When selling in P2p make sure you send from bank account associated to your CEX.

[Agbamoni]

A wonderful half of the year to everyone here. Today I decided to share this issue here, maybe it has been talked about before and a lot of us know about it, but people are still making mistakes which I was surprised to be aware of that is why I deem it necessary to remind us to not make such mistakes.

Yesterday a brother of ours called me that he has been in some big issues with the support and a user he was undergoing P2P with. He said he placed an order to buy 500 USDT and the bank account which he had the money was not his own as his mobile wallet account has a limit to the amount, he can send so he sent the money using a friend account. As such he notified the seller that he had paid. Of course, the seller saw the money and decided to not release the asset because it was a different account that is not connected to the exchange. He kept sending messages to the seller, but he refused and now he had filed an appeal, and the seller has proof that no money from the account connected in exchange was sent to him.

We can see how people are intentionally wicked so we should avoid making mistakes like this. Our bank account we are using to send or receive should be the same name on once added to our exchange so that i situation like this we can have solid proof.

My question is what do you think the brother should do now? as after 48hrs they may cancel the order as unsuccessful trad. Will the asset be returned to the seller?

[Charles-Tim]

We can see how people are intentionally wicked so we should avoid making mistakes like this. Our bank account we are using to send or receive should be the same name on once added to our exchange so that i situation like this we can have solid proof.

Sorry to him for the inconvenience or what he sees as disappointment. But it is not actually wickedness some people will see it as. Some people will see it as a lesson learnt. On the exchanges, they make it seen somewhere that traders should use their own bank account with the warning that the person may lose his coin if he use a different account details.

My question is what do you think the brother should do now? as after 48hrs they may cancel the order as unsuccessful trad. Will the asset be returned to the seller?

If no evidence that your friend paid, it is possible that the order would be cancelled. Which means that the coin would be given back to the seller while the seller also gained your friend's money.

It is better we should adhere to the rules of P2P.

[Igebotz]

My question is what do you think the brother should do now? as after 48hrs they may cancel the order as unsuccessful trad. Will the asset be returned to the seller?

At this stage, only the seller can assist him; paying through a third party is discouraged because not all vendors accept it for security reasons.If the vendor is not interested, his best option is to return the money, but not everyone has such a heart. If the transaction is disputed, the p2p mediator is likely to cancel the trade and suspend your brother's account. Sending or receiving payments in a third-party account is prohibited in P2P marketplace.

If the money is a stolen funds, the seller is already leaked to the crime - your brother broke the rules and should deal with it.

Edit: Charles-Tim beat me to it...

[Callido]

My question is what do you think the brother should do now? as after 48hrs they may cancel the order as unsuccessful trad. Will the asset be returned to the seller?

At this stage, only the seller can assist him; paying through a third party is discouraged because not all vendors accept it for security reasons.If the vendor is not interested, his best option is to return the money, but not everyone has such a heart. If the transaction is disputed, the p2p mediator is likely to cancel the trade and suspend your brother's account. Sending or receiving payments in a third-party account is prohibited in P2P marketplace.

If the money is a stolen funds, the seller is already leaked to the crime - your brother broke the rules and should deal with it.

Edit: Charles-Tim beat me to it...

These exchanges normally restricts a third party interference, basically according to the exchange standings the vendor is clear off the matter since there has been strict warnings already but judging from human morals if there has been some literal discussion between the buyer and seller then what the vendor is doing is extreme wickedness.

There could be way out, first the buyer should get a screenshot of their chats, and most vendors leaves their contact information available, with some of this information maybe they can get a track down and settle the case.

[Amphenomenon]

My question is what do you think the brother should do now? as after 48hrs they may cancel the order as unsuccessful trad. Will the asset be returned to the seller?

At this stage, only the seller can assist him; paying through a third party is discouraged because not all vendors accept it for security reasons.If the vendor is not interested, his best option is to return the money, but not everyone has such a heart. If the transaction is disputed, the p2p mediator is likely to cancel the trade and suspend your brother's account. Sending or receiving payments in a third-party account is prohibited in P2P marketplace.

If the money is a stolen funds, the seller is already leaked to the crime - your brother broke the rules and should deal with it.

Ironically if CBN actually support cryptocurrencies activities, then his friend may have been able to lay complaints to his bank, but sigh we just have to be careful not make any silly mistakes that's against p2p marketplace rule.

