One of the crypto asset trading methods that has become widespread in recent years is P2P (peer-to-peer) transactions. In this method, the buyer and seller use the crypto exchange's secure escrow system; Howeverprice payment is made directly to the seller's personal account via bank transfer. This feature of the process; It may cause malicious buyers to direct the money they have obtained by defrauding others to the seller's account, and the seller may unknowingly face allegations of qualified fraud participation or money laundering.
This article; It discusses the legal processes that sellers who enter fraudulent money into their accounts without their knowledge while performing crypto P2P transactions, important principles in terms of defense and the steps to be taken. Reminder: The article is for informational purposes only; The amount of the penalty and the outcome are at the discretion of the judge and vary depending on the case; No definitive results are promised.
Typical Flow and Risk Point of P2P Transactions
Basic steps of crypto P2P trading:
Risk point: The money received in the third step may not actually belong to the buyer. The buyer may have made a transfer to the seller's IBAN through social engineering (such as a fake investment, fake job posting, "the police are looking" scenario) from a person he has previously defrauded. When the seller sees the money and confirms the transaction, the crypto asset is transferred to the buyer, and the buyer hides the crypto asset by taking it abroad. All that remains is the complaint of the real victim and the IBAN of the seller appearing as the "perpetrator".
Legal Risks — What Crimes May Be Involved?
Main types of crimes that may be encountered in the indictment in the concrete case:
1) Qualified Fraud Participant (TCK art.158/1-f)
Fraud by using information systems and banks or credit institutions as tools is regulated as a qualified case. The penalty range prescribed by the legislation is imprisonment from 3 to 10 years and a judicial fine of up to 5,000 days.
If the seller has knowingly contributed to the commission of the act of fraud, he may be considered as an "assistor" (TCK Article 39) or a "joint perpetrator". If it can be claimed that he has no knowledge, arguments in the "good faith" position are submitted to the file.
2) Laundering Proceeds of Crime (TCK Article 282)
It punishes the subjecting of property values obtained from crime to various processes in order to hide their illegitimate source or to create the belief that they were obtained through a legitimate means. The penalty range prescribed by the legislation is imprisonment from 3 to 7 years and a judicial fine of up to 20,000 days.
The claim that the P2P seller "helps hide the money's trail by taking fraudulent money and giving out crypto" is especially risky for those who make high-volume and regular transactions. The level of knowledge (general intent or possible intent) is decisive.
3) Administrative Liability Under Law No. 5549
Within the scope of Law No. 5549 on Prevention of Laundering Proceeds of Crime; Crypto asset service providers (KVHS) and banks are obliged to report suspicious transactions. Regular/high volume P2P transactions may trigger automatic alarms in banks and may be subject to MASAK notification.
4) Crypto Asset Service Provider Legislation
With the Law No. 7518, which came into force in 2024, and the relevant communiqués published by the CMB thereafter, regulations regarding crypto asset service providers were added to the Capital Market Law. According to these regulations, to provide crypto services in Türkiye, an operating permit must be obtained from the CMB.
Individual seller; As a rule, it is not a "service provider". However, transaction volume, number of customers, behaviors that create the impression of organized activity; may lead to the individual seller being treated as unregistered KVHS. The legislation on this issue has not yet been established in practice, and evaluation on a file-by-file basis is important.
Typical Scenarios
- In a P2P transaction, an EFT/money transfer was received from a person you do not know; One day later, you received a bank notification that your account was frozen by MASAK.
- A call for testimony came from the Public Prosecutor's Office; "Person X reported you for fraud," it was said. Actually, you do not know X, you just received money from P2P recipient Y.
- The bank closed your account and it became difficult for you to open an account at other banks. The reason was given as "commercial use" or "suspicious transaction".
- Access to your balance on the crypto exchange is restricted by judicial order on exchanges not based in Türkiye; Your account has been frozen in the domestic stock exchange.
