CARF / OTC Desks / Reportable transactions

[lili247]

As far as I understand, under CARF, crypto exchanges will essentially have to report most crypto transactions.

How is it going to work with OTC providers?

For example, suppose I use Kraken OTC to swap some BTC for ETH. Instead of depositing the BTC into my Kraken account first, I use their feature where no prior deposit is required. In this case, I simply inform them that I want to execute the trade at a specified rate, transfer the BTC to their address within the next 24 hours, and then they send the ETH to my address.

Would this type of transaction be considered a reportable crypto transaction under CARF?

 

[forward]

good question
comrades, please advise

 

[fintechwizard]

My understanding is that this transaction falls under the scenario of crypto to crypto exchange and therefore is a reportable transaction under CARF definition.

 

[alpakiwi]

The major platforms like Kraken do report users.

For OTC exchanges, it depends on their specific licenses and jurisdictions. I can recommend an OTC desk with various licenses””some within the EU that technically have reporting obligations but with a lazy MLRO that sometimes forgets to report, and others outside the EU with both EU and US payment rails that don't report at all. This is a sensitive matter, so I won't share details here””feel free to DM me if needed.

 

[forward]

nurredon said:
The major platforms like Kraken do report users.

For OTC exchanges, it depends on their specific licenses and jurisdictions. I can recommend an OTC desk with various licenses””some within the EU that technically have reporting obligations but with a lazy MLRO that sometimes forgets to report, and others outside the EU with both EU and US payment rails that don't report at all. This is a sensitive matter, so I won't share details here””feel free to DM me if needed.
Click to expand...

please recommend, especially the ones working with swift, can't dm you

 

[alpakiwi]

forward said:
please recommend, especially the ones working with swift, can't dm you
Click to expand...

xxx4rs in TG