Liquidating BTCs Thorugh Perfect Money Into Forex Broker

[jeertweet]

I am doing this for a small % of my crypto holdings.

Converted BTC into Perfect Money USD (and received a nice premium for that), and loaded a forex broker account with it.

Now I have the option of withdrawing from the broker into any bank account I own, either in USD or EUR.

Do you think this is an easy way to liquidate crypto into a offshore bank?

What kind of compliance questions could arise by doing this?

Thanks

The broker I'm using is a big, regulated one, in case anyone wonders. I passed their KYC process before starting to deposit.

 

[jeertweet]

I should add:

The amount I'm talking about here is about 250k usd.

Also, I haven't done this just to withdrawal, I'm actually doing some trading on the account and plan on continuing to do so for the next months.

I'm just thinking ahead and trying to figure out how am I going to cash this out of the broker eventually.

 

[lbh411]

im in similar situation, ive been liquidating some of my crypto via kraken and been flagged for AML a few times now the problem you'll have in compliance will be proving its all clean, your income in relation to it based on the information they have on you. You'll most likely have questions and compliance come up after your money reaches destination so prepare for that(rather than at the exchange).
btw which forex broker did you manage to do that with can you share? im interested in using your method (i cant pm)

im interested to hear what others have to say on this topic

 

[OrangeTIco]

What is the reason you guys didn't go with Tether USD or USDC ?

 

[lbh411]

OrangeTIco said:
What is the reason you guys didn't go with Tether USD or USDC ?
Click to expand...

i think he may have gone that route to fund the forex brokerage account and get a premium for buying this PUSD, i think he should at least do a few test transfers because this sounds very risky counterparty risk is through the risk

 

[jeertweet]

lbh411 said:
im in similar situation, ive been liquidating some of my crypto via kraken and been flagged for AML a few times now the problem you'll have in compliance will be proving its all clean, your income in relation to it based on the information they have on you. You'll most likely have questions and compliance come up after your money reaches destination so prepare for that(rather than at the exchange).
btw which forex broker did you manage to do that with can you share? im interested in using your method (i cant pm)

im interested to hear what others have to say on this topic
Click to expand...

Im using USGFX

OrangeTIco said:
What is the reason you guys didn't go with Tether USD or USDC ?
Click to expand...

lbh411 said:
i think he may have gone that route to fund the forex brokerage account and get a premium for buying this PUSD, i think he should at least do a few test transfers because this sounds very risky counterparty risk is through the risk
Click to expand...

doing with Perfect Money was cheap (since I got a nice premium - over 3%) and a lot faster since it did not involve a bank account.

I did my deposits in batches of maximum 10k usd, didn't had a single issue.

 

[lbh411]

jeertweet said:
Im using USGFX




doing with Perfect Money was cheap (since I got a nice premium - over 3%) and a lot faster since it did not involve a bank account.

I did my deposits in batches of maximum 10k usd, didn't had a single issue.
Click to expand...

if youve passed the main problem of receiving the funds into your brokerage, you just want to find a way to get it to an offshore bank?
the main compliance you will have to worry about is the bank AML which will come after a few large transactions (unavoidable) so main thing is do you have documentation to prove the source of funds as I dont recommend you submitting the forex account trading history as proof because it wont add up.

after that you can worry about tax implications and reporting etc

 

[lbh411]

where did u liquidate the btc for a 3% premium? I think i will do the same if your experience is good, u might be able to use that platform as source of funds but i would wait to see what others inputs are on the situation