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Coindcx CEO Sumit Gupta explained on X that this was not their fault and urged the Indian Express to release a new press issue with the latest clarification
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$BTC $ETH $BNB
#etf #CryptoPredictions2024 #CryptoNews🔒📰🚫 #cryptonewstoday #IndiaCrypto
Check the photos below for more info. Follow my channel for latest crypto news and altcoin prediction
$BTC $ETH $BNB
#etf #CryptoPredictions2024 #CryptoNews🔒📰🚫 #cryptonewstoday #IndiaCrypto
Breaking News : Indian exchange coindcx accused of fraud 🤥
#BTC #CoinDCX #CryptoPredictions2024 #cryptotax
#BTC #CoinDCX #CryptoPredictions2024 #cryptotax
#INDIA TO IMPLEMENT A LOWER TAX LEVY EXPECTED BY CRYPTO UNICORN
A tax levy that the Indian #crypto sector is now dealing with has severely hurt the region's ability to trade digital assets. According to CoinDCX, the #tax levy has been viewed as counteracting, and an appeal has been filed about the process of lowering the rate. Prior to the levy being put into effect, #CoinDCX was worth $2 billion.
The cryptocurrency market is a dynamic environment that has seen constant scepticism and uncertainty but has also seen an increase in adoption. This has affected the way the government intervenes through taxes and regulations.
India rejects a substantial portion of cryptocurrency trades worldwide. However, the high taxes in the area have inhibited innovation and digital asset trade, which has limited the region's potential for cryptocurrency adoption.
India’s crypto tax levy-
Around 16 months ago, India implemented a 1% #TDS (Tax Deducted at Source) regulation on cryptocurrency transactions. However, this tax has had a detrimental impact on crypto trading in the country. The primary objective of this taxation measure was to monitor the buying and selling of crypto assets rather than generate revenue for the nation.
Recent market analysis indicates that crypto trading volumes in India have sharply declined, with 95% of traders in the country shifting to overseas platforms that are considerably challenging for local authorities to oversee. Summit Gupta, the CEO of CoinDCX, presented this data and expressed hopes that the government would reduce the tax in a timely manner to address this issue.
In a recent interview, Gupta commented, "The initial purpose of implementing TDS was to track and trace transactions, but it seems that goal is not being achieved."
Furthermore, the imposition of this tax has prompted market makers to exit Indian cryptocurrency exchanges due to the high transaction costs, negatively impacting their investments due to reduced liquidity and undermining their trading activities.
A tax levy that the Indian #crypto sector is now dealing with has severely hurt the region's ability to trade digital assets. According to CoinDCX, the #tax levy has been viewed as counteracting, and an appeal has been filed about the process of lowering the rate. Prior to the levy being put into effect, #CoinDCX was worth $2 billion.
The cryptocurrency market is a dynamic environment that has seen constant scepticism and uncertainty but has also seen an increase in adoption. This has affected the way the government intervenes through taxes and regulations.
India rejects a substantial portion of cryptocurrency trades worldwide. However, the high taxes in the area have inhibited innovation and digital asset trade, which has limited the region's potential for cryptocurrency adoption.
India’s crypto tax levy-
Around 16 months ago, India implemented a 1% #TDS (Tax Deducted at Source) regulation on cryptocurrency transactions. However, this tax has had a detrimental impact on crypto trading in the country. The primary objective of this taxation measure was to monitor the buying and selling of crypto assets rather than generate revenue for the nation.
Recent market analysis indicates that crypto trading volumes in India have sharply declined, with 95% of traders in the country shifting to overseas platforms that are considerably challenging for local authorities to oversee. Summit Gupta, the CEO of CoinDCX, presented this data and expressed hopes that the government would reduce the tax in a timely manner to address this issue.
In a recent interview, Gupta commented, "The initial purpose of implementing TDS was to track and trace transactions, but it seems that goal is not being achieved."
Furthermore, the imposition of this tax has prompted market makers to exit Indian cryptocurrency exchanges due to the high transaction costs, negatively impacting their investments due to reduced liquidity and undermining their trading activities.
🚨 BREAKING : India's 🇮🇳 2nd Largest #cryptocurrency exchange, CoinDCX, has been accused of fraud.
➡️ Police have lodged a cheating FIR against CoinDCX
#cryptonews #crypto2024 #CoinDCX #Dyor
➡️ Police have lodged a cheating FIR against CoinDCX
#cryptonews #crypto2024 #CoinDCX #Dyor
🚨Delhi Police Investigates #CoinDCX in Cheating Case
⚠️ Users have complained about alleged bank fraud on the CoinDCX mobile app.
⚠️ Issues include being asked to pay more money when attempting to withdraw crypto investments.
⚠️ A case has been filed under sections of cheating, and senior officers are looking into the matter.
