Best SETUP to cash out bitcoin (business)

[moneyhoney]

Hi all,

it's difficult to find a solution to have a setup to cash out bitcoin related to an online business. One affiliation (gambling) convert the USD to BTC and then pays every month this way. I used to cash out to my corporate using Kraken+TW Germany, but I wasn't aware at the time TW doesn't allow cryptocurrency transactions (gambling neither btw).

I'm not looking for something like ADVCash (I wouldn't trust to keep a lot of money there), need something solid cause we are talking about important amounts.

Ideas?


Thanks 😉

 

[JohnLocke]

Had not a negative response from them about that. Only that they don't‌ support Crypto but not that they don't allow it. You may contact them about the‍ same if you don't already did.

Do you plan to keep your money with any⁠ of the EMI's ? If so I understand that AdvCash may not suite you but⁤ otherwise they are a perfect tool.

 

[moneyhoney]

I'm sure when they read about⁠ crypto+gambling they are no-no. I had luck cause they checked my transactions but they didn't⁤ understand they were from Kraken, so they didn't take any action. But I cannot risk⁣ anymore.

I could move to a real bank account. Just if there︁ is no link with crypto. So I could do Kraken->EMI->Bank account. But I'd need something︂ in the middle really reliable (to spend with the bank as well) and with SWIFT.︃

 

[Outlander]

Setup a few personal bank accounts and swiftly sell BTC on P2P exchanges such as‌ HodlHodl, which doesn't touch user funds and doesn't require identity verification by design. Splitting‍ the sales into several accounts/countries makes it less likely they will ask about the origin/amount⁠ of the deposits. The deposits will be local, so they're also less risky.

Depending on⁤ where you open the accounts, you can make a profit by selling the BTC with⁣ a premium. Look at the situation in Argentina right now, for example, with a 20%⁢ premium over BTC/USD.

This takes some work but is fail proof.

 

[void]

from my experience TW has to problem with gambling whatsoever (maybe depends on the nature‍ of your business, license,...)
as already mentioned here a few times they also have no⁠ problem receiving crypto related money, they just don't support sending the money to exchanges

 

[moneyhoney]

To be honest I didn't talk with them about it directly⁤ but on their terms I can read clearly:
"Any other type of businesses related to⁣ gambling, up to TransferWise’s own discretion." TransferWise - Send Money Abroad-