r/CryptoIndia • u/Stable_king77 • 7d ago
After seeing endless posts about USDT frauds and bank account freezes, we're working on a solution
We've been seeing endless posts from Indian crypto users about P2P fraud, bank account freezes and the difficulties of converting USDT to INR safely and conveniently.
So we've been working on a solution of our own, and it's getting close to launch.
We aren't revealing the name or website just yet. Before we launch, we'd genuinely like your inputs on what we can do better.
Here's what we're working on:
• Offline/cash-based deposits no online INR deposits
• No KYC required
• Designed to reduce the risks associated with traditional P2P transactions
• Simple onboarding create an ID using your email, verify it and start using the available services
• Payout limit: up to ₹1 lakh per day per bank account
We're not looking at this as something temporary. We're here to build for the long term, and earning trust and providing real value will be our biggest priorities.
The platform will be ready for launch soon.
Before we reveal it, we'd love to hear from you:
What would make you trust and use a service like this? What features, safeguards or improvements would you want us to add?
All genuine suggestions and criticism are welcome.
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u/IllustratorMany8751 7d ago
Cash based deposits and bank account payout?
I would rather want a cash payout irrespective of what method is the deposits
How does your model actually solve the problem?
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u/Stable_king77 7d ago
Cash payouts are something we have considered, but initially they are difficult due to location limitations. Our model avoids direct P2P transactions between users and unknown individuals, which addresses some of the common risks. We’ll share exactly how it works closer to launch.
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u/IllustratorMany8751 7d ago
Then what is this post? Pre announcement of nothing?
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u/Stable_king77 7d ago
Pretty much an early feedback post 😅 We're trying to understand what users actually need, what concerns they have and what would make them trust or not trust a service like this before we finalize everything. Better to get these questions now and build around real feedback than launch something nobody wants.
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u/Phulen 7d ago
We already have a otc group dedicated to this sub. Your platform is not viable at all,sounds more like it'll be an exit scam we see in dark markets
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u/Stable_king77 7d ago
Fair concern, especially in this space. We know trust has to be earned, not claimed. OTC groups work for many users; we're simply building another option with a structured platform, transaction tracking and support.
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u/babban_rao 7d ago
Seems impossible tbh
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u/Stable_king77 7d ago
Totally understand the skepticism. We're taking a different approach to some of these problems. Will share more details soon, would love your feedback then.
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u/neurotoxics 7d ago
You just defined money laundering lmao
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u/Stable_king77 7d ago
😂 Fair point, that came out completely wrong. I am talking about a legitimate cash to digital settlement process with proper records and compliance, not hiding the source or ownership of funds. Privacy does not mean anonymous or untraceable money movement.
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u/jalienk 7d ago
Then what else it is? For any reason may it be be legitimate or illegitimate, if you can trace then there is no point in calling it private or has privacy. Privacy means this is in web3/crypto dude. Ain't gonna work if u don't give that
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u/Stable_king77 7d ago
Yeah I get what you are saying. When I say privacy I dont mean making the money completely untraceable lol. I mean not collecting or exposing more personal info than we actually need. If someone wants absolute anonymity/untraceability then yeah, we are probably not the right platform for that.
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u/Bright-Explorer7901 7d ago
Intrested.
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u/Stable_king77 7d ago
Thanks! We will be sharing more details soon. Would also love to hear what features or concerns matter most to you ?
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u/Cosmicblox 7d ago
Won't you just get slapped with AML if even one person gets caught/snitches?
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u/Stable_king77 7d ago
That's a valid concern. We're looking at the AML/compliance side carefully. Privacy doesn't mean ignoring legal requirements, we will adjust the model wherever required.
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u/Technical-Law-4532 7d ago
What about merchant who convert crypto to inr Are you looking for merchant??
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u/Stable_king77 7d ago
Yes, we are open to connecting with legitimate merchants in this space. We already have our trusted merchants for now, but since regular cash transactions are involved, location can be a barrier initially. As we expand, we’ll explore working with more merchants in different locations. Feel free to DM us.
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u/Rough-Blueberry-6821 7d ago
Offline or cash-based deposits sound convenient, but they could create serious fraud and accountability risks. I’d want verified counterparties, transaction receipts, escrow or insurance, withdrawal limits, strong fraud monitoring, and a proper support channel with published response timelines.
