- Several bank accounts linked to P2P crypto platforms such as Binance were frozen.
- Indian regulators suspect the crypto-centric accounts to be involved in money laundering.
Amid the anticipation of India unveiling its crypto regulatory framework, the seizure of numerous Binance P2P-linked bank accounts triggered a noisy shockwave in the community.
A netizen from the community posted a tweet thread to publicize the seizing of her bank account and her subsequent communication with the Cyber Crime.
WARNING: Binance P2P can be extremely risky! I sold $560 USDT to a fraudulent seller and now my bank account has been frozen due to suspected money cheating. Cyber crime is involved, demanding the money be returned to the victim or for me to connect with them. @binance
— Sona | PolkaBridge (@Sonali_Rawat12) April 27, 2023
The victim had initiated a transaction of 560 USDT via the Binance P2P platform. As per the sources available, the cryptocurrencies were transferred to an unverified or suspected merchant.
Notably, the panicked crypto community formed a telegram group calling in all the affected users. Also, they aim to raise awareness and amplify the whereabouts of the current scenario.
In a tweet, CoinDCX CEO Sumit Gupta emphasized:
“P2P is extremely risky. I’ve been telling folks to avoid using any kind of P2P platforms, it’s an open invitation to trouble. I know so many people in India got notice from various govt authorities just because they unknowingly sent INR or received INR from someone who wasn’t the right person to deal with. And in P2P, as innocent customer you have no clue about it.”
Furthermore, the present state of crypto taxes and India’s anti-crypto stance add extra pressure and upset investors and traders. However, the Indian crypto community hopes to witness a non-restrictive ecosystem for cryptocurrencies in the nation.