Another mistake he made was the fact that he didn't tell/agree with the seller on the account name from which he would be using to send the money, in the chat room which though is still against the exchange p2p policy but at least the exchange services would have seen the agreement when dispute was raised and probably released the coin

[Jaycoinz]

A wonderful half of the year to everyone here. Today I decided to share this issue here, maybe it has been talked about before and a lot of us know about it, but people are still making mistakes which I was surprised to be aware of that is why I deem it necessary to remind us to not make such mistakes.

Yesterday a brother of ours called me that he has been in some big issues with the support and a user he was undergoing P2P with. He said he placed an order to buy 500 USDT and the bank account which he had the money was not his own as his mobile wallet account has a limit to the amount, he can send so he sent the money using a friend account. As such he notified the seller that he had paid. Of course, the seller saw the money and decided to not release the asset because it was a different account that is not connected to the exchange. He kept sending messages to the seller, but he refused and now he had filed an appeal, and the seller has proof that no money from the account connected in exchange was sent to him.

We can see how people are intentionally wicked so we should avoid making mistakes like this. Our bank account we are using to send or receive should be the same name on once added to our exchange so that i situation like this we can have solid proof.

My question is what do you think the brother should do now? as after 48hrs they may cancel the order as unsuccessful trad. Will the asset be returned to the seller?

Well that's too bad and I think there is nothing to do as the vendor is clearly on his stand but accept like what igebotz and Charles have said the vendor decides to show mercy on him and then release the coins also if he doesn't want to release he can choose to send back the money but in this country where fraud is seen as something that's normal by some folks I doubt that the vendor would even do either of the two stated.

[Igebotz]

There could be way out, first the buyer should get a screenshot of their chats, and most vendors leaves their contact information available, with some of this information maybe they can get a track down and settle the case.

Why would you hunt him out? He did not steal your money or put a gun to your head; the buyer has already interfered with the seller's security, and the seller has every right to keep the money. He may also claim that the illegal transactions were sent to a charity.. Case closed.

Another mistake he made was the fact that he didn't tell/agree with the seller on the account name from which he would be using to send the money, in the chat room which though is still against the exchange p2p policy but at least the exchange services would have seen the agreement when dispute was raised and probably released the coin

The seller is at risk here because anyone can send money from a stolen phone, hacked account, or kidnap victim phones in an attempt to buy Bitcoin to wash the laundered/stolen money, and if these funds are traced back to the seller, he will most likely spend the rest of his life in prison for a crime he did not commit.

The final option is to report the transaction as a fraud or illegal and let the bank handle it from there.

[Callido]

There could be way out, first the buyer should get a screenshot of their chats, and most vendors leaves their contact information available, with some of this information maybe they can get a track down and settle the case.

Why would you hunt him out? He did not steal your money or put a gun to your head; the buyer has already interfered with the seller's security, and the seller has every right to keep the money. He may also claim that the illegal transactions were sent to a charity.. Case closed.

No he didn't still the money, but what if the money wasn't stolen and the buyers reason for attaching a third party was justifiable. This is a bad scenerior and many meanings could be read about these but it could be resolved amicably. If the seller isn't okay with the third party interference and surely he received the amount sent but the buyer why can he just return the money and then cancel the trade. No need of him using someone's carelessness as an advantage clearly because he has the upper hand.

[Igebotz]

No he didn't still the money, but what if the money wasn't stolen and the buyers reason for attaching a third party was justifiable. This is a bad scenerior and many meanings could be read about these but it could be resolved amicably. If the seller isn't okay with the third party interference and surely he received the amount sent but the buyer why can he just return the money and then cancel the trade. No need of him using someone's carelessness as an advantage clearly because he has the upper hand.

It cannot be justified unless they came to an agreement. I've traded with Wise and cashApp on the US p2p marketplace using a third party payment and everything went successfully. I read their terms and conditions and chatted up those that were accepting third party payment. First, they will ask you to provide the full name of the third party account before you can proceed, but in this your brother's case, he needs to be patient with the seller, he needs to plead with him and try to resolve it amicably, I don't understand why the seller is still holding his money after refusing to sell.

[CryptopreneurBrainboss]

We can see how people are intentionally wicked so we should avoid making mistakes like this. Our bank account we are using to send or receive should be the same name on once added to our exchange so that i situation like this we can have solid proof.