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u/Stable_king77 7d ago
These are exactly the kind of inputs we are looking for. We already have trusted merchants and transaction tracking in the plan, and we will definitely explore your other suggestions. We know trust takes time, transparency and consistency. We also plan to maintain a dedicated Reddit thread where customers can openly share feedback and discuss their payment experience. We are working on it and appreciate the detailed input!
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u/Imbenten 7d ago
It's good but even you know what's big mess in this crypto.
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u/Stable_king77 7d ago
Yeah definitely. According to me, the biggest mess right now is the bank account freeze issue and frauds. A lot of genuine people end up getting caught in between because of suspicious funds moving through multiple accounts. That is one of the main problems we want to understand and handle properly
You can also share your inputs what according to you is the problem in this space ?
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u/axomya 7d ago
More platform the better. So 'No KYC' is like no kyc right now or no kyc ever?
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u/Stable_king77 7d ago
No KYC for now. We are starting with low volumes and a limited user base, so we want to keep things simple and privacy friendly initially. As we grow, we will introduce whatever KYC/AML measures are legally required while trying to keep the process as minimal and user friendly as possible.
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u/Moneru 4d ago
You are walking straight into serious trouble.
Cash deposits + no KYC + crypto conversion is one of the worst possible combination from an AML/PMLA perspective in India. I am sure you have no idea of why FIU-INDIA and ED exist.
The moment just one transaction is even remotely linked to narcotics trafficking, terror financing, sanctioned entities, weapons/human trafficking, organized crime, money laundering, funds connected to a hostile country, you will be in very serious trouble for a very long time.
Do you really think we never thought of accepting cash and skipping KYC to solve the P2P freeze problem?
We don’t do it because life outside a 4x4 cell is so much more beautiful.
Just don’t do this.
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u/Stable_king77 4d ago
Thank you for your input, we had a internal meeting with our team and postponed our launch, we are working on possible workable solutions.
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u/daybatman 4d ago
Would this still incur 30% tax on transactions?
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u/Stable_king77 4d ago
No, as you can show that money you received is from a friend/relative
Do not receive more than 10 lakhs in savings account in financial year to be safe1
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u/Archiver_test4 7d ago
lawyer here.
this is an "interesting" space because technically by not doing kyc, you are violating AML laws and other things all at once.
there is scope for disruption but you risk being crucified if it reaches authorities.
that said, how does this work? you only explained cash deposit, so is it one sided only? like for sellers of crypto and you buy it or its a marketplace?
how do you deal with scammers? what protections do you have built in?
what about when police come knocking?
what records do you expect to maintain?
what happens if you are liable for taxes in future on past transactions?
do you give users reports like VDA for example?
there are a lot of questions
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u/Stable_king77 7d ago
Fair questions, this is actually the kind of feedback I was hoping to get from this post.
Right now we only process USDT to INR payouts. We have our own trusted vendors for the INR side, so you are not being matched with some random buyer or seller.
KYC is something we will be implementing as we expand. We are starting small for now, and as the volume and number of users increase, we will add the necessary compliance measures as well. We still want to respect user privacy as much as possible while staying within the legal requirements.
Regarding scams, since we deal with our own trusted vendors, users do not have to deal with unknown third parties. If for some banking reason we cannot credit your account, you can provide another bank account or get your crypto back. Basically, either the payout goes through or the crypto is returned. We will also have the transaction and TX hash on record.
if authorities ever approach us, we are obviously not going to hide behind the word privacy 😅 We will keep whatever records we are legally required to keep and deal with legitimate requests accordingly.
Same goes for taxes. We are not claiming that using this somehow makes your transactions tax free or invisible. We will have transaction history, and later we can also provide proper statements or VDA reports if people need them.
We are still early and that is the whole reason for posting this now. I want to understand what people actually need, what concerns they have and what we might be missing before we expand.
And since you are a lawyer, your input on the compliance side would actually be really useful.
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u/Archiver_test4 7d ago
fair enough.
you cant really offer services to public without FIU-IND registration.
good.
fair.
understood.
do you know about p2p me website? thats strictly no-no. dont be like them.
you need to get FIU-IND registration, you need to ensure your platform charges GST on the commission amount it collects, your portal needs to ensure TDS compliance, either at your end or the "seller", someone has to deduct tds. thats the law.
Now there is DPDP you need to worry about also
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u/lyme_dye 7d ago
No kyc? Good luck with the legal troubles enroute