Be careful about bad naira while doing p2p trading

[Cryptomultiplier]

We cannot control the money we receive when doing p2p in a centralised exchange. Anyone would fall for this trap because it is a p2p trasnaction, and the merchant has the right to send from his account. However, what we can do is keep a proper record of the transaction and ensure that we receive the money directly from the merchant's personal account. Meaning the account on the exchange should match the account he uses to send the money. Avoid merchants that ask if they can send you money from a different account. Dont be nice when doing p2p, because one simple form of kindness can put you in a deep mess.

This post deserves more merit because it highlights what many of us P2P traders would ignore on a normal day because we simply want our funds anyways without properly checking details and sources of funding from the buyer.

For one, receiving payment from a different account from the name that appears during the transaction is breaking the platform rules to begin with and it's a big red flag.

It is proper to do a strict name verification before releasing or completing a transaction, otherwise refund and leave a review on the platform.
One thing scammers and criminals prey on is your patience and when you act in a hurry, and they use delay tactics, it's probably a start of how you get into trouble and that's why it's good to be patient and relaxed and in a comfortable situation not under duress, before making and completing a P2P transaction.
I love keeping records and as a trader please learn to do so, it would save you a lot of such issues in the future and lastly, I prefer to use a short timer so as to ensure there's not enough time for a trader with bad intentions to fulfill their agenda.

Stay vigilant and cautious and trust your instincts, because the crypto currency space is a delicate one and there's no saying what kind of ploy criminals may come up with during any transactions.

[Son Of Blockchain (SOB)]

 Lack of patience has caused him big problem but the good thing is that he's not the main culprit but a suspect since money was sent to his account from a fraudulent account. My suggestion is that he should've reported the issue to the exchange and save it as an evidence so he'll show it to the authorities that he's already reported the issue in the exchange he used.
 I think some exchange do leave an indication that customers should report merchants who send funds with accounts with names that doesn't tally with the one on their exchange. If he had ordered a dispute immediately after that transaction he would've had an evidence as proof of not being guilty.

[Mate2237]

Going by the story this is not a very good situation that this fellow finds himself, and from the look of things he is not definitely going to get out even if he explains himself because, the security operatives are not going to listen to his story of been innocent. And not noticing that the name of the sender is not thesame with that of the vendor. This person will be seen by the security agents as someone with a link to the account that send the money.


I just hope that, this person gets out of this problem which will be very difficult but, this should sound as a very good lesson to us. Beyond the risk of fraud going on while using p2p . There is even the bigger probability of one getting himself into bigger problems like this.

[BIT-BENDER]

Going by the story this is not a very good situation that this fellow finds himself, and from the look of things he is not definitely going to get out even if he explains himself because, the security operatives are not going to listen to his story of been innocent. And not noticing that the name of the sender is not thesame with that of the vendor. This person will be seen by the security agents as someone with a link to the account that send the money.


I just hope that, this person gets out of this problem which will be very difficult but, this should sound as a very good lesson to us. Beyond the risk of fraud going on while using p2p . There is even the bigger probability of one getting himself into bigger problems like this.

It's a very awkward situation the person finds himself and especially with our type of system that don't do adequate investigation it will require a lot from him to come out of this.
So far investigations has been slow and the person has spent so much time in detention already.
I think this is something we need to learn from, if the account had tallied with the vendor's name then it would be a very issue situation even if they vendor has committed external criminal activities, once you can prove that there was a transaction on an exchange that should be adequate prove.

[Tonimez]

I had to opportunity to be in conversation with someone who is currently in big trouble for allegedly being involved in a serious criminal act that he probably may not know about.

What do I mean by bad naira? Bad naira in this case is getting payment in our local currency from very questionable source, like getting paid from an account that has been involved in a serious criminal act like used to collect ransom, used by drug dealers or any other terrible offenses.

