34 mins ago | 2 mins read
Market News- CoinDCX CEO Sumit Gupta stated that P2P should be avoided.
- In P2P transactions, two users can interact directly with each other.
Sumit Gupta, CEO of the Indian crypto exchange CoinDCX, expressed strong opinions about the risks associated with P2P trading. He stated that peer-to-peer (P2P) should be avoided because it is not at all worth the risk. Gupta’s notable tweet has sparked a heated debate within the crypto community, raising important questions about the safety and reliability of P2P transactions.
The crypto market has continued to revolutionize with enhanced methods of trading. Peer-to-peer trading has emerged as a popular avenue for crypto investors seeking direct and decentralized transactions. Moreover, with P2P transactions, two users can interact directly with each other without intermediation by a third party.
CoinDCX CEO Responded to the Crypto Investor’s Tweet
On July 4, a crypto investor tweeted that his bank account had continued to frozen after selling USDT on the world’s largest crypto exchange, Binance P2P. Moreover, he asked for a solution to this from Binance’s CEO.
P2P should be avoided as there are inherent risks in doing P2P transactions over and above the severe penalties associated with TDS non-compliance.
Not at all worth the risk.
— Sumit Gupta (CoinDCX) (@smtgpt) July 4, 2023
Responding to the tweet, CoinDCX’s CEO stated that P2P should avoided as there are inherent risks in doing P2P transactions over and above the severe penalties associated with TDS non-compliance. Moreover, P2P is not at all worth the risk.
Sumit Gupta’s perspective emphasizes the potential risks and challenges that can arise from engaging in P2P. While P2P transactions have their advantages, such as decentralization and direct interaction between users, Gupta’s caution highlights the risks.
Recently, CoinDCX announced its partnership with KoinX to provide an accurate compliance infrastructure that enables users to file their taxes accurately. Moreover, it enhances the overall user experience. As a result of this collaboration, traders and investors on the CoinDCX platform will have access to KoinX’s simplified and hassle-free crypto tax calculation and reporting.
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Source: https://thenewscrypto.com/coindcx-ceo-sparks-controversy-with-strong-opposition-to-p2p-citing-high-risks/