OTC Crypto brokerage UK

[otccryptoguy]

I am a young entrepreneur from the UK and im looking to setup a OTC crypto brokerage. Ive spoken to so many people about it but no clear answer. I have lots of clients in the UK who want to pay cash for crypto. I can comply with AML/KYC no problem. Just struggling to find a way to get the cash from the UK back to the foreign crypto friendly account.

I have looked into crypto lisences in the czech etc and been advised my business will be able to be conducted in the UK but my issue is no crypto friendly banks have branches in the UK of which i can regularly deposit my cash. Most only work with Bank to Bank. I know my idea is possible it will just take some work.

 

[Martin Everson]

You asked the same question back on October 10th and I saw it and didn't have a good answer for you back then. However best to work your business model so you are not just selling crypto for fiat but selling fiat for a stablecoin also to offload your physical cash. Then work with any exchange that will wire proceeds of stablecoin into a crypto friendly bank.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[otccryptoguy]

Martin Everson said:
You asked the same question back on October 10th and I saw it and didn't have a good answer for you back then. However best to work your business model so you are not just selling crypto for fiat but selling fiat for a stablecoin also to offload your physical cash. Then work with any exchange that will wire proceeds of stablecoin into a crypto friendly bank.
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Of course if there was a large enough market to provide adequate amounts of stable coin for fiat at a good % i wouldn't have this problem. Thanks for your advice but this is something i have already tried. Nobody in the UK needs to sell USDT for cash unfortunately. If they did i wouldn't even create a company structure i could work the whole thing in a decentralised way through brokers selling USDT.