According to the latest news, Binance is ending P2P support worldwide and allowing transactions through digital banks instead. This may make things easier for many countries, but for some countries where there is no clear decision about crypto, this will create problems for them.
This is no doubt a good move by Binance which will help users to easily do their transactions with any fear of fraud and losses. Transfer through bank will be a wise decision but only for those countries who allows the use of cryptocurrency.
But what about the countries which do not allow the use of Crypto or yet there is no clear evidence about the use of crypto. They will surely face a difficulty and will think many times before doing transactions via digital banking.
For example, I am a citizen of Pakistan, and there is no law about crypto here yet. However, it is being heard that they are thinking about regularizing crypto, and if permission is given by the State Bank, it could be legalized.
But since no law has been passed yet, the Pakistani government says that crypto should not be used until a clear message is given about it.
Since many crypto users in Pakistan use #binance, the end of P2P will definitely create problems for us. It is said that when P2P transactions are stopped, digital bank transfers will start.
Before this, many users' bank accounts were frozen, and some merchants were called by the FIA office for clarification. The main reason for this is that crypto is not legalized here, and users who make crypto transactions through the bank have their accounts frozen.
In this case, #binance should either support Pakistanis or collaborate with crypto traders via local banks. Certainly, crypto users and traders in Pakistan are facing difficulties because of bank account freezing.
These problems are putting us into a financial crisis, causing loss of funds, and creating fear among traders. Users who want to make proper investments in crypto or make it their source of income will definitely have to think 100 times before investing, considering what will happen with deposits and withdrawals, and how to withdraw when wealth is built.
The real reason in Pakistan is that there is no support from the banks, and the banking industry does not want crypto to be legalized in any way. The main reason for this is that if crypto is allowed, the banking system will be affected, and people will move away from bank investments.
Binance should introduce the Pakistan P2P merchant program, a verified and secure merchant system in Binance P2P. This could help avoid fraud and suspicious activity.
This is the biggest difficulty we have faced so far. Whenever we make a P2P transaction, there is always fear. And when P2P is gone, making transactions via digital banks will be extremely risky. Therefore, Binance should think about this and find a better way for us.
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Switch to wallets or gpay mode...
Hmm good idea