🚨 Delhi Police is currently investigating the situation, and a notice will be sent to the company. It's worth noting that government rules do not mention the requirement to pay additional money for the refund of old investments.
🔗 Source: https://indianexpress.com/article/cities/delhi/delhi-police-lodge-cheating-fir-against-crypto-investment-firm-9092636/
Stay informed and follow us for more updates.
#Crypto #CryptoNews #Altcoins #CryptoPatel
$SOL $TRX $DOGE
⚠️ Users have complained about alleged bank fraud on the CoinDCX mobile app.
⚠️ Issues include being asked to pay more money when attempting to withdraw crypto investments.
⚠️ A case has been filed under sections of cheating, and senior officers are looking into the matter.
🚨 Delhi Police is currently investigating the situation, and a notice will be sent to the company. It's worth noting that government rules do not mention the requirement to pay additional money for the refund of old investments.
🔗 Source: https://indianexpress.com/article/cities/delhi/delhi-police-lodge-cheating-fir-against-crypto-investment-firm-9092636/
Stay informed and follow us for more updates.
#Crypto #CryptoNews #Altcoins #CryptoPatel
$SOL $TRX $DOGE
"Some Basics of Crypto currency "
Cryptocurrency trading is gaining popularity across various sectors, and it’s essential to handle it correctly.
To start cryptocurrency trading, you need extensive knowledge about crypto, exchanges, security, and trading terms.
Cryptocurrency trading involves buying and selling digital currencies on platforms like #Coinbase, #Binance , and #CoinDCX .
Key steps to begin trading include creating an account, funding it with options like debit cards or wire transfers, and choosing a cryptocurrency to trade.
Selecting a trading strategy is critical, experts recommend taking a crypto currency trading course for beginners.
Securely storing your crypto is vital, and hardware wallets are recommended for better security.The difference between investing and trading lies in the time horizon, with trading focusing on short-term profit.
Various types of cryptocurrency trading, including spot, margin, futures, and options trading, offer different approaches and risk levels.
Staying informed in the crypto field is important. #AI crypto coins are on the rise that leverage the power of artificial intelligence and cryptocurrencies.
Crypto traders use technical and fundamental analysis, along with various tools and platforms, to make informed decisions.
Following are the information regarding some of the top cryptocurrencies ,
In October 2008, an unknown person (or persons) using the name Satoshi Nakamoto introduced the world to the concept of Bitcoin by publishing a paper titled $BTC A peer-to-peer electronic cash system.
$ETH uses the same underlying technology as Bitcoin, but instead of strictly peer-to-peer payments, the cryptocurrency is used to pay for transactions on the Ethereum network. This network, built on the Ethereum blockchain.
Binance accepts a variety of cryptocurrencies for deposits, including Bitcoin, Ethereum, and Litecoin. You can also fund your account with fiat currency using a bank transfer or credit card. Trading on Binance, $BNB Binance offers two types of trading: Basic and Advanced.
#Write2Earn
Cryptocurrency trading is gaining popularity across various sectors, and it’s essential to handle it correctly.
To start cryptocurrency trading, you need extensive knowledge about crypto, exchanges, security, and trading terms.
Cryptocurrency trading involves buying and selling digital currencies on platforms like #Coinbase, #Binance , and #CoinDCX .
Key steps to begin trading include creating an account, funding it with options like debit cards or wire transfers, and choosing a cryptocurrency to trade.
Selecting a trading strategy is critical, experts recommend taking a crypto currency trading course for beginners.
Securely storing your crypto is vital, and hardware wallets are recommended for better security.The difference between investing and trading lies in the time horizon, with trading focusing on short-term profit.
Various types of cryptocurrency trading, including spot, margin, futures, and options trading, offer different approaches and risk levels.
Staying informed in the crypto field is important. #AI crypto coins are on the rise that leverage the power of artificial intelligence and cryptocurrencies.
Crypto traders use technical and fundamental analysis, along with various tools and platforms, to make informed decisions.
Following are the information regarding some of the top cryptocurrencies ,
In October 2008, an unknown person (or persons) using the name Satoshi Nakamoto introduced the world to the concept of Bitcoin by publishing a paper titled $BTC A peer-to-peer electronic cash system.
$ETH uses the same underlying technology as Bitcoin, but instead of strictly peer-to-peer payments, the cryptocurrency is used to pay for transactions on the Ethereum network. This network, built on the Ethereum blockchain.
Binance accepts a variety of cryptocurrencies for deposits, including Bitcoin, Ethereum, and Litecoin. You can also fund your account with fiat currency using a bank transfer or credit card. Trading on Binance, $BNB Binance offers two types of trading: Basic and Advanced.