In this case the person in detention did a trade on Bybit with a vendor but this time the trade was not as fast as usual and he needed the money urgently, using that pressure he kept on demanding payment from the vendor who later paid but he did not have the patience to see that the name of the sender did not match the name that made the transfer, after a while he was invited by one of our national security agency he did not go into details to me about how he was reached but he is now facing a serious situation.

I am bringing this because lots of innocent people are suffering cases they never saw coming, Crypto-currency is not a terrain to embark on with you eyes close be critically watchful on every P2P transaction you are involved in, do not entertain pressure of any kind and make sure to see that the name of the sender matches the vendor and if it doesn't try to refund immediately or report to the appropriate authorities.

There are many areas of life that one can not completely run away for cases like this because as humans, we do our best and leavythe rest. I understand the concept you are bringing to reality and I admit it's a very serious issue when it happens. However, justike Eminem's line said, we're "Hoping for the best and expecting the worst".

Sometimes a vendor can give you reasons of network or other grounds to pay through other accounts and you are unsuspecting and you sell.

 For me, what I think is that everyone should try making their trades through the reputable traders. Check the volume of their USDT and number of orders and reviews. There are reputable people with very large volume of USDT that wouldn't want to endanger their accounts and if it happens their sweat over the years have been destroyed. Security is everyone's business, if you want to do anything online analyse the risk factors and go for the best options.

[Judith87403]

Sometimes, we can only pray and hope one doesn’t find himself or herself in this kind of mess, because people can actually never be too careful when it comes to P2P, especially if you’re the seller. This is why a lot of buyers in the P2P market do not accept third party payments, and this is just the reason why. Many people have fallen victim of receiving bad Naira and gotten into serious problems without even knowing it. Anyone who’s doing P2P, especially if you’re selling, try as much as possible to specify that third party payments are not allowed and if someone has already sent you money from a third party account, either request to refund the person or report the transaction to the platform immediately.

[Mpamaegbu]

To be honest, we have no control over how the other party chooses to make their payments, and we can't be too careful because this can happen to anyone; it's one of those unnecessary situations you can't avoid, but you can protect yourself by being cautious; always make sure the sender name matches the vendor's name, and don't forget to contact P2p support right away, as this may help with your investigation.

Dat part wey I bolded show us sey we get very big control over how d other party go make dem payment. If dem try to act smart and use a third party, na awa responsible to refund d money to dem. We nor supposed overlook dat wan oh bc na im dey always put people for trouble. Shebi na last week wey I share an experience wey I get with wan Blue Tick Diamond merchant like dat. Na d quote to dat my response dey below 👇

...He com go use a different account take pay me. Na blue tick and swift payment merchant oh. For me, no matta what, I nor wan receive from 3rd Party account. I dey stick to dat instruction to d last.

You see dat third party thing, I nor dey joke wit am. I nor dey even accept deal wit any merchant wey put "Payment may likely come from dem company account" and so bc of transfer limit sef. The merchant name as registered on d P2P site must dey there. Without dat wan, I dey refund at once. No time.

[Antidote47k]

I had to opportunity to be in conversation with someone who is currently in big trouble for allegedly being involved in a serious criminal act that he probably may not know about.

What do I mean by bad naira? Bad naira in this case is getting payment in our local currency from very questionable source, like getting paid from an account that has been involved in a serious criminal act like used to collect ransom, used by drug dealers or any other terrible offenses.

In this case the person in detention did a trade on Bybit with a vendor but this time the trade was not as fast as usual and he needed the money urgently, using that pressure he kept on demanding payment from the vendor who later paid but he did not have the patience to see that the name of the sender did not match the name that made the transfer, after a while he was invited by one of our national security agency he did not go into details to me about how he was reached but he is now facing a serious situation.

I am bringing this because lots of innocent people are suffering cases they never saw coming, Crypto-currency is not a terrain to embark on with you eyes close be critically watchful on every P2P transaction you are involved in, do not entertain pressure of any kind and make sure to see that the name of the sender matches the vendor and if it doesn't try to refund immediately or report to the appropriate authorities.

