Bank account frozen after P2P transaction at exchange

[neku]

Some crypto sellers are complaining that their bank account was frozen after they sold crypto through the P2P option at the exchange. Is the freezing of bank account a major problem for crypto sellers in your country?

 

[magnus2022]

Yes! Similar thing do happen in my country! Nigeria government have banned all cryptocurrency exchanges and cryptocurrency related sites. If they noticed that your account received fund through cryptocurrency sites, your account will go down.

 

[Kross]

That clearly means that crypto is outlawed in your country. Or the particular exchange is banned over there.

 

[riberet19]

Banks hate P2P transactions, so it's no wonder many banks get blocked after such a transaction.

 

[Fidelia]

How did the bank know that the transaction generated from an exchange? Probably the sender indicated that in the transaction description.

 

[Trush Jodie]

I know for sure that it if a bank gets to discover that a certain transfer is from P2P, they would block that transfer.

 

[Suba]

Aren't there many local crypto exchanges in your country, and why don't you just sell crypto with local fiat money on the exchange that can be withdrawn to a bank account, why use P2P which is often considered a scam by banks.

 

[gwolf666]

How strange, when this happens it could be because of the Treasury, I don't know what it is called in your country, but it could be because of those who collect taxes, who have frozen the transfer due to lack of justification of funds, or because perhaps you exceeded the monthly limit allowed without justification, I don't know if this will be your case, only you will know, I also don't know how much you have received.