He's not wicked but just trying to be very cautious because e no get anybody wey no know wetin dey go on for the country wey be say scammers dey use people account take trade P2P to steal and when dem track the whole transaction you wey innocent na you go fall victim. Secondly did you inform the buyer that the transaction won't be coming from your account before you send and was he okay with it through Phone call or chat box. Plenty merchants dey always get the warning say the money fit no come from the account on the platform when dem dun exceed their daily transactions or for other reason like network issues.

If this person na scammer your money dun go but if him legit, no carry force follow am as him fit still release the funds. Just use sense as some people na just their own head dem dey try cover.

My question is what do you think the brother should do now? as after 48hrs they may cancel the order as unsuccessful trad. Will the asset be returned to the seller?

Reporting to the support fit no get much result but still do am, and from the name of the account (track am on social media see if you fit get any details). If you get the phone number too try reach am . If na microfinance bank you pay to, you fit get the phone number from the account number. If everything no get head then report your transaction as fraudulent because technically na wetin e dey become so. If you get better account officer, the transaction fit dey frozen but just know you need dey prepare to let your Bank know which business wey una been dey do.

[Frankolala]

Eya....your brother made a big mistake by not making sure that he contacts the buyer and tell him the name of the account that will be sending the payment. It is against the p2p rules in exchanges not to accept third-party payments but it still depends on the buyer and the seller understanding.

Next time if your brother account cannot make a huge amount of transfer daily, he should divide the money into two or three parts and buying his coins in three different days. That would have ease him the stress of what he is passing through now.

A lot of p2p traders are ready to scam your if they see the means, but because exchanges are strict with their law and will ban any account that violates the law is why many of them are playing good.

[Felicity_Tide]

Clearly a situation of fallen victim and a lesson to be learnt for another day. Using a centralize p2p exchange, there are only three people involve, which are the buyer, seller, and the escrow. Everything concerning transactions should only involve two people (the buyer and seller), with the escrow acting as a intermediary, so let me just say the three of them.

This is why it's ideal to have a corresponding account names with cex identity, for smooth transaction. For the bank transaction your friend did with someone else's account, it would be impossible for the escrow member to come to the rescue, as the account name is different from the cex account id of your friend. Cex only works with the id you submit while registering, and not evidence that might be true, but not within their database.

You should handle this case with care, and try as much not to involve your bank, and the bank of the person that has refused to release your friend's coin. Let's hope your friend is able to get his money back without further complications.

[Marvelockg]

We can see how people are intentionally wicked so we should avoid making mistakes like this. Our bank account we are using to send or receive should be the same name on once added to our exchange so that i situation like this we can have solid proof.

sometimes untill something like this happen people won't learn a lot of lessons and this is just a practical situation where someone has to pay the price for others to learn from. It's now too deficult to find someone with a good conscience that would have thought to send him the money regardless of the mistake. It's part of the reason why people don't trust strangers again cause the moment you make any mistake, they prey and you without even having a second thought.

My question is what do you think the brother should do now? as after 48hrs they may cancel the order as unsuccessful trad. Will the asset be returned to the seller?

if the guy involved is determined never to send the money back, it's unfortunate that there is nothing that can be done since there is no evidence at all to hold on to. It's just an unfortunate reality we have to come to terms with that this online space is very toxic and until you fall victim into someone's hands won't know how desperate and selfish some people can be.

[Lida93]

Yesterday a brother of ours called me that he has been in some big issues with the support and a user he was undergoing P2P with. He said he placed an order to buy 500 USDT and the bank account which he had the money was not his own as his mobile wallet account has a limit to the amount, he can send so he sent the money using a friend account. As such he notified the seller that he had paid. Of course, the seller saw the money and decided to not release the asset because it was a different account that is not connected to the exchange. He kept sending messages to the seller, but he refused and now he had filed an appeal, and the seller has proof that no money from the account connected in exchange was sent to him.

There are people that will not hesitate to take an unscrupulous advantage at the slightest mistake of another, mostly in this crypto space in as much as p2p is concerned and it's for this that when you're dealing with anyone you make sure to strictly follow the rules of engagement to avoid it being used against you. Exchanges only works with proven evidence provided... In this case it seems your bro have none correlated between the transaction details and that of the exchange account to make a strong prove.

