How to be a P2P merchant on Binance India (A-Z)

Hi everybody,

On the lookout for steerage from skilled P2P retailers operating in India.

I'm fairly new to operating a P2P business and want to understand the operational, banking, compliance, and tax aspect from A to Z earlier than scaling up.

A couple of questions I have:

1. What business construction do most Indian P2P merchants use (sole proprietorship, LLP, Pvt Ltd, and so forth.) and what nature of enterprise is usually declared to banks?
   
2. Which Indian banks have labored greatest for P2P operations and what practices assist keep wholesome banking relationships?
   
3. What compliance measures must be carried out from day one? (KYC, transaction monitoring, report preserving, and so on.)
   
4. Is it advisable to move/rotate funds to different accounts instantly after receiving them from consumers, or is it higher to take care of balances and transaction history within the main account?
   
5. How do you verify consumers and scale back fraud/danger? Do you gather Aadhaar/PAN, perform liveliness checks, ask for financial institution statements, video verification, and so forth.? If reviewing financial institution statements, what purple flags do you look for?
   
6. How do you deal with accounting and ITR filings? What is usually reported as turnover/revenue, and what are some widespread errors to avoid?
   
7. Any recommendation relating to account freezes, cybercrime complaints, lien marks, or greatest practices to keep away from getting caught up in disputes?

Would recognize any insights from people who have been operating efficiently in India for a while. Making an attempt to study the appropriate means somewhat than by way of pricey mistakes.

Thanks!