Why to avoid P2P exchange method for making money.

Appturbo

Appturbo

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To simply explain to you the risks.

1. Scammer/hacker transfers funds funds to your account, in return you release crypto or any other currency)
2. Police knocks on your door or gives u a call for the chat.
3. Best case scenario you will have your accounts frozen for sometime) maybe 1-2 years) till investigation is over.
4. Worst case scenario)) you will get arrested, if your country doesn't really care about justice :)

So, before you think that this method is good for making money, think again. You will have to handle 10's of transactions per day, and there is a chance someone might take advantage of it.
 
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I am a beginner in this , and I do not understand why platforms offer this option to do P2P if it is illegal ?
 
NakhonSawan said:
I am a beginner in this , and I do not understand why platforms offer this option to do P2P if it is illegal ?
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p2p means, person to person transfer.

It is not illegal.

People, might use transaction/exchange as means to launder the money) or other illegal activity and might use you in a process, without your knowledge.
 
Appreciate your thoughts about it.

I was reading about this strategy this week and it was tempting, but in fact it can be risky.

Maybe it can be applied using other payment methods, no?

I think that there are people who will pay with Payoneer, PayPal, e-wallets or whatever instead of involving bank transfers. In this case, can it be safer?
 
Satanic_Frozen said:
Appreciate your thoughts about it.

I was reading about this strategy this week and it was tempting, but in fact it can be risky.

Maybe it can be applied using other payment methods, no?

I think that there are people who will pay with Payoneer, PayPal, e-wallets or whatever instead of involving bank transfers. In this case, can it be safer?
Click to expand...

Not really, it doesn't reduce the risk at all.
 
but what if it is the other way around ? for example I plan to buy crypto with paypal and obviously I have to send my legit funds to the other guy paypal that will send me crypto . Is there still a risk ? except from the risk of being scammed
 
NakhonSawan said:
but what if it is the other way around ? for example I plan to buy crypto with paypal and obviously I have to send my legit funds to the other guy paypal that will send me crypto . Is there still a risk ? except from the risk of being scammed
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Even this situation can be bit problematic )) but as a reasonable person, when we buy things we expect them to be okay and legal, since this is how world works :).

But operating mini "exchange" is lot different. You will have to handle 10's of transactions each day and allocate lots of funds. And there is a chance that someone might take advantage of it, again without your knowledge, so you will have no clue what's going on.

Hope I explained this clearly.
 
But you can just show the police your p2p account showing the money came from there ? Unless you forget the password and username to the account showing proof of transaction then you may be screwed
 
pvtRyan said:
But you can just show the police your p2p account showing the money came from there ? Unless you forget the password and username to the account showing proof of transaction then you may be screwed
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You can show. They can also, ask platform to provide transaction history.

Point that I am trying to make here is that, this business model isn't as great ) as people describe)
 
kelevra666 said:
You can show. They can also, ask to platform to provide transaction history.

Point that I am trying to make here is that, this business model isn't as great ) as people describe)
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I agree . But as long as you keep records it doesn't matter. Police can say why you send money to a drug dealer account . You say because you a crypto seller and you didn't know he was a drug dealer. See proof here .as long as you dont release money to a drug dealer or terrorist etc knowing they are criminals then irs not a crime.


But you need license I thought to sell crypto in p2p ?? So then you would get in trouble if unlicenced. Well depending on the country ....
 
Thanks OP for making this post. I also pointed out the same thing in a thread which was pitching this P2P trading method to newbies. P2P trading is an open invitation to trouble.

I personally sell my USDT on a local exchange called WazirX and then transfer the money to my bank account here in India. P2P can get bank accounts frozen for sure.
 
pvtRyan
I just gave a little heads up to people regarding this business model)) since I gave it a thought and analyzed some of the possible risks.

Of course knowingly accepting/dealing with illegally obtained money is a crime. And if person has no knowledge and intent to be part of criminal activity and has no idea, that this money comes from illegal means) then it's not a crime. That's why I wrote, above)) and hinted that sometimes police might not care about argument "I don't know" or "didn't know" and it really depends on country and it's legal standards, because one who is also a victim might end up in even worse situation.

Sadly, this is how real word works)))
 
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pvtRyan said:
I agree . But as long as you keep records it doesn't matter. Police can say why you send money to a drug dealer account . You say because you a crypto seller and you didn't know he was a drug dealer. See proof here .as long as you dont release money to a drug dealer or terrorist etc knowing they are criminals then irs not a crime.
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But you can't prove that you didn't know. You can show communications about the transaction but for all the police know you could have other messages on a different platform where you're explicitly told, which obviously you won't show them.

And do your local police know enough about crypto that you could convince them of anything or are they just going to see a suspect who admits to doing business with a criminal? In lots of jurisdictions they're not going to take your word for it or read a few messages over your shoulder, they can take your computers, phones, etc. as evidence and good luck getting them back in a timely manner, even if nothing worse happens.
 
kelevra666 said:
2. Police knocks on your door or gives u a call for the chat.
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There's a reason why those P2P services use bank accounts created with fake/stolen identities. The only thing Police can catch is air.

In anycase, Police see's going after such activities is a waste of resources UNLESS if the matter involves laundering millions of $$
 
NakhonSawan said:
but what if it is the other way around ? for example I plan to buy crypto with paypal and obviously I have to send my legit funds to the other guy paypal that will send me crypto . Is there still a risk ? except from the risk of being scammed
Click to expand...
Why did you scam me bro
 
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