#Write2Earn
🔒 CoinDCX Unveils Decentralized Custody Solution Post-WazirX Hack 🔒
In response to the massive $230 million hack of WazirX earlier this year, CoinDCX has introduced a groundbreaking decentralized custody solution[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://www.coinspeaker.com/coindcx-implements-decentralized-custody-solution/?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1")! This innovative feature allows users to maintain full control over their digital assets by assigning them a blockchain wallet outside the exchange's infrastructure[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://www.coinspeaker.com/coindcx-implements-decentralized-custody-solution/?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1").
### Key Features:
- Enhanced Security: By eliminating the need for seed phrases and complex private keys, CoinDCX's solution uses two-factor authentication and multi-party computation to ensure maximum protection[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://www.coinspeaker.com/coindcx-implements-decentralized-custody-solution/?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1").
- Regulatory Compliance: Fully aligned with Indian regulations, this feature allows users to explore DeFi safely while adhering to local laws[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://www.coinspeaker.com/coindcx-implements-decentralized-custody-solution/?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1").
- User Control: Users can transfer their assets back to the exchange at any time, providing flexibility and control over their holdings[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://www.coinspeaker.com/coindcx-implements-decentralized-custody-solution/?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1").
This move by CoinDCX is a significant step towards improving security and transparency in the crypto world. 🌐💡
#CoinDCX #CryptoSecurityResponse #DecentralizedCustody #CryptoTrends
Does this capture the essence of the announcement for you?
### Key Features:
- Enhanced Security: By eliminating the need for seed phrases and complex private keys, CoinDCX's solution uses two-factor authentication and multi-party computation to ensure maximum protection[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://www.coinspeaker.com/coindcx-implements-decentralized-custody-solution/?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1").
- Regulatory Compliance: Fully aligned with Indian regulations, this feature allows users to explore DeFi safely while adhering to local laws[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://www.coinspeaker.com/coindcx-implements-decentralized-custody-solution/?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1").
- User Control: Users can transfer their assets back to the exchange at any time, providing flexibility and control over their holdings[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://www.coinspeaker.com/coindcx-implements-decentralized-custody-solution/?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1").
This move by CoinDCX is a significant step towards improving security and transparency in the crypto world. 🌐💡
#CoinDCX #CryptoSecurityResponse #DecentralizedCustody #CryptoTrends
Does this capture the essence of the announcement for you?
Delhi Police Investigates Fraud Allegations Against CoinDCX
Cryptocurrency Exchange CoinDCX Under Investigation for Irregularities
India’s well-known cryptocurrency exchange platform, CoinDCX, is currently under investigation by Delhi Police regarding allegations of bank fraud associated with its mobile application. Recent reports indicate that complainants have raised concerns about irregularities on the platform, stating that they were pressured into making extra payments during cryptocurrency withdrawals.
In response to the ongoing situation, senior officers have given the green light to start legal proceedings against CoinDCX under applicable fraud-related sections. The police are actively investigating the case to confirm the authenticity of the complaints and establish whether any fraudulent activities have occurred on the exchange.
As Delhi Police are investigating the Indian well-known cryptocurrency exchange, CoinDCX for alleged bank fraud. Recently Delhi also dominated crypto as India’s cryptocurrency hub. This shows how Delhi plays an important role in the cryptocurrency world and may Delhi would become the crypto capital.
CEO Sumit Gupta Addresses the Situation
During the ongoing investigation, Sumit Gupta, CEO of CoinDCX, addressed the situation on Twitter. In his tweet, Gupta stated that they became aware of user reports alleging fraud through media outlets recently. He clarified that there have been no such incidents on the CoinDCX app or website and informed that they have reported these threats to CERT. Gupta also emphasized the abundance of fake websites and URLs trying to mimic exchanges, cautioning users to stay alert against such scams.
Furthermore, Sumit Gupta, the CEO of CoinDCX, wants to reassure users that the security and integrity of the platform are top priorities. He emphasizes the company’s commitment to providing a safe and transparent trading environment. Gupta advises users to be cautious, avoid suspicious URLs, and rely on official communication channels for updates. CoinDCX is actively addressing concerns, cooperating with regulatory authorities, and working to maintain the trust of its user base. The crypto community is eagerly awaiting updates on the investigation and any additional security measures implemented by CoinDCX.
Preventing Fraud on Websites- A User’s Guide
As fake fraud attempts become more common, both websites and users must stay alert and informed. Here are some simple steps to avoid falling for such scams–
Avoid Clicking on Fake URLs
With the current trend of fraudulent activities through fake URLs, users should refrain from clicking on any URLs received via unsolicited messages. Reputable exchanges, such as CoinDCX, do not send such URLs to their users.
Verify Information
Verify the authenticity of information received through various sources. Scammers often use fake websites, emails, or messages to trick individuals into sharing personal and financial information. Double-checking details can help confirm the validity of the information.
