Good day everyone, I brought this thread here due to many related threads created concerning P2P transaction scams, and then I decided to do some research on why mostly our people get scammed on P2P transactions and why our banks do not intervene. Though luckily enough, I saw news that was released some years ago,
https://1stattorneys.com/articles/2025/02/06/legal-landscape-of-cryptocurrency-in-nigeria-challenges-and-prospects/ that the CBN, in a circular dated February 5, 2021, directed financial institutions to close accounts associated with cryptocurrency transactions, citing risks such as money laundering, terrorism financing, and market volatility. This stance effectively restricted the use of the Nigerian banking system for crypto-related activities, pushing transactions to peer-to-peer (P2P) networks.
My main concern is that in a situation where our banks don't show concerns about crypto-related transaction scams, what would be our hope if we find ourselves in this scenario? Would you abandon it, or is there any way to report the transactions to the bank and provide the necessary details to the CBN to freeze or block both the sender's and the receiver's accounts for engaging in crypto transaction scams?
What are the possible implications of such actions if both parties involve?