This is one of the reasons I eventually stopped doing P2P.

I used to be a merchant on Binance and then later on Bybit, and from my experience, merchants/vendors can easliy become victims themselves. You may do everything you’re supposed to do, verify the sender’s name, keep records of the trade, and still end up dealing with frozen accounts or investigations because the funds originated somewhere further up the chain.

I’ve personally had my bank account frozen more than once over transactions I had no knowledge were connected to suspicious activity. In fact, I’m still involved in a court case in Lagos related to one of those incidents. It’s not something most people think about when they decide to become a P2P merchant.

When fraudulent funds move through several accounts, the people who receive them later often end up facing the consequences while investigators work backwards through the transaction trail. The frustrating part is that most of these restrictions and lien usually take weeks or months before they are placed on said accounts and not immediately after you receive the fraudulent/ bad naira and there is never a clear indication that this money you are receiving is fraudulent, you may even receive it from vendor/person account directly but that still won’t matter. Still third party payments are more risky and honestly I haven’t been able to come up with any foolproof way of avoiding this. Whether you’re eventually cleared or not, having your account frozen and trying to resolve the issue can be stressful and time-consuming.

That’s why I always tell anyone doing P2P to treat every trade seriously. Don’t let anyone rush you, verify every detail you can, keep proper records, and if something doesn’t look right, it’s better to walk away from the trade than deal with the consequences later.

[Felicity_Tide]

do not entertain pressure of any kind and make sure to see that the name of the sender matches the vendor and if it doesn't try to refund immediately or report to the appropriate authorities.

Tbh, this is actually the most scariest part of using a P2P service. It's just a situation that you can't fully control on your own. It's impossible to tell the source of every money that we receive, and same thing goes for those that receives from us. Of course, it's advisable to always cross-check the name of the party that is sending the money, and there's even an easy report option for that while filing for a dispute, but I personally still feel that that might not just be enough. From a legal stand point, a matching payment name should actually safe anyone, but in a society where cases are not handled pretty well... You might just end up becoming a victim of terrible investigation. In as much as I hate it, I think it's best that we should do whatever we can, especially for our own interest.

[Freeveto]

Another thing is that it may not be an oversight, like people can actually see the sender name and the vendor's name are different but still carry on because the vendor gave name some sort of excuses, while carrying our p2p trading you must be very patient if you need the money urgently but faced with this situation you can borrow rather than still going ahead.

The thing here is, do we even care to check which account sent us the money while we trade our dollars for Naira? Most of people I know and from the advices I have been seeing is just to make sure your payment is complete before you release the crypto the buyer but with this case, we need to alse be taken care of the sender's details, especially if the money is big because it will be difficult to detect such transaction from suspicious accounts.

Can selling small small solve the problem? Maybe when you want to sell huge amount of dollars, decide on more than one vendor to spread the transaction in order to reduce the risk because we can't know an account that was used for illegal transactions.

[Ronsbit]

We all have to be very careful and alert while doing p2p transaction as we never can tell where the money is coming from. One thing I would advise while doing a p2p transaction is to check out for the vendors trade volume before proceeding with the transaction with that account because that can guarantee to some extent that such account holder is transacting regularly but avoid new accounts with no much trading volume as you never can tell if they are legit or not.
Also avoid social media p2p platforms because they can not guarantee you any genuine p2p transaction because you can never tell who they are or trace them if anything goes wrong. We just have to be very careful these days as criminals and kidnappers are out there trying to cover their tracks by putting in circulation their dirty or bad money to cover their attrocities. Do not fall victim of what you have no idea about and if you do, cooperate with security agencies as that is only what can guarantee your safety and quick intervention.

[CryptopreneurBrainboss]

I am bringing this because lots of innocent people are suffering cases they never saw coming, Crypto-currency is not a terrain to embark on with you eyes close be critically watchful on every P2P transaction you are involved in, do not entertain pressure of any kind and make sure to see that the name of the sender matches the vendor and if it doesn't try to refund immediately or report to the appropriate authorities.

