Our valued sponsor
too bad for someone with serious uncurrable trust issues
Trust is earned. Start small and grow.too bad for someone with serious uncurrable trust issues
I wonder what seriously stops companies selling BTC b2c like any other goods of similar nature (software licenses, electronic content, ...)
I know about Bisq of course but I'm specifically interested in dealing with business
A registered company is forced by law to KYC you, you won't find a registered company that sells without doing any KYC.
in which countries? which law?
no one passes KYC to buy an ebook, dedicated server or software - didn't most mafias around the world say it's not a currency nor security?
mind you share more detail? thx
I'm still confused by the "allowed" part... why would a private (let say European) company be disallowed to buy and sell BTC (no matter if as a primary or side business)? what law forbids this?
it's no currency exchange, no securities trading, no gambling, no regulated investment tool as defined by law, what's the problem?
10k per transaction is no issue
I'm primarily talking about buy BTC here is no reason to investigate a fresh address...
no reason to investigate the funds used for the purchase - your car dealer doesn't ask you as well
Last edited:
Governments tell exchanges to collect KYC information or go to jail. So they do. There are unlicensed exchanges like the people in this thread who will ignore these rules and take legal risk in return for a higher fee. Not sure what else to tell you.
Edit: from an exchange perspective there is probably more scrutiny applied in the crypto -> fiat direction than the other way
exchanges hold money and crypto of customers in custody and they are not selling their own crypto (unless they are market making themselves)
private company selling its own BTC in stock (purchased before like any other goods) to an end customer and invoicing him is a way different story... don't you think so?
It is absolutely not. Selling BTC / cryptoCURRENCIES are like selling other CURRENCIES in most jurisdictions (or it is oftentimes completely illegal in others).
Therefore KYC / KYB / AML / CTF / SANCTIONS / ENFORCEMENTS laws are ALL applicable.
Of course a Mt Pelerin (Swiss) or other similar firms may allow customers to transact 10k without extensive KYC in a given timeframe but they will keep track of your details provided (phone, IBAN account, name. crypto address, etc.).
It is the same reason why opening a bank account, or buying a large quantity of gold is different than spending the same amount of money on an ebook. Sure the companies you are buying from (e.g. a bank holding a different currency, or a gold exchange firm having the gold in its inventory) may have this in their personal inventory as well, but this does not mean that it is even remotely similar.
Therefore KYC / KYB / AML / CTF / SANCTIONS / ENFORCEMENTS laws are ALL applicable.
Of course a Mt Pelerin (Swiss) or other similar firms may allow customers to transact 10k without extensive KYC in a given timeframe but they will keep track of your details provided (phone, IBAN account, name. crypto address, etc.).
It is the same reason why opening a bank account, or buying a large quantity of gold is different than spending the same amount of money on an ebook. Sure the companies you are buying from (e.g. a bank holding a different currency, or a gold exchange firm having the gold in its inventory) may have this in their personal inventory as well, but this does not mean that it is even remotely similar.
OECD and any country that listens to FATF disagrees with your understanding. There's nothing you can do about it other than use more unofficial exchangers or move to a place where there are less rules about this kind of thing.
They have a licence to exchange.Based on local law its no KYC needed to 10k eur per day however they also limited it to 1k eur per transaction this year.
have a look at shitcoins.club or flyingatom.com .If using wire i would have a look at flyingatom they are also on localbitcoins as legal exchanger
localcryptos.com and localmonero.co are both legit servies I have used myself, are non-KYC, and I can vouch fortoo bad for someone with serious uncurrable trust issues
EDIT: they both include trustless escrow and encrypted communication
Someone was recently arrested for trading via Bisq FYI.
https://www.coindesk.com/policy/202...let-scam-suspect-is-arrested-by-dutch-police/
DOJ also introducing 10yr statute of limitations for anything to do with crypto.
https://www.justice.gov/ag/page/file/1535236/download
Doing P2P transactions got one licensed trader indicted and sent down for 18 months recently, because even though they did AML/KYC the funds were sourced from illicit activities.
https://kucnews.com/business/bitcoi...users-involved-in-p2p-transactions-93697.html
Holding Crypto is increasingly becoming like holding a hot potato.
Our firm (investment fund) recently had a f**k up where funds were sent from exchange to exchange (internal) and the amount of KYC/AML and delays (3 weeks) is just making it a compliance nightmare, likewise diversification on-chain -> off-chain is proving slow as AML/KYC/Compliance adds.
Authorities are also taking a stance moving funds from one wallet to another is laundering, using a decentralised protocol swapping solution is laundering, chain swapping (hopping) is laundering etc, each txt carries a charge.
They can arbitrarily seize (forfeiture) and you have to go through court proving innocence (costing hundreds of thousands).
Likewise holding Stables is like holding a ticking time bomb because you don't know wether they will a) implode or b) be frozen because of all the anti-crypto rhetoric..
If entering crypto -> best to go from A to B direct, don't hold either Fiat or Crypto / Fiat anywhere near exchanges.
In a nutshell, Crypto is becoming a hot potato.
https://www.coindesk.com/policy/202...let-scam-suspect-is-arrested-by-dutch-police/
DOJ also introducing 10yr statute of limitations for anything to do with crypto.
https://www.justice.gov/ag/page/file/1535236/download
Doing P2P transactions got one licensed trader indicted and sent down for 18 months recently, because even though they did AML/KYC the funds were sourced from illicit activities.
https://kucnews.com/business/bitcoi...users-involved-in-p2p-transactions-93697.html
Holding Crypto is increasingly becoming like holding a hot potato.
Our firm (investment fund) recently had a f**k up where funds were sent from exchange to exchange (internal) and the amount of KYC/AML and delays (3 weeks) is just making it a compliance nightmare, likewise diversification on-chain -> off-chain is proving slow as AML/KYC/Compliance adds.
Authorities are also taking a stance moving funds from one wallet to another is laundering, using a decentralised protocol swapping solution is laundering, chain swapping (hopping) is laundering etc, each txt carries a charge.
They can arbitrarily seize (forfeiture) and you have to go through court proving innocence (costing hundreds of thousands).
Likewise holding Stables is like holding a ticking time bomb because you don't know wether they will a) implode or b) be frozen because of all the anti-crypto rhetoric..
If entering crypto -> best to go from A to B direct, don't hold either Fiat or Crypto / Fiat anywhere near exchanges.
In a nutshell, Crypto is becoming a hot potato.
Similar threads
- Locked
- Article
Latest Threads
-
Some questions about Dubai golden visa / Dubai residency- Started by LegitBananas
- Replies: 0
-
A bank account for a non-resident US LLC owned by a Paraguay resident
- Started by Cari
- Replies: 1
-
Advice for offshore business + banking in 2024/2025- Started by Fries n Mayo
- Replies: 0
-
