaf eyes to it because they think that those who posted the information where just posting for post sake. We know how we country works if op gives his or her own side of understand we should calmly look into it to see if what they are passing to us is true to avoid being trapped because I'm sure that almost all of us here uses either fintech bank or commercial banks which are unlikely to escape it when tracked down.

[Africolo]

Jumia also offers pay on delivery. My last transaction was actually pay on delivery and I didn't pay to any merchant. The delivery guy gave me an individual account, I made transfer and he called the account holder "Chioma" to confirm receipt of funds. On the screenshot below is the amount I transferred to the account and I added Jumia package on my description.
<cut>
Are you satisfied now?

Your argument is irrational Jumia has multiple bank accounts for their business, and every card or bank transfer is routed through those accounts. If the system flags both transactions going into Jumia account and those going to your personal account, whose account do you think they will most likely flag? Yours ofcos and then you u will next explain to the bank what transactions and business you conducted that required you to take Kobo.

You can keep accepting Kobo payments into your back account and see how your back react from now forward.

[Mr.right85]

Here's a screenshot of a plastic shaker cup¹ on jumia selling at N9,899. I could buy 1, 2, 18 or 29 to resell to others. So if I buy it at this price my transaction will be flagged as crypto related right?

That’s why the system gets to flag you, as a suspicion except proven otherwise. The most thing a user could do to benefit himself or herself is to take precautions. It’s better to avoid the situation than to be in it and then turn to look out for solutions later.

While your argument might be logical, don’t get called up to explain yourself and your business with a party you know almost nothing about. As we know it, these exchanges as a privacy initiative and not to relate possible vendors with customers that can proceed to doing business offline, don’t allow for contact exchange. Hence, your line of defense if required to contact the other party is broken.

Perhaps you bought something, you could always relate back to the platform to have its support back you and the amount but, having non of that in place, you don’t even get to think of getting back to an exchange as that would mean reporting yourself.
You might have the idea of having a friend claim to be the other party but don’t forget, the banks have got data that you aren’t allowed to have or see.

Arm yourself with every available precautionary measure rather than excuses.

[GiftedMAN]

Most people that were targeted are those that make use of P2P for transacting often and people that deals with huge amount in their transactions.

Personally, I think at this point the government is targeting everyone who's into crypto related business be it small, big and medium transactions they don't care no more they just want to make things difficult for any one involved. Right now all we need to do is to be on guard because after the announcement they made we don't know what the next step will be the government may even initiate a plane to use police to search the phones of everyone just to see if they will discover exchange wallets mark my word soon police will start the new job.We need to be smarter and wiser now and we need to always change the dates that we make use of p2p especially those of us who receive funds from signature campaign we need to use different means to confuse our banks so they don't keep in mind the day we do transactions. If you will do transactions on Tuesday this week, you can change it to Thursday the following week and so on just for them not to understand anything or suspect your transactions.

[bSpend]

I definitely will have to commend the op for sharing such a vital information here for the community, this is something I've never really thought of, and reading through the op, I was just nodding my head in amusement.

Though what the op shared may not be 100 percent accurate, but it's still very relevant and highly recommended that we accept and adhere to this precautionary majors, it is often said that one can never be too careful.
As it stands, the Nigerian government is fighting a silent/cold war with her citizens who are into crypto, and only those who are wise enough to apply all precautionary measures will stand a chance at not being defeated.

What the op have shared is very important to adhere to, whether we think he is right or not doesn't matter, as long as it helps to better shield us and our transactions from the eyes of the banks and governments who are so hungry for prey.
Thank you very much op.

[Africolo]

It's becoming a thread on the P2P marketplace for those who mean business and who want to protect themselves and the vendor.It's typical practice to make it appear like a real-life commercial transaction. It's only silly not to safeguard your seller's privacy since if his account is exposed or flagged, the sender's account will also be flagged, and if found guilty, bot accounts will be frozen. Always read the seller/buyer's terms and conditions to ensure he understands what he is doing.