Steps to Be Taken to Reveal That You Are a Victim
1) Keep All Documents Related to the Incident
- intra-exchange conversation records (chat history, information provided by the recipient) of the P2P transaction
- Transaction date, time and exchange transaction ID
- Buyer's exchange profile information (username, KYC status)
- Bank receipt, description line of the money transfer you received (usually the recipient's name appears)
- Crypto transfer hash information for the transaction approved on the exchange
2) Establish Written Communication with the Bank
When you receive a MASAK blockage or account closure notification, submit a written request at the branch instead of the call center. In your clarification petition:
- The source of the money (the stock exchange is a P2P transaction)
- You have submitted the stock exchange documents for the transaction as attachments
- Transaction hash showing that you gave crypto assets in return
specify. Keep a copy of your petition.
3) File a Criminal Report Yourself
You are also a victim in the incident; The buyer also defrauded you and seized your crypto assets. To the Chief Public Prosecutor's Office;
- Chronology of the event
- Buyer's stock market profile information
- Exchange conversation logs
- Crypto transfer hash
- Bank statement
Make your own criminal complaint. This becomes one of the basic elements of "proof of good faith" in case you become a suspect in the future.
4) Act with Defense Counsel (Lawyer) During the Statement
When you are called to testify by the law enforcement or prosecutor's office, we recommend that you do not testify without a lawyer (CMK article 150). The first statement is very critical for the course of the file. Incorrect or incomplete declarations may lead to consequences that are difficult to correct later.
5) Request Official Information from the Stock Exchange
Official information may be requested from crypto exchanges operating in Türkiye by the prosecutor's office or the judge. Stock exchange records (buyer's KYC information, IP, phone, price match details) can be decisive evidence to reveal your good faith.
General Evaluation of the Supreme Court Approach
The General Criminal Assembly of the Supreme Court of Appeals and the relevant Criminal Chambers have established jurisprudence on the issues of "will to participate" and "intention". The following approaches are generally observed:
- A person who simply enters money into his account is not automatically considered a participant; It is expected that the element of intent and contribution to the act should be demonstrated.
- Ignoring suspicious situations that "the average person can detect" may form the basis for possible intent.
- Factors such as high transaction volume, regular/continuous nature, and buyers always coming from foreign IPs may be interpreted negatively in the file.
- The measures taken by the seller in advance to prove good faith (KYC check, requesting clarification, rejecting the transaction in suspicious cases) are decisive.
For detailed information, you can check out our articles Account Rental / IBAN Use Crimes and What Should You Do If You Have Became a Victim of IBAN?.
Frequently Asked Questions
Is P2P transaction prohibited in Türkiye?
No, P2P transaction per se is not prohibited. However, with the legislative changes after 2024, crypto asset service provider has been subject to CMB permission. Although it is not prohibited to conduct individual transactions, the possibility of being considered as an unregistered service provider should be evaluated when it gains volume and continuity.
How can I unblock my bank account?
The blocking decision is generally made within the framework of Law No. 5549 and the relevant judicial decision. It is possible to object to the confiscation decision not directly to MASAK, but to the relevant criminal judgeship of peace or high criminal court. The process is file specific and no guaranteed results can be promised.
Will my money be refunded?
The money of the actual defrauded victim can be collected through bank chargeback or judicial process. The money you receive and give crypto in return; It is evaluated when the blockage is lifted or within the framework of the refund decision. The result is specific to the file and definitive recovery cannot be promised.
Why didn't the stock market protect me?
In most exchange terms, the "bank transfer process between the parties after price matching" is shown as the sole responsibility of the parties. The exchange provides limited protection with obligations such as KYC and suspicious transaction reporting; The bank is not directly responsible for transfer fraud. Therefore, the seller's own precautions are of great importance.
Conclusion
Crypto P2P sellers encountering fraudulent money has become one of the most common types of IBAN victimization in recent times. The legal process is technical, multi-layered and case-specific. It is of great importance to meticulously keep documents that can prove that you are a victim from the very beginning and to work with an expert criminal lawyer from the statement stage onwards. The result is specific to the file and no definitive results are promised.