Advice: Crypto Transactions and Nigerian Banks

[Davidvictorson]

Na this topic, "Which Fiat Bank Accounts are 'Crypto Friendly'?" make me rerember this thread wey I read for Twitter. Most of us Nigerians nor fit relate because while dem get crypto friendly bank for yankee, we get banks for Naija wey go freeze your account and call police cybercrime unit for you because say do crypto transactions.

Guys, I no wan cause panic for this group but I think it will be worth reading this thread on Twitter. Na P2P wey most of us dey do and therefore I say make I share this one with una.  E dey possible say one or two person here fit don fall victims to these banks them but whatever the case may be for those up and coming make una still read am. E dey pain me say this country dey frustrate the younger people by all means possible.

Just to let una know wetin happen,

I’ve just been arrested at @UBAGroup UBA wuse zone 2, My account was locked due to ad revenue i received, and when I went to the bank to explain that the money was legitimate, they called the fraud unit on me.

Another own even catch my attention be say -

The same thing happened to me, I did crypto p2p transactions on Bybit, next day @MyFCMB blocked my account for fraudulent inflow, they expect me to come to the bank so I can be arrested for what I've no idea about in this country wey nobody Dey obey law

Has anyone been in the second situation how una take handle am?

Link: https://x.com/Cleverlydey4u/status/1861364250439999775

[Charles-Tim]

I have not experienced this before. Also I noticed that no one on this forum that have come up with a story that they have experienced something like that before.

What I think is that as many people in Nigeria are into cryptocurrencies now, do not just believe in what you hear from people. I mean just like people using fiat can also be arrested.

[Felicity_Tide]

Has anyone been in the second situation how una take handle am?

No, I haven't, and I'm not really sure of what must have gone wrong in both cases either. I might slightly believe restrictions of account, but calling a police or whatever authority incharge of financial crimes on bank customers isn't something I'm certain of.

But I've heard of stories where these financial crimes agencies creates a merchant like profile on exchange, and use it to lure people, though, I'm not sure of how true this is too.

For the second Case where the bank authorities are demanding for a customer to come to the bank to get arrested, I have this feeling that the whole story isn't complete. There is probably something that is missing in this story. Because I know that banks tends monitor any account that receives a massive amount for the very first time, then if similar amounts continue to come in, then it will definitely trigger more attention than will require a customer to defend.

Maybe the person in question must have probably received too many massive amounts in a short period. But regardless, that's totally unacceptable, because I believe no average surviving citizen(especially the youths), would agree to any bank if such actions are included in terms and conditions, and are read aloud to customers before creating an account.

[Marvelockg]

Has anyone been in the second situation how una take handle am?

even though I have reduced the rate of transacting with banks, i have had an experience where i received a huge amount of money in my UBA account and in the process the account was freeze till i went to the bank to rectify it. for my case, it was an issue of making an upgrade because at the time it was a student account and so couldn't accept such quantity of money.

through your BVN even though you are using your fintech app for receiving money when you carry out p2p transaction and not through the regular commercial banks, they can easily track how much that's going in and out of your account and if there is a need for questioning, just know you might be questioned. somehow, it is best that while doing your p2p transaction that it shouldn't involve an extremely huge account except you are sure you have an alternative source of income you can project to the authorities if for any reason you are called for questioning. we are living in a society that even though crypto is not tagged as an illegal activity, you still get some back look from the authority when you are earning from crypto. but the truth is that as long as you are clean and knows that your money is of a legit source, there is no point to be afraid of being called by the authority. just ensure that you are doing your little best in ensuring that you don't get into their trap while being vigilant enough to know that should you be called up for a reason, you can always bail yourself off their hands.

[Coyster]

Has anyone been in the second situation how una take handle am?

I never personally experience this, but i get one close friend wey e don happen to. This my guy traded a large sum of money on Binance p2p (that was when we still dey use the exchange) three times in one day, on the third attempt, as soon as the trader credit my guy account, the bank (i won't mention the name for now) seized the funds, blocked the account and requested for source of funds.

The time dem never direct banks make dem no dey involved in crypto transaction, so my guy send dem proof say him trade for binance, i was surprised that they released the funds, but him no use the bank again for crypto after that. Na real life matters i yarn una now oh.

[Spaceman1000$]

Na this topic, "Which Fiat Bank Accounts are 'Crypto Friendly'?" make me rerember this thread wey I read for Twitter. Most of us Nigerians nor fit relate because while dem get crypto friendly bank for yankee, we get banks for Naija wey go freeze your account and call police cybercrime unit for you because say do crypto transactions.