Make we just pray make this kind thing no happen to us because e no easy to identify money wey they under investigation as you no go know until you get called in for questioning. The one measure we can put in place to avoid being victims of this type of situation is to only trade with verified merchants, don't be too greedy that you look for high price and trade with people that have very few trade on the P2P because this are the people that are always known to be this wicked and put you under a problem you did not partake in.

For now that the country is in such a chaos, it is better to avoid trading with merchants with low volume and only go after those with high volume so as to keep yourself safe because it is better you avoid all this problem than to start explaining yourself when you get called in for questioning.

Taking note of merchants verified names on your incoming transactions is necessary to stay safe. There is nothing like bad naira as no currency is either bad or good (money is money) just that the money you receive has been involved in illegal transaction but if you can always prove your innocence, you shouldn't be afraid of anything.

[JoyceBTC]

We cannot control the money we receive when doing p2p in a centralised exchange. Anyone would fall for this trap because it is a p2p trasnaction, and the merchant has the right to send from his account. However, what we can do is keep a proper record of the transaction and ensure that we receive the money directly from the merchant's personal account. Meaning the account on the exchange should match the account he uses to send the money. Avoid merchants that ask if they can send you money from a different account. Dont be nice when doing p2p, because one simple form of kindness can put you in a deep mess.

To further keep track records of all our p2p transactions since we can only account for the money that passes through our accounts it is important that we do all our p2p transactions in the site and not accept offline transactions like the merchants will always request this will keep us updated on the names that matches with the account of the merchants since the exchange will always ask us to verify the payment account to be the same with what is registered on the site by the merchant. All your kindness should be in the site if you accept offline transactions you should be ready to provide the person when there is an issue that requires the sender of the money you received.

[Cryptoprincess101]

To be honest, we have no control over how the other party chooses to make their payments, and we can't be too careful because this can happen to anyone; it's one of those unnecessary situations you can't avoid, but you can protect yourself by being cautious; always make sure the sender name matches the vendor's name, and don't forget to contact P2p support right away, as this may help with your investigation.

Tell your colleague to get a good lawyer, print out transactions details and cooperate with the investigators

Of course, we cannot be too careful just as you said because there are emergency situations where you needed to perform a p2p transaction and you will not have the time to check if the name in the merchant's p2p platform matches with the name that sent the money, and sometimes it is not easy to pass through those rigorous processes just to make sure that everything is fine and even if you make a report to support, it will take time to be resolved and it can delay your transaction and your account might be restricted till investigation has been done.
    It's about time we understand that having a lawyer will save us from some problems that we are not a part of, especially in this country where we know how security agencies behave by not doing thorough investigation before arresting a suspect. Having a good lawyer can save us from harassment and unlawful detention.

[Plutomanian]

Honestly a lot of people are not careful with all this p2p trading, this person is practically innocent but might be in a seriously difficult situation right  now because he wasn’t careful to take note of certain things. When it comes to p2p transactions on Bybit, I don’t even look at individual merchants, I Always trade with institutions that have reputable orders above 4000 orders. I don’t take silly risk that might end me in difficult situations. It might just sound like an ordinary mistake one can avoid but there are a lot of criminals out there trying to exploit us through every possible opportunity. We all need to take note of every transaction before we confirm it not just when we are selling but even when buying coin too, but the criminal activities often happen when you’re selling coins for fiat.

P2P scams happen everyday and why are we sounding like it's new thing in the market? Let's just face reality, no matter how we try to educate and enlightened the public, there are people that will always fall victims of scams and we know there's absolutely everything we can do to revive their money but you do know how challenging the market have become. I agreed with you, the best alternative to anticipate is simply sticking to institution which their reputation precedes them. I'm just starting to wonder why P2P scams are merely prevalent in the country.

