USDT P2P Glossary for Pakistan: 40 Terms Explained (KYC, Escrow, Raast, PVARA…)
Exchange apps, P2P chats and WhatsApp groups are full of jargon. This glossary explains the terms you’ll meet when buying or selling USDT with rupees in Pakistan, grouped by topic, with links to guides that go deeper.
The basics
USDT (Tether)
A token issued by Tether and designed to stay worth about 1 US dollar. The most traded crypto in Pakistan’s P2P markets.
Stablecoin
A crypto token pegged to a stable asset, usually the US dollar. USDT and USDC are the biggest.
P2P (peer-to-peer)
Users trade directly with each other. The exchange holds the USDT in escrow; rupees go straight from buyer to seller by bank transfer or wallet.
PKR / fiat
The Pakistani rupee, and government-issued money in general.
Exchange
A platform such as Binance, OKX or Bybit. P2P is one section of the exchange.
Express / quick buy
A mode where the exchange picks a P2P offer for you. Faster, but you don’t choose the seller.
Your account
KYC (identity verification)
Submitting your CNIC or passport and a face scan. P2P requires it.
2FA (two-factor authentication)
A second code, from an authenticator app, passkey or SMS, needed to log in or confirm actions.
Anti-phishing code
A word you choose that appears in every genuine email from the exchange, so fake emails stand out.
Withdrawal whitelist
A setting that only allows withdrawals to addresses you’ve saved in advance.
Funding wallet / Funding account
The exchange wallet used for P2P. USDT you buy arrives here; USDT you sell must be here.
Payments in Pakistan
IBFT (Inter Bank Funds Transfer)
A standard transfer between Pakistani banks using an account number or IBAN.
Raast
The State Bank’s instant payment system. Transfers using a Raast ID (usually your mobile number) or IBAN arrive in seconds between participating banks.
IBAN
Your bank account’s international format number, starting with PK. Sellers often ask for it.
Easypaisa, JazzCash
Pakistan’s biggest mobile wallets. Binance accepts Easypaisa for PKR but not JazzCash; OKX and Bybit accept both. See Easypaisa and JazzCash.
SadaPay, NayaPay
Digital wallets with app-based accounts, accepted by fewer P2P sellers.
Account title
The name an account or wallet is registered in. It must match the buyer’s or seller’s verified name in a P2P order.
Offers and orders
Advertiser / merchant
Someone who posts buy or sell offers on P2P. Verified merchants have passed extra checks and usually posted a deposit.
Limits
The minimum and maximum an offer accepts per order, in rupees.
Completion rate
The share of an advertiser’s orders that finished successfully. coinglee only counts advertisers at 95% or above.
30-day orders
Trades the advertiser completed in the last 30 days. coinglee only counts advertisers with 50+.
Payment window
How long the buyer has to pay after opening an order, usually 15 minutes.
Average release time
How long the advertiser usually takes to release USDT after being paid. Bybit publishes it.
Terms (remarks)
The advertiser’s own rules, such as accepted banks or “no remarks in the transfer”.
During a trade
Escrow
The exchange locks the seller’s USDT when an order opens and releases it to the buyer only after the seller confirms payment.
Mark as paid
The buyer’s button to say “I’ve transferred the money”. Only tap it after paying.
Release
The seller’s confirmation that payment arrived, sending the USDT to the buyer. It can’t be undone.
Appeal
The in-order button that asks exchange support to step in when the other side doesn’t pay or release.
Third-party payment
Money from an account not in the buyer’s own name. A red flag and the basis of the triangle scam.
TID / UTR / reference number
The transaction ID your bank or wallet gives a transfer. Keep it for appeals.
Prices
Buy price / sell price
What you pay per USDT when buying, and what you receive when selling.
Spread
The gap between buy and sell prices: the cost of a round trip.
Mid-market rate
The interbank USD/PKR rate, the midpoint between bank buying and selling. coinglee’s benchmark.
Open-market rate
What exchange companies charge for cash dollars. See USDT vs open-market dollar.
Premium
How far the cheapest USDT buy price sits above the USD/PKR mid-market rate. See the premium index and why USDT costs more than the dollar.
Networks and transfers
TRC20, BEP20, ERC20
USDT on Tron, BNB Smart Chain and Ethereum. Sender and receiver must use the same network. See which network to use.
Address
The string you send USDT to. TRC20 addresses start with “T”, BEP20 and ERC20 with “0x”.
TxID
The unique ID of a blockchain transfer, needed to trace any deposit or withdrawal.
Rules and risks
PVARA
The Pakistan Virtual Assets Regulatory Authority, which licenses crypto businesses under the Virtual Assets Act 2026. See is Binance legal in Pakistan.
NOC (no-objection certificate)
PVARA’s first-stage approval, given to Binance and HTX in December 2025. Not a full licence.
Triangle scam
A scammer pays you for USDT with money taken from a third victim, so your account ends up in a fraud complaint. See triangle scams and fake payment messages.
NCCIA
The National Cyber Crime Investigation Agency, which took over cybercrime cases from the FIA Cyber Crime Wing.