Guys, I no wan cause panic for this group but I think it will be worth reading this thread on Twitter. Na P2P wey most of us dey do and therefore I say make I share this one with una.  E dey possible say one or two person here fit don fall victims to these banks them but whatever the case may be for those up and coming make una still read am. E dey pain me say this country dey frustrate the younger people by all means possible.

Just to let una know wetin happen,

I’ve just been arrested at @UBAGroup UBA wuse zone 2, My account was locked due to ad revenue i received, and when I went to the bank to explain that the money was legitimate, they called the fraud unit on me.

Another own even catch my attention be say -

The same thing happened to me, I did crypto p2p transactions on Bybit, next day @MyFCMB blocked my account for fraudulent inflow, they expect me to come to the bank so I can be arrested for what I've no idea about in this country wey nobody Dey obey law

Has anyone been in the second situation how una take handle am?

Link: https://x.com/Cleverlydey4u/status/1861364250439999775

I haven't experienced these personally but as somebody that has been within and around the Nigerian banking system, once their is an unverified cash inflow and out flow from a certain account, the CBN unit will automatically flag that account Red giving the instruction to commercial bank to keep that account on debit frozen till the owner comes to make clarifications. If the guy that was arrested in UBA has a clean sheet, then he has nothing to fear, he just needs to explain to them how that cash inflow came in.

[Odogwu-Blockchain]

Has anyone been in the second situation how una take handle am?

I've never experienced this before even when I mistakingly included crypto words in my transaction description. I strongly believe that banks dey enable some certain functions that monitors transactions that comes to a newly created savings account to be tracked down and blocked if there is a sketchy transaction going on.

For example, if you create a student account where some minimum transactions and amount are meant to be deposited, your account may be blocked and you may be summoned to answer your source of funds.

We'll keep saying this, never include crypto or other blockcahin related words with your transactions, it'll def attract the attention of the banks to investigate your matter, and not, no bank in Nigeria is crypto friendly except some few micro finance banks i think.

[CryptSafe]

Most times the banks do report  suspicious transactions to the government agencies  to take actions and however the case may be, they are all guilty of what they claim they are saint in. Many bankers are into crypto and they are just pretending to not know about it. The dollar black market  sales they do does that not also cause naira devaluation as well?  These people are just making things difficult for the average Nigeria youth meanwhile they too are guilty of what they are harassing people of.

Well I have not had such experience before and I would not make the mistake of encountering such. I just think at times it is the volume of transaction that attracts them to the account and when it is not clear to them, they place a restriction on the account forcing the account holder to visit the bank for further explanations and in so doing, they call the government agencies to make an arrest. It is quit unfortunate though but however, one just needs to be very careful how they transact. Avoid putting crypto related words in description, avoid abbreviation avoid words which could attract eyes to your transaction so it does not looks suspicious. These are the things we should know  and have tips at hand when doing a transaction.

[Josefjix]

I have not experienced this before. Also I noticed that no one on this forum that have come up with a story that they have experienced something like that before.

What I think is that as many people in Nigeria are into cryptocurrencies now, do not just believe in what you hear from people. I mean just like people using fiat can also be arrested.

I came across that report on X yesterday; the victim claimed that the money deposited in his account was ad revenue, which I did not believe; something fishy is going on, and it has nothing to do with crypto or peer-to-peer transactions; the person is lying, and the bank cannot contact the anti-fraud unit without a court order. The person has been on the bank's watchlist for a long time due to fraudulent transactions. He should settle with his bank; not every fraudulent case should be linked to crypto transactions.

[Charles-Tim]

I never personally experience this, but i get one close friend wey e don happen to. This my guy traded a large sum of money on Binance p2p (that was when we still dey use the exchange) three times in one day, on the third attempt, as soon as the trader credit my guy account, the bank (i won't mention the name for now) seized the funds, blocked the account and requested for source of funds.

The time dem never direct banks make dem no dey involved in crypto transaction, so my guy send dem proof say him trade for binance, i was surprised that they released the funds, but him no use the bank again for crypto after that. Na real life matters i yarn una now oh.

It will not be a surprise for me. Some banks like GTCO (formerly known as GTBank) will size the money if it is very high and unusual. I mean if the person have not been receiving a huge amount of money before and such happened. Not even about cryptocurrencies at all but the amount of money sent.