My question is what do you think the brother should do now? as after 48hrs they may cancel the order as unsuccessful trad. Will the asset be returned to the seller?

I always make sure to check the conditions of the merchant  in the p2p trade before going ahead to initiate transaction. Some merchants will boldly write that they will be paying from a different account not bearing the name of the exchange account and that if you agree then proceed.

If your bro made such conditions as terms of trade under before the trade took effect then you might probably have a case as through the bank statements of the seller if the transaction details and that of yours tally and the time the transaction was done.

If he never made such conditions then I think  Charles-Tim and Igebotz has given you the right reply already.

[Agbamoni]

We can see how people are intentionally wicked so we should avoid making mistakes like this. Our bank account we are using to send or receive should be the same name on once added to our exchange so that i situation like this we can have solid proof.

Secondly did you inform the buyer that the transaction won't be coming from your account before you send and was he okay with it through Phone call or chat box. Plenty merchants dey always get the warning say the money fit no come from the account on the platform when dem dun exceed their daily transactions or for other reason like network issues.

Same thing i told my brother that the this is person to person business. The CEX is only a platform to carry out the transaction in escrow, he would communicate to the person that he would be sending with a different account so as to ensure that there is transparency and in the business.

Reporting to the support fit no get much result but still do am, and from the name of the account (track am on social media see if you fit get any details). If you get the phone number too try reach am . If na microfinance bank you pay to, you fit get the phone number from the account number. If everything no get head then report your transaction as fraudulent because technically na wetin e dey become so. If you get better account officer, the transaction fit dey frozen but just know you need dey prepare to let your Bank know which business wey una been dey do.

Am glad that the guy has responded and has decided to release the asset. Just like all of you have said he was trying to be safe with whomever he is transacting with that's why he delayed. And also, he wanted my brother to learn a lesson to not make this kind of mistake gain in the future if not every everyone will agree to release the asset because of a truth there is nothing the exchange can do about this since there is no proof backing my brother.

Everyone's response has been really helpful and i thank everyone for their concern.

[AVE5]

If I must be specific, the buyer didn't do anything wrong by not releasing the coin because it wasn't authenticated that seller actually sent the money to the buyer. I blame the whosoever that sent the dealer the money for not being informed that the money will be coming from a specific account and not the one supported in the exchange then as Peer to Peer, there'd both understand it and that communication between them would serve as proof of payment if Incase the dealer actually had to deny about receiving the fund after much proof of payment from the bank has been provided.

Check this out, even when we want to trade our assets for fiats, it's also broadly told that a payment will be made through the made vision bank details which is the buyer and the buyer will also confirm the I.Ds and further, we're being warned not to release coins if payment hasn't been confirmed. That's also to say when the vendor sends the money with another bank details without earlier information to the seller, the seller has all right to disclaim payment received wasn't from the vendor.
But at any course, confirmation and transparencies during transaction is very crucial in the digital marketing technology.

[Igebotz]

Reporting to the support fit no get much result but still do am, and from the name of the account (track am on social media see if you fit get any details). If you get the phone number too try reach am . If na microfinance bank you pay to, you fit get the phone number from the account number. If everything no get head then report your transaction as fraudulent because technically na wetin e dey become so. If you get better account officer, the transaction fit dey frozen but just know you need dey prepare to let your Bank know which business wey una been dey do.

He shouldn't report to the authorities as he may end up spending more than that amount, looking for some random random stranger he met online. I've gone through Bybit Advertisers agreement and advertise behavior.

This is what Bybit says about such a behavior- he should be reported

"Upon verification, the Advertiser receives payment from users whose accounts do not match the verified name of the Platform account, or whose true identity cannot be verified"

He shoiuld report to the customer care and be honest about his case.

OP can you give update on the transaction?

[Tungbulu]

My question is what do you think the brother should do now? as after 48hrs they may cancel the order as unsuccessful trad. Will the asset be returned to the seller?

Reporting to the support fit no get much result but still do am, and from the name of the account (track am on social media see if you fit get any details). If you get the phone number too try reach am . If na microfinance bank you pay to, you fit get the phone number from the account number. If everything no get head then report your transaction as fraudulent because technically na wetin e dey become so. If you get better account officer, the transaction fit dey frozen but just know you need dey prepare to let your Bank know which business wey una been dey do.

