I would like to inform about purchasing on a KYC exchange.
My friend will buy $700 worth of Bitcoin on his account at NEXO/Binance, and he will send what he buys to MY hardware wallet Trezor.
He will have tax obligations and unnecessarily worries about how I will handle those specific sats he sends me?
And I am completely unconcerned because it doesn't matter to me where those sats come from? For me, it's the same situation as if I bought them peer to peer on the street for cash?
What does it mean for me?
What does it mean for my friend?
Why is he sending to you, why not to his own non custodial wallet, secondly, there is no how you can be able to get determine for whether he was taxed a particular amount or not, since he is sending from a centralized exchange, another thing is that if you both understand the theory behind the use of p2p, then you may not have to misunderstand the idea under this transaction that is happening, you buy base on what you're able to afford with, that means, both the buyer and the seller are making business at the affordable rate they could all benefitted from.