Finally, avoid trading with Marchants who only have Liv2 KYC, since these are banks and government officials seeking for accounts to freeze; these accounts are actively trading on exchanges and are attracting victims. Also, check at their volume of successful trades; if it is less than 2k, avoid trading with such a person for your own protection.

Most Bybit merchants no longer trade with accounts without Liv2 verification.

[Preciousbae]

Most Bybit merchants no longer trade with accounts without Liv2 verification.

This is the worst exchange to trade P2P through, everybody should avoid trading there or you might also get your account frozen. The narrative by the topic isn't true because there's no way to verify this but any advice that comes our way we should take it as it will help us to avoid getting our account locked.

To help protect our money, we shouldn't keep all our money in one account so if it gets frozen we won't have money to use. If you have other trusted family money that aren't into cryptocurrency trading, you can keep some money with them and only keep urgent money in the account that you're using to trade P2P because accounts are getting locked. I read online that if one big time P2P trader is caught, they look through his transaction history and go after accounts that he has traded with. If your account get locked though and you can prove where the money comes from isn't associated with crypto trading, your account will be unlocked. A friend of mine has successfully done that.

[Barikui1]

It's becoming a thread on the P2P marketplace for those who mean business and who want to protect themselves and the vendor.It's typical practice to make it appear like a real-life commercial transaction. It's only silly not to safeguard your seller's privacy since if his account is exposed or flagged, the sender's account will also be flagged, and if found guilty, bot accounts will be frozen. Always read the seller/buyer's terms and conditions to ensure he understands what he is doing.


Finally, avoid trading with Marchants who only have Liv2 KYC, since these are banks and government officials seeking for accounts to freeze; these accounts are actively trading on exchanges and are attracting victims. Also, check at their volume of successful trades; if it is less than 2k, avoid trading with such a person for your own protection.

Most Bybit merchants no longer trade with accounts without Liv2 verification.

My brother, you don do well to share this vital information with us your naija brothers, and to tell you the truth, since I see this ur thread, na this update I dy use withdraw, I no dy even add any fraction on top , just like, if I wan withdraw like ten dollars wey be 14011.75 at current rate,  instead of me to type am in dollar, I go type am in naira make e be 14 k sharp, and I believe say opay wey I dy use no go ever fit know like that, say na crypto transaction, but if fractions dy on top, e go dy somehow suspicious.

Lastly, during this period, e go dy really advisable make we no dy do too much withdrawals because all this micro finance bank dy very sensitive oo, so na to dy do things with caution, especially wen making withdrawals, make Dem no come go freeze ur account come seize the money join, because e go dy really painful for anybody to get that kind of experience.

[Su-asa]

It's becoming a thread on the P2P marketplace for those who mean business and who want to protect themselves and the vendor.It's typical practice to make it appear like a real-life commercial transaction. It's only silly not to safeguard your seller's privacy since if his account is exposed or flagged, the sender's account will also be flagged, and if found guilty, bot accounts will be frozen. Always read the seller/buyer's terms and conditions to ensure he understands what he is doing.


Finally, avoid trading with Marchants who only have Liv2 KYC, since these are banks and government officials seeking for accounts to freeze; these accounts are actively trading on exchanges and are attracting victims. Also, check at their volume of successful trades; if it is less than 2k, avoid trading with such a person for your own protection.

Most Bybit merchants no longer trade with accounts without Liv2 verification.

My brother, you don do well to share this vital information with us your naija brothers, and to tell you the truth, since I see this ur thread, na this update I dy use withdraw, I no dy even add any fraction on top , just like, if I wan withdraw like ten dollars wey be 14011.75 at current rate,  instead of me to type am in dollar, I go type am in naira make e be 14 k sharp, and I believe say opay wey I dy use no go ever fit know like that, say na crypto transaction, but if fractions dy on top, e go dy somehow suspicious.

Lastly, during this period, e go dy really advisable make we no dy do too much withdrawals because all this micro finance bank dy very sensitive oo, so na to dy do things with caution, especially wen making withdrawals, make Dem no come go freeze ur account come seize the money join, because e go dy really painful for anybody to get that kind of experience.