This kind of issues na people dey encounter everyday for all these exchanges, and most of these P2P merchants dey see am as avenue to take defraud some naive people.

I don encounter similar issue during one of my trades for kucoin (when them been never comot 9ja from their P2P service).
This one, I specifically asked the merchant if he'd accept third party payment and he practically accepted, only for me to proceed with the payment and refused to release the token, saying that platform doesn't accept third party payments, it was obvious that the merchant was out to defraud and swindle me of my money, so I made the first move to report the transaction ( though knowing too well that I had defaulted by initiating a third party payment).

Long story cut short, the merchant was told to refund the money back to me after I provided proof that the seller already accepted to receive third party payment, and I was asked to provide the same account that I initiated the transaction with for refund.

It's very important to first inform the seller before initiating such transactions to avoid unnecessary embarrassment and inconveniences such as this, because lots of these P2P merchants are scammers looking for naive people to defraud of their hard earned money.

[sotelorene]

If I must be specific, the buyer didn't do anything wrong by not releasing the coin because it wasn't authenticated that seller actually sent the money to the buyer. I blame the whosoever that sent the dealer the money for not being informed that the money will be coming from a specific account and not the one supported in the exchange then as Peer to Peer, there'd both understand it and that communication between them would serve as proof of payment if Incase the dealer actually had to deny about receiving the fund after much proof of payment from the bank has been provided.

Check this out, even when we want to trade our assets for fiats, it's also broadly told that a payment will be made through the made vision bank details which is the buyer and the buyer will also confirm the I.Ds and further, we're being warned not to release coins if payment hasn't been confirmed. That's also to say when the vendor sends the money with another bank details without earlier information to the seller, the seller has all right to disclaim payment received wasn't from the vendor.
But at any course, confirmation and transparencies during transaction is very crucial in the digital marketing technology.

Perfectly said, I mean lets call a spade a spade though some people will see it as wickedness but to me I don't see anything wicked here cause that's a very big mistake even in some Ponzi Scheme, if one made a mistake why trying to register you will be denied of your registration payment etc perhaps the vendor is not to be blamed cause I believed they have rules, standard and they also have their own  way of handling issues like this.

Even those who will say the vendor is wicked by not releasing the coin but I know for sure that, if they are in the vendor's shoe they will definitely do the same thing. in as much as the buyer has fall victim, a good vendor who has conscience will definitely release the coin despite say the person (buyer) don lose guard  though the transaction receipt must be sent as an evidence or proof. @agbamoni thanks for the informate and I go also advise everybody make them no try this kind thing no matter how urgent the thing be cause you go land yourself for big....

[Roseline492]

Yesterday a brother of ours called me that he has been in some big issues with the support and a user he was undergoing P2P with. He said he placed an order to buy 500 USDT and the bank account which he had the money was not his own as his mobile wallet account has a limit to the amount, he can send so he sent the money using a friend account. As such he notified the seller that he had paid. Of course, the seller saw the money and decided to not release the asset because it was a different account that is not connected to the exchange. He kept sending messages to the seller, but he refused and now he had filed an appeal, and the seller has proof that no money from the account connected in exchange was sent to him.

We can see how people are intentionally wicked so we should avoid making mistakes like this. Our bank account we are using to send or receive should be the same name on once added to our exchange so that i situation like this we can have solid proof.

My question is what do you think the brother should do now? as after 48hrs they may cancel the order as unsuccessful trad. Will the asset be returned to the seller?

Well Op is good that you brought it here so that people will learn, well I must say that is an unfortunate experience for the guy because indirectly he may likely lose all the money because there is no prove to back up his claim because already almost all the exchanges that enable P2P trading always advised each of there users not to allowed thirty party transaction to avoid lost of money, so I think I would blame your because indirectly he is at fault because one of the things I understand most people do on those exchanges is that since they no that the exchange forbid third party payments they would always notified the buyer or selling that there bank is giving them a little problem so perhaps if they accept third party payment then you can proceed because for security reason nobody likes third party payment, so actually your friend is totally at fault because I believe that he did not inform the seller about the third party payment so that's why the seller decided to take advantage of the opportunity. So my only advise is that we should all make sure during transactions to use an account that includes our name to avoid becoming a victim.