[Smartvirus]

Na this topic, "Which Fiat Bank Accounts are 'Crypto Friendly'?" make me rerember this thread wey I read for Twitter. Most of us Nigerians nor fit relate because while dem get crypto friendly bank for yankee, we get banks for Naija wey go freeze your account and call police cybercrime unit for you because say do crypto transactions.

Guys, I no wan cause panic for this group but I think it will be worth reading this thread on Twitter. Na P2P wey most of us dey do and therefore I say make I share this one with una.  E dey possible say one or two person here fit don fall victims to these banks them but whatever the case may be for those up and coming make una still read am. E dey pain me say this country dey frustrate the younger people by all means possible.

Just being a youth in Nigeria alone eh? You Dey inside big wahala. Na just for person to pray and hope say make bad thing commot body go far. Government go abuse youths say, them Dey lazy and yet, once you start to make a name for yourself, them go believe say, you don do something illegal if not, how you carry break out.

Na the poor design way them use Dey up out country be that. A design way Dey limiting of success and them no expect say, you suppose make am.
The annoying part of all these be say, person no ever fit know finish there stands on cryptocurrency investment. You go hear say, trading Dey allowed but, once them find out say, na p2p you use get credit alert on your account, them don tag you fraudster or money launderer. It’s sick!

Even exchanges go tell you make you no comment say na p2p on transaction description to avoid wahala and na do e really be!

[Amphenomenon]

I have not experienced this before. Also I noticed that no one on this forum that have come up with a story that they have experienced something like that before.

What I think is that as many people in Nigeria are into cryptocurrencies now, do not just believe in what you hear from people. I mean just like people using fiat can also be arrested.

I think this is because majority of us used online banks like Palmpay, Opay, Kuda and the likes, since they are more effective especially in the aspect of fast transaction and notification, which we do sometimes suffer from using banks like Zenith, UBA and the likes.

Although, we have aware of the no crypto related transactions are expected and have find a way around that. Also, I think another thing is about how moneys flow your account especially when it's an unusual amount really high, this likely will raised suspicion even for this online banks and may likely locked the account until you can provide a justifying proof.

[Coyster]

It will not be a surprise for me. Some banks like GTCO (formerly known as GTBank) will size the money if it is very high and unusual. I mean if the person have not been receiving a huge amount of money before and such happened. Not even about cryptocurrencies at all but the amount of money sent.

That one na true, and e be like something wey dey happen everywhere in the world, if bank account wey money no too dey enter begin receive some kind big money without the source being known, the bank fit block the account, come ask for source of funds, dem go dey suspect the person for money laundering. Na so banks dey operate, na so custodial services dey operate, dem fit to seize your money anytime, that is why we dey enjoy bitcoin when we use am in the correct way, because you know say nobody fit seize am from your non-custodial wallet.

[Lida93]

Another own even catch my attention be say -

The same thing happened to me, I did crypto p2p transactions on Bybit, next day @MyFCMB blocked my account for fraudulent inflow, they expect me to come to the bank so I can be arrested for what I've no idea about in this country wey nobody Dey obey law

Has anyone been in the second situation how una take handle am?

I don't wish my rival to be in this kind of situation how more myself. Not in this country. Omoor you go explain tire!

The system is messed up and those at the executive cadre in the financial sector particularly the banks are using the unfair crypto policies of the FG to victimize common citizens that at any opportunity they see to covet your money to their private purse through crypto allegation transaction they won't hesitate to take the chance knowing fully well you dint stand a chance to prove otherwise.

No to just the avoid this people in every technical ways we can when running our transactions.

[HajiBagi]

I have not experienced this before. Also I noticed that no one on this forum that have come up with a story that they have experienced something like that before.

What I think is that as many people in Nigeria are into cryptocurrencies now, do not just believe in what you hear from people. I mean just like people using fiat can also be arrested.

Na true you talk so, I never see anybody for here dey complain about bank say them Don freeze him money just because say he do one or two p2p transactions, banks being give warning to people that if they find out that their users dey run crypto transactions they will freeze the account but I never see person wey go Don do mistake to the extent say banks notice say him do p2p transactions.

No matter how smart them banks be Nigerians get sense pass them, nobody go wan fall for their hand and they will still be doing there transactions, people fit get mistake but that one na for person wey never know waiting dey sup, I be wan ask question? If bank freeze person money for cryptocurrency matter the money wey dey inside who go chop because for me all this thing's na stealing from some banks, some banks will be noticing you and how you dey get money and want to use that one scared you maybe you can't come to prove yourself.

