You may have heard the term “3rd Party payment” while buying or selling cryptocurrency on various Exchanges in Pakistan. As P2P is the only way to buy and sell Cryptocurrency in Pakistan.

To safeguard everyone, exchanges ask users to KYC and then ask all p2p sellers/buyers to ensure that the payment done to the bank account should match the name of their exchange account. Any payment done to an account which doesn’t match the name of their Exchange is considered as a 3rd Party Payment. For instance if my KYC was on an exchange was done as ‘Niazai Khan‘ then my bank account title should also be ‘Niazai Khan‘

Follow exchange guideline and procedure to ensure safety of your funds and have a safe P2P deal

Why 3rd Payments are Not Allowed ?

Recently, a new scam surfaced, where users would trade their crypto on a p2p exchange and then call bank and tell them that they didn’t do the payment and ask Banks to refund the payment, this would lead to alot of issues that is also a reason many p2p traders ask for CNIC Image etc during the trade, which you should share with some precautions.

During buying/selling the account details of the user are shown on the Payment detail window, if someone sends you a different account in Chat and the name doesn’t match , don’t go for it as that’s a 3rd party payment. More detailed tips for p2p trading have been shared in this video.

Some Merchant accounts on Binance have a different Account Title but that is fine if that account is mentioned in the Payment window as they are Business Accounts setup by traders and it has been verified by Binance. Same may be applicable to other exchanges like KuCoin etc.

Similar discussion on this topic has happened on CCP Fb group, which you can read here.