Re: P2P Scams : Where does the government stand

Does this gives a free hand to scammers as they know that they cannot be punished by a court of law Huh

Unfortunately, yes. There are no checks and balances in place anywhere, so while legitimate users' accounts are being shut down by exchanges who proceed to keep the money, there are also individual scammers (the high-tech thieves) who steal from people for a living, and nobody from the crypto platforms to the social media apps to the countries are doing anything to quash it.

I monitor the methods of fraud in my country. There are a lot of phone scams in which the scammer asks the victim to transfer money to another account. It can be a transfer of money to a drop account or a purchase of a cryptocurrency, but it is impossible to fight against this, because the money will be quickly cashed out. All banks have instructions on how not to become a victim of a scammer, but fools still believe phone scammers.

For this purpose, Binance insists that all P2P communication should happen on the Binance chat window and not take that conversation out of the Binance to any third party platform. If the buyer or the seller ask to have phone call where he tell another account to transfer the money, binance can hahve no control or proof on this.