Ways To Avoid CBN Fake Binance P2P Merchants In Nigeria

The nation is so depressing, there are better things in the country that needs immediate actions but the government chose to focus on Nigerian youths using crypto. After the crypto ban, Nigerian youths decided to make good full use of the Binance or any exchange P2P platform. This method has been allowing Nigerians transact crypto easily. As a matter of fact I prefer using P2P because it’s free and doesn’t require any fee.

The country claimed that crypto is the reason behind the devaluation of Naira as more people are switching to crypto and not saving in Naira. Well that didn’t go well because it gave more people the reason to switch to crypto more. The naira was devalued way more. The latest news is that the CBN(Central Bank Of Nigeria) is going after P2P merchant now and freezing their accounts.

Lots of youths are getting their accounts frozen through different ways right now. A bank in Nigeria called the First City Monument Bank (FCMB) has been ordered to freeze the account of any youth between the age of 18 - 30 who have some suspecting transactions or have a huge some of money that is almost impossible to make working in Nigeria. Coming from a country filled with corruption where leaders embezzle money every day.

That is just a way, the other way is to plant a fake Binance P2P merchant on Binance, so they can use the person to fish out crypto traders in Nigeria.

How Does It Work When trading on Binance, if you are buying through P2P, the seller will provide their account in which they want their money to be paid into. When selling through P2P you need to provide your local bank account you want your money to be paid into.

Using the fake CBN Binance P2P trader, they will pretend like they want to buy or sell a coin to you. This way they will be able to get your account details and your name. These are all the information they need to freeze your account. Immediately they do make a transaction with you, they will put crypto or any crypto term in the transaction description to mark your account for freezing. This is a way to punish Nigerian youths for absolutely no reason.

Precautions To Take To Identify The Real P2P Traders

To be safe and avoid trading with this fake CBN Binance agent, there are safety precautions you can take.

First of all, before trading with any merchant, check the amount of trades the merchant has made and the success of these trades.

You can see the amount of trades this merchant has made and the success rate.

To be really sure, you can go for verified merchants with good amount of trades and good success rate. I personally prefer merchants with more than 1,000 trades. But if you see one with close to 4,000 or 6,000 that will be good.

The next thing is to click on the merchants profile to see the number of feedbacks they have gotten. This merchant for instance has 5691 feedbacks, which is quite assuring that this merchant is not a CBN Binance P2P merchant.

But you can never know and be so sure, another thing you can do is check for their trading history. For instance, this OTEE merchant has done 1880 trades in 30 days and the most important thing to know is when they registered for Binance P2P merchant.

Nigeria banned crypto in February 2021, that’s less than 360 days, but this merchant registered 399 days ago and made their first trade 262 days ago. Probably immediately after the government’s CBN ban, because that was when lots of Nigerians took the P2P trading seriously.

This merchant has had 18,321 trades, showing that this merchant is a a trusted trader on the P2P, as the amount of trades are much. This merchant has made 8167 buy trades and 10,154 sell trades. With this statistics you can see that these trades were organic from a true sincere P2P trader.

These are ways to avoid trading with CBN fake Binance P2P traders.

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