Doxxing P2P traders

[OsaiEmma]

The way things are going in 9ja is just really frustrating. The new regulations on p2p providers will make easy doxxing of Nigerian's p2p traders. In this new guideline published on the 5th of this month from CBN, in section 10, the guideline is as follow:

10.8 Reporting and Supervisory Visibility
10.8.1 A provider shall maintain complete and accurate transaction-level records
sufficient to reconstruct and reconcile each P2P transaction, including its virtual-
asset and fiat, payment or settlement legs.
10.8.2 The Bank may require periodic, event-driven, real-time or near-real-time reporting
in respect of P2P Services.
10.8.3 Reporting prescribed by the Bank may include:
a) transaction volumes and values;
b) Naira inflows and outflows;
c) customer and counterparty categories;
d) exchange or conversion rates;
e) transaction purpose;
f) direction of flow;
g) payment and settlement references;
h) wallet addresses, transaction hashes and relevant account identifiers;
i) originator and beneficiary information;
j) domestic and cross-border flows;
k) failed, cancelled, disputed, fraudulent, suspicious or anomalous transactions;
l) concentration by customer, counterparty, token, financial institution, jurisdiction
or settlement channel; and
m) any other information required for monetary policy, foreign-exchange
administration, balance-of-payments monitoring, financial stability, payment-
system supervision, AML/CFT/CPF, sanctions compliance, consumer protection
or financial-integrity purposes.

They can request for real-time report of transactions, as well as provide sufficient evidence to reconstruct your transactions to and from the bank to your p2p. This is just so scary, and that's not all, wallet addresses are also included: meaning they can now carry out onchain analysis and capture your full onchain footprint.

I really don't know what triggered such scrutiny, but I feel this is just excessive, or is it not?

Anyways, what are your thoughts on this.

[Antidote47k]

Honestly I find the whole thing absurd! It’s one thing to want to monitor suspicious transactions and it’s another to have a near real time reporting that links both naira payments to crypto legs. The reporting powers are too broad, p2p providers aren’t just meant to report suspicious transactions but it allows the CBN periodic and real time or near real time reporting from p2p providers and the information may include; transaction hashes, wallet addresses and payment references. Combine that with the rule that requires providers to verify customers identities, verify bvn and account name matches their naira account and you starting to see the privacy concern.

A blockchain address is publicly visible but no one can know you’re real world identity through it, now the CBN can link your real world identity and your on chain activity, i myself am baffled by the level of scrutiny, I’m not sure why the government is trying to have strict monitoring of crypto activities, it’s not like we’ve had any case of someone stealing a lot of money in government and using crypto as a getaway, I haven’t seen such news but I may not have come across it if there was one.

[Wiwo]

Every regulations comes with it own ups and down and I the end those that are affected will definitely see the policy as senseless and harsh, but the fact still remains that the new CBN regulations proves and clear one thing or two which are.

1: p2p users most especially the seller who is the customer will have right to resolve any issues that will arise.

2: now the bank have clear signal to implement p2p transactions between Nigeria Bank and cryptocurrency exchange.

The old regulations ban cryptocurrency transactions with bank reporting accounts in involved in cryptocurrency transactions, but the new law now allow that, so we are moving toward some good progress even though we spot's some flaws in the new law guidelines.

[Dr.Bitcoin_Strange]

I really don't know what triggered such scrutiny, but I feel this is just excessive, or is it not?

Anyways, what are your thoughts on this.

According to a report I read about this case, there are actually few things that they highlighted to have been the reason why this law have been enforced. The second point of Wiwo is actually among what I saw in that report, it stated that despite how CBN restricted banks from facilitating crypto transactions, the rate at which Nigerians were still using arranged p2p transactions increased greatly. Then, their other reason to monitor money laundering and other financial crimes. Also, they said they want to protect consumers against fraud, then make sure foreign exchanges and in compliance with all monetary policy.

A lot of people that are using centralized exchange for p2p, they already submitted their personal information to those exchange before they are allowed to carry out p2p, so I feel they won't really care about this new development, however anyone that care so much about their privacy will not even use cex but will look for other alternative method to sell their coins for naira. There was this platform I used between 2023/2024, I only did email and phone number verification, then they allow me to sell my coins. On the platform, you can just convert to naira and send to your bank account.