Crypto Trading Ban In Nepal Deterring Fraud Victims From Reporting To Authorities, Report Says

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Bitcoinist 13h ago

Crypto Trading Ban In Nepal Deterring Fraud Victims From Reporting To Authorities, Report Says - Bitcoinist

Quick Summary:

Nepal’s Financial Intelligence Unit (FIU), in its Strategic Analysis Report 2024, revealed that the country’s blanket ban on crypto trading has become a significant obstacle for fraud victims seeking to report their cases to authorities.

Subsequently, in January 2023, the Nepalese Telecommunications Authority ordered internet service providers (ISPs) to block access to all crypto-related websites, including trading platforms.

The report highlighted an increase in fraudsters using techniques like “smurfing,” where large transactions are divided into smaller amounts to avoid detection.