UAE OTC crypto traders. Need to buy USDT

[royclark1]

lets connect

 

[NgonBoRe]

I don't know how much binance fees for EAD p2p market . But the best‌ I can get for USD market is 0.175% as a VIP 3 merchant

 

[5K1PP3R]

how do people buy crypto in Dubai in general? do they send to an exchange‌ from local bank? Does FAB allow it? I was buying from a local OTC seller‍ via binance and FAB sent me a message asking about these transactions.

 

[NgonBoRe]

They mostly pay by bank transfer. Some trade in cash with some seller.⁠

If small amount, I think no problems.

How much you send in the case bank⁤ asking you?

 

[5K1PP3R]

totally over a million AED, was sending 100k per day

 

[NgonBoRe]

I think you just tell them you buy crypto... as nothing illegal here .

Maybe bank ask for fund source?

This is personal or bussiness account?

 

[5K1PP3R]

few people told me this equals account closure

 

[AtMo]

Do you have a solution with banks and OTC now? I'm planning to move to‍ Dubai and would need to buy crypto on a regular basis as well.

I'm thinking⁠ about forming a UK LLP with the FZ company, using the UK LLP to get⁤ a EMI in Europe and find a OTC in europe, do you have a better⁣ solution?

 

[5K1PP3R]

first Dubai will cease to be 0% with corp⁣ tax
second, banks in Dubai are not crypto friendly, they will close your account if⁢ you mention crypto and they will ask where do you send the money

 

[AtMo]

I'm fine with⁠ 9% CIP to start with.

What do you think to form the UK LLP 100%⁤ owned by the FZ company and me? Could it solve the banking issue with crypto?⁣

 

[5K1PP3R]

any time you send money to someone⁠ your bank may ask for contract and invoices. If you mention crypto, your account will⁤ be closed. You may want to reach to OTC crypto sellers and ask what they⁣ advice. Please update us when you know something

 

[Wellington]

Normally (traditionally speaking) from a commercial perspective.

Retail uses exchanges.
Corp/Commerce uses OTC.

It's somewhat‌ hard for retail to get access to OTC... due to the sheer amount of KYC/AML‍ that has to go in, having said that many exchanges have an OTC desk which⁠ has the user verified on their retail side and covers them on the OTC side..⁤

So probably look there.

We have access to use a OTC via exchange for example⁣ (commercial).

I'm unsure what the CIP thing is but basically our fees are like 0.28%⁢ and that's via a regulated entity.

 

[AtMo]

Thanks for sharing, do︀ you use a UAE bank to pay for the OTC, and if yes, does that︁ raise any issues from the bank?

Could you also DM me the name of the︂ OTC please?

 

[DGTLOTC]

Not worth it for 0.2% most OTC desk pay that in banking rail fees

 

[DSoz]

How much are you willing to buy? I need some AED.

 

[cjrid]

just reading⁠ this post, why would one need to deal with binance P2P to do a crypto⁤ to cash exchange? ty