Use Secure Communication Channels
Make sure to only communicate with websites and exchanges through secure and official channels. Be careful with unofficial sources asking for personal and financial information, as these might be phishing or fraudulent attempts.
Enable Two-Factor Authentication (2FA)
Enhance the security of your accounts by turning on two-factor authentication (2FA) wherever you can. This extra layer of security makes it tougher for unauthorized people to get into your accounts on websites.
Do Not Share OTPs
When you make digital payments or transactions, you might get a One-Time Password (OTP) on your phone. It’s really important not to share OTPs with anyone because scammers often use calls or messages to trick people into giving them away. Be careful and never share OTPs, even by mistake.
In conclusion, the investigation into CoinDCX highlights the growing need for vigilance in the cryptocurrency space. Users and exchanges must remain alert to potential fraud attempts and take necessary precautions to protect themselves. As the investigation unfolds, it will shed light on the veracity of the allegations against CoinDCX and contribute to ongoing efforts to maintain the integrity and security of the cryptocurrency ecosystem in India.
#CoinDCX #cryptonewstoday #cryptocurrency #cryptoinvestment
Visit: CoinGabbar
India’s well-known cryptocurrency exchange platform, CoinDCX, is currently under investigation by Delhi Police regarding allegations of bank fraud associated with its mobile application. Recent reports indicate that complainants have raised concerns about irregularities on the platform, stating that they were pressured into making extra payments during cryptocurrency withdrawals.
In response to the ongoing situation, senior officers have given the green light to start legal proceedings against CoinDCX under applicable fraud-related sections. The police are actively investigating the case to confirm the authenticity of the complaints and establish whether any fraudulent activities have occurred on the exchange.
As Delhi Police are investigating the Indian well-known cryptocurrency exchange, CoinDCX for alleged bank fraud. Recently Delhi also dominated crypto as India’s cryptocurrency hub. This shows how Delhi plays an important role in the cryptocurrency world and may Delhi would become the crypto capital.
CEO Sumit Gupta Addresses the Situation
During the ongoing investigation, Sumit Gupta, CEO of CoinDCX, addressed the situation on Twitter. In his tweet, Gupta stated that they became aware of user reports alleging fraud through media outlets recently. He clarified that there have been no such incidents on the CoinDCX app or website and informed that they have reported these threats to CERT. Gupta also emphasized the abundance of fake websites and URLs trying to mimic exchanges, cautioning users to stay alert against such scams.
Furthermore, Sumit Gupta, the CEO of CoinDCX, wants to reassure users that the security and integrity of the platform are top priorities. He emphasizes the company’s commitment to providing a safe and transparent trading environment. Gupta advises users to be cautious, avoid suspicious URLs, and rely on official communication channels for updates. CoinDCX is actively addressing concerns, cooperating with regulatory authorities, and working to maintain the trust of its user base. The crypto community is eagerly awaiting updates on the investigation and any additional security measures implemented by CoinDCX.
Preventing Fraud on Websites- A User’s Guide
As fake fraud attempts become more common, both websites and users must stay alert and informed. Here are some simple steps to avoid falling for such scams–
Avoid Clicking on Fake URLs
With the current trend of fraudulent activities through fake URLs, users should refrain from clicking on any URLs received via unsolicited messages. Reputable exchanges, such as CoinDCX, do not send such URLs to their users.
Verify Information
Verify the authenticity of information received through various sources. Scammers often use fake websites, emails, or messages to trick individuals into sharing personal and financial information. Double-checking details can help confirm the validity of the information.
Use Secure Communication Channels
Make sure to only communicate with websites and exchanges through secure and official channels. Be careful with unofficial sources asking for personal and financial information, as these might be phishing or fraudulent attempts.
Enable Two-Factor Authentication (2FA)
Enhance the security of your accounts by turning on two-factor authentication (2FA) wherever you can. This extra layer of security makes it tougher for unauthorized people to get into your accounts on websites.
Do Not Share OTPs
When you make digital payments or transactions, you might get a One-Time Password (OTP) on your phone. It’s really important not to share OTPs with anyone because scammers often use calls or messages to trick people into giving them away. Be careful and never share OTPs, even by mistake.
In conclusion, the investigation into CoinDCX highlights the growing need for vigilance in the cryptocurrency space. Users and exchanges must remain alert to potential fraud attempts and take necessary precautions to protect themselves. As the investigation unfolds, it will shed light on the veracity of the allegations against CoinDCX and contribute to ongoing efforts to maintain the integrity and security of the cryptocurrency ecosystem in India.
#CoinDCX #cryptonewstoday #cryptocurrency #cryptoinvestment
Visit: CoinGabbar
🚨NEW: After a long dry spell, Indian celebrities are back supporting crypto. Indian Cricket Team Coach #GautamGambhir joins #CoinDCX as brand ambassador👏