What op said is actually the latest update to exchange coins to fiat in a way that CBN will not suspect anything. However this even I tried to check on what the OP said and I clicked the vendor I liked and the vendor was the most rated among all the vendors that was shown to me.

However, I saw this statement inside the vendors profile. I thinks this is the perfect time we all should be careful the kind of vendors we exchange our coins with, most of them are there to fetch our crypto users. Making too much withdrawal everyday is not that necessary unless you are a serious business woman or a business woman. If you are a student that's not working and you are making such withdrawal everyday it will be suspicious and this MFBs can easily suspect you then freeze the account then your money will be gone.

[rachael9385]

It's becoming a thread on the P2P marketplace for those who mean business and who want to protect themselves and the vendor.It's typical practice to make it appear like a real-life commercial transaction. It's only silly not to safeguard your seller's privacy since if his account is exposed or flagged, the sender's account will also be flagged, and if found guilty, bot accounts will be frozen. Always read the seller/buyer's terms and conditions to ensure he understands what he is doing.


Finally, avoid trading with Marchants who only have Liv2 KYC, since these are banks and government officials seeking for accounts to freeze; these accounts are actively trading on exchanges and are attracting victims. Also, check at their volume of successful trades; if it is less than 2k, avoid trading with such a person for your own protection.

Most Bybit merchants no longer trade with accounts without Liv2 verification.

My brother, you don do well to share this vital information with us your naija brothers, and to tell you the truth, since I see this ur thread, na this update I dy use withdraw, I no dy even add any fraction on top , just like, if I wan withdraw like ten dollars wey be 14011.75 at current rate,  instead of me to type am in dollar, I go type am in naira make e be 14 k sharp, and I believe say opay wey I dy use no go ever fit know like that, say na crypto transaction, but if fractions dy on top, e go dy somehow suspicious.

Lastly, during this period, e go dy really advisable make we no dy do too much withdrawals because all this micro finance bank dy very sensitive oo, so na to dy do things with caution, especially wen making withdrawals, make Dem no come go freeze ur account come seize the money join, because e go dy really painful for anybody to get that kind of experience.

What op said is actually the latest update to exchange coins to fiat in a way that CBN will not suspect anything. However this even I tried to check on what the OP said and I clicked the vendor I liked and the vendor was the most rated among all the vendors that was shown to me.

However, I saw this statement inside the vendors profile. I thinks this is the perfect time we all should be careful the kind of vendors we exchange our coins with, most of them are there to fetch our crypto users. Making too much withdrawal everyday is not that necessary unless you are a serious business woman or a business woman. If you are a student that's not working and you are making such withdrawal everyday it will be suspicious and this MFBs can easily suspect you then freeze the account then your money will be gone.

This information wey Una pass give us so nah better one, no be everybody dey bring their eyes down then observe this things wey dey on with vendors and them including the exchanges em sef.
With this thread https://bitcointalk.org/index.php?topic=5494722.msg64010300#msg64010300
We go also learn some things about these vendors wey no dey do well, my own point be say as una talk am e dey clear well well. Some vendors just dey to catch pipo wey dey deal on crypto currency so that CBN go freeze the account, although many fit no do am intentionally but I believe say some of them nah big trap to crypto trader, infact crypto users. Yes exactly, e no dey good to always dey do transaction every day unless say the person nah business personnel, sometimes if them freeze your account you go complain and e get documents wey them go tell you to upload (if nah MFB bank), so if you no get the required documents your account go dey freezed till dey Kingdom come.

[Coyster]

This thread make sense well well, i somehow missed it when you created it, and i agree with wetin you talk. If you look at the limited means wey these banks go fit take identify crypto transactions, then you go know say na one of dem be this, even if dem no go block the account immediately, dem fit put am on their watchlist, and if it happens more often than not, dem go fit block the account, come ask the person to prove the source of the funds.