Belarus Eyes Ban on P2P Crypto Transactions to Tackle Fraud

Vignesh Karunanidhi
Belarus Eyes Ban on P2P Crypto Transactions to Tackle Fraud
Source: Coingape

The crypto realm is not new to frauds, scams, and imposters trying to loot assets. When it comes to any kind of activity in the crypto industry, scammers are trying to find the tiniest loopholes to loot funds. In one of the recent efforts to tackle scams and fraud, Belarusian officials have come up with a new plan.

According to a recent statement by Alexander Ringevich, Deputy Head of the GUPC of the Ministry of Internal Affairs, in the Ministry of Internal Affairs of Belarus Telegram channel, the officials are working on banning peer-to-peer (P2P) crypto transactions.

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Source: Clarisco Solutions

Belarus plans to ban crypto P2P transactions

Ringevich mentioned in the statement that the citizens of Belarus will only be allowed to do crypto transactions using HTP exchanges. Additionally, he mentioned that the cybercrime counteraction units have stopped 27 citizens from providing illegal crypto services. He also added that these fraudsters have made over $8.7 million with their fraudulent transactions.

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“The introduction of a practice similar to the procedure for exchanging foreign currencies will make it impossible to withdraw money obtained by criminal means. Under such conditions, it will simply become unprofitable for fraudsters in the sphere of information technology to operate in Belarus.”

In his statement, he also clarified that P2P services are allowing these scammers to easily cash out and convert funds.