[Davidvictorson]

<...>

This our country na very messed up place for young people no wonder the first plan for most of them na Japa. The youths don already sabi say , the country dey kill dreams and goals- literally and metaphorically. Normally we normally suppose dey fear Police but now eh ... If them see young boy wey dey hustle to make am legit money na that one Dem go hold.

It will not be a surprise for me. Some banks like GTCO (formerly known as GTBank) will size the money if it is very high and unusual. I mean if the person have not been receiving a huge amount of money before and such happened. Not even about cryptocurrencies at all but the amount of money sent.

I understand and I sbo say na their standard operation be that but the thing wey dey vex me be say once the matter enter police or efcc  hand, those ones go turn am against the person and find a way to frustrate his life. It's not supposed to be so.

[Judith87403]

E they very sad say all this kind of things they happen for our 9ja and nobody go fit talk anything, one of the things way they pain me be say we as a citizen no even get any right at all for anything, how can government or the agency go they arrest people way them suspect say in they do Crypto business when the truth be say them no banned people from having Crypto, make person just they play there card well to avoid problem, however I never experience this kind of thing way you explain because I they make sure say anything especially all this bank something no Crypto name go be mentioned there because I done they see say banks they use the medium to get reputation from the Central.

[Sim_card]

Has anyone been in the second situation how una take handle am?

I never personally experience this, but i get one close friend wey e don happen to. This my guy traded a large sum of money on Binance p2p (that was when we still dey use the exchange) three times in one day, on the third attempt, as soon as the trader credit my guy account, the bank (i won't mention the name)

Why you no want mention the name abi no be normal bank wey everbody know. When we dey give information to protect people from government wahala for crypto, e good make una tell us the bank them so that we go fit avoid them or dey careful with them when dealing with them. Actually, I never fall victim for crypto wahala with banks, because na only small funds I dey collect. If I want collect big funds, I dey split am into several accounts to cash out in small small.

[MainIbem]

Has anyone been in the second situation how una take handle am?

I never personally experience this, but i get one close friend wey e don happen to. This my guy traded a large sum of money on Binance p2p (that was when we still dey use the exchange) three times in one day, on the third attempt, as soon as the trader credit my guy account, the bank (i won't mention the name)

Why you no want mention the name abi no be normal bank wey everbody know. When we dey give information to protect people from government wahala for crypto, e good make una tell us the bank them so that we go fit avoid them or dey careful with them when dealing with them. Actually, I never fall victim for crypto wahala with banks, because na only small funds I dey collect. If I want collect big funds, I dey split am into several accounts to cash out in small small.

No be lie you talk, cause some people here dey exchange huge amount of money for P2P so eh go make sense say em mention the name of the particular bank so people go take precautions not to use that bank for P2P activities or even exchange big amount of money if them wan use am, based on the regulations on Cryptocurrency some banks they always dey suspicious when heavy amount of money enter a particular account especially when eh no be business account or current account so make everybody dey careful, no go receive amount wey big pass your account limit cause that one dey always cause suspicions from banks too. Well I never get such experience before but I done come across some reports from the media, exposing some merchants via P2P wey dey operate with banks and fraud agencies for some exchanges for mae people they mindful of who dem dey trade with for P2P. Sometimes, instead of to comot heavy money at once through P2P eh go better to remove am in bits to avoid bank suspicions and fraud charge.

[Cryptomultiplier]

Has anyone been in the second situation how una take handle am?

I never personally experience this, but i get one close friend wey e don happen to. This my guy traded a large sum of money on Binance p2p (that was when we still dey use the exchange) three times in one day, on the third attempt, as soon as the trader credit my guy account, the bank (i won't mention the name)

Why you no want mention the name abi no be normal bank wey everbody know. When we dey give information to protect people from government wahala for crypto, e good make una tell us the bank them so that we go fit avoid them or dey careful with them when dealing with them. Actually, I never fall victim for crypto wahala with banks, because na only small funds I dey collect. If I want collect big funds, I dey split am into several accounts to cash out in small small.

We supposed to have known by now that living in Naija and even doing business with our local banks is a steady source of headache. Mostly when it comes to those of us who earn in cryptocurrency or foreign currency, we always have to tender some form of proof while every transaction is monitored and taxed in total.
The emergence of fintech banks made all things concerning cryptocurrency to become seamless and easy, until CBN decided to regulate their affairs and now the banks are just like another government ministry of finance because these fintech banks do the work and ensure one doesn't get to be arrested in public, but one can provide proof of source of income online and be allowed to transact normally.