Stay Away from F2F trades if you are from Delhi or nearby!

[pakhitheboss]

I am not an advocate of P2P trade nor I think F2F selling should be encouraged. Recently the news of ED arresting a few F2F traders has proven that a lot of money through cryptocurrency trade is suspected to be money laundering.

I have not used any of these ways to sell or buy my cryptocurrencies but it is something that is new to me and as suspected by me it is against my loyalty to the Indian constitution.

An article published by ET came to my feed while I was reading threads on reddit. The thread was indeed deep but didn't explain or I must say created confusion to my understanding about F2F pay. The mods have been sleeping as there is a lot of propoganda about shit coin on the sub. I know the owner of that sub will not come up now as he has already banned me.

Coming back to the topic and the title, which makes me undt how bad can F2F become for someone not knowing. Please read this article to avoid getting arrested.
 
Source

[Bitcoin Smith]

F2F aka face to face trading exists in all over India especially since government imposed 30% capital gains on crypto assets just to evade these which doesn't mean it's money laundering until they prove the source of the funds are coming from illicit activities whether it's ED or IT. But it's not recommended cause mostly it is going to put ourselves in these kinds of situation sooner or later.

I just want to share my experience as well, many people approached me for f2f trading from LBC when it was operating now in Paxful and they are  even tempted me with over 20% price from market price that makes it obvious that these are not just tax evaders but involved in some kind of illegal stuff which I avoided completely.

[Bureau]

P2P is common in India after all it is kind a ways to prevent the tax burden. After rampant bank account freeze due to P2P trade these crypto traders have now started using F2F trade. Revealing identity just for the sake of getting good rates doesn't always help as sometime a trader might be dealing with a criminal. Reading the article does give that hint that how much risk is involved when doing a F2F trading.

[pawanjain]

F2F aka face to face trading exists in all over India especially since government imposed 30% capital gains on crypto assets just to evade these which doesn't mean it's money laundering until they prove the source of the funds are coming from illicit activities whether it's ED or IT. But it's not recommended cause mostly it is going to put ourselves in these kinds of situation sooner or later.

I just want to share my experience as well, many people approached me for f2f trading from LBC when it was operating now in Paxful and they are  even tempted me with over 20% price from market price that makes it obvious that these are not just tax evaders but involved in some kind of illegal stuff which I avoided completely.

20% off from market price ? That's interesting. Why would somebody do that ?
One thing I can make out of this is if a person has obtained bitcoins from illegal source like scamming or hacking or something.
What else could be the reason for someone offering a 20% discount ?

[avikz]

Guys, read the article. It's not a simple F2F transaction. The scale of the scam is much much bigger, around 3000 crore INR. So it's a much complex situation than a simple F2F trade. The problem here is that a lot of people are willing to not disclose their crypto transactions to the tax authorities so that they can save on 30% tax mandate. So the F2F or P2P crypto transactions are on the rise.

If we are staying at the right side of the law and disclosing the details in our tax forms, I don't think we need to worry at all. I always keep on saying that doing your taxes diligently will save you from a lot of future hassles. In India, it's better to pay up than to get an income tax notice. 

[kentrolla]

What do P2P traders do? How will they make profit when their profit margin is lesser than tax implied, why would trader want to lose out money ? These are the affect of tax and I don't think ED can even control this as this practice is spread across. I think they can fix this only through removing the draconian tax which has pushed people to take such steps.

[Parvati_j]

P2P is common in India after all it is kind a ways to prevent the tax burden. After rampant bank account freeze due to P2P trade these crypto traders have now started using F2F trade. Revealing identity just for the sake of getting good rates doesn't always help as sometime a trader might be dealing with a criminal. Reading the article does give that hint that how much risk is involved when doing a F2F trading.

Certainly, we should be careful with the kind of person we leak information to that we have anything to do with crypto. Most of these F2F trader could be cyber criminals. And when you see rates that are too good to be true, your instincts should tell you, except you are too blinded by greed to to accept thinking you're making more profit but unknown to you that you might be implicating yourself by just associating yourself with them. When it comes to crypto I prefer to keep my identity private and anonymous for security reasons. Even your closest friend could snitch on you.

[pakhitheboss]

Certainly, we should be careful with the kind of person we leak information to that we have anything to do with crypto. Most of these F2F trader could be cyber criminals. And when you see rates that are too good to be true, your instincts should tell you, except you are too blinded by greed to to accept thinking you're making more profit but unknown to you that you might be implicating yourself by just associating yourself with them. When it comes to crypto I prefer to keep my identity private and anonymous for security reasons. Even your closest friend could snitch on you.

P2P transactions from all international exchanges have been a pain in the wrong area. The next option these scammers, black to white, money launder came up with F2F and they got royally fucked. This is the truth, which means following the routine, that is liquidating crypto to INR on a local exchange. I fear we would see some more constipation when anyone is trying to get fiat without getting detected by the government of India.