Crypto’s dark side: How P2P traders navigate daily scams, fraud, and frozen accounts
- P2P trading emerged as a crucial alternative for Nigeria's crypto market after government restrictions on bank transactions in 2021.
- Scammers are exploiting the anonymity of cryptocurrency to launder stolen funds, turning P2P platforms into battlegrounds for traders.
- Traders are implementing guardrails such as refusing large sums and avoiding transactions from third-party accounts to mitigate risks.
The ongoing issues with fraud in Nigeria's P2P crypto trading market highlight the need for better regulatory frameworks and security measures. While the potential for profit is significant, the risks associated with scams and account freezes can deter new traders and undermine the market's integrity. A collaborative effort between traders, platforms, and regulators is essential to create a safer trading environment.