[Asiska02]

In this case the person in detention did a trade on Bybit with a vendor but this time the trade was not as fast as usual and he needed the money urgently, using that pressure he kept on demanding payment from the vendor who later paid but he did not have the patience to see that the name of the sender did not match the name that made the transfer, after a while he was invited by one of our national security agency he did not go into details to me about how he was reached but he is now facing a serious situation.

I am bringing this because lots of innocent people are suffering cases they never saw coming, Crypto-currency is not a terrain to embark on with you eyes close be critically watchful on every P2P transaction you are involved in, do not entertain pressure of any kind and make sure to see that the name of the sender matches the vendor and if it doesn't try to refund immediately or report to the appropriate authorities.

Thank you for enlightening the community about this issue, many do not know about this and just other p2p daily without bothering to check who is sending the money to them and if the name matches with the p2p vendor name. In some cases, I have come across some p2p ventures that uses their company name to send money, and if you read through their rules, you can see it written there that they’ll be sending from company account and if you’re not okay with it, you can cancel the trade.

When I see vendors like this with good rating, they’re safe for me to trade with because they also know the implications of doing that, so they give one a choice to either continue or not. We can never be too safe from this because once the money is in your account already, it already calls for suspicion from this security agencies, but still trying to make sure one trade with the best vendor will limit the happening of this.

[Samlucky O]

No matter how careful we are, we might still fall victim. No one can be too careful enough to avoid accepting fund from such people. I have once accepted  money from a vendor that bought my USDT. And I didn't check it the name of the vendor matches with the sender, after some days I wanted to use the money from my account then I noticed that the fund was Frozen. I was told to bring evidence that prove geniuness of that transaction that involves both of us, I have to take a screenshot of the p2p oder I made and the amount sent by that vendor. And after much verification, the fund was released. So we can't be too careful enough not to get into trouble, but we need to be careful.

[OsaiEmma]

I am bringing this because lots of innocent people are suffering cases they never saw coming, Crypto-currency is not a terrain to embark on with you eyes close be critically watchful on every P2P transaction you are involved in, do not entertain pressure of any kind and make sure to see that the name of the sender matches the vendor and if it doesn't try to refund immediately or report to the appropriate authorities.

You cannot really match the vendors name to the senders name. What usually shows in a vendors profile is more like a nickname and not their real names.

These things can happen to anyone, and I feel it is unreasonable to arrest someone for a p2p transaction because it is completely beyond ones control. Unless you can link the two accounts together; if not, then it doesn't make sense to issue an arrest for a p2p transaction. At most, they can freeze the account of the receiver pending investigation. Danm! It sucks to be in such position.

[Hyphen(-)]

You cannot really match the vendors name to the senders name. What usually shows in a vendors profile is more like a nickname and not their real names.

These things can happen to anyone, and I feel it is unreasonable to arrest someone for a p2p transaction because it is completely beyond ones control. Unless you can link the two accounts together; if not, then it doesn't make sense to issue an arrest for a p2p transaction. At most, they can freeze the account of the receiver pending investigation. Danm! It sucks to be in such position.

I think some vendors do put their account name on their description, and if they are paying with another account, they do also state it so that if you receive money from that account it should not be strange for you, so you can actually match their names with the account name that sent you money.

Nevertheless, I don’t think one can control this type of transactions, we just need to always be vigilant and trade maybe lower amounts or check conversations and avoid any conversation that is suspicious to avoid putting yourself into any problem.

But even if it happens, you can report to their customer support or even keep your evidence incase of any outside case of money laundering is involve because you are also not doing anything illegal.

[Agathamay]

In most cases, these type of transactions always come from third party accounts and that's why it is always advised that third party transactions should be heavily frown at but most times we take this advise for granted believing everything will always be fine
Thank you so much op for being this again to our attention and just as the English man would always say that, " sword is wenigh for the wise" people should take this warnings and advise strictly and also try to protect themselves while dealing with p2p transactions because ignorance of the law is never an excuse and the Nigerian government dey always seek vulnerable citizens to use shine even if they know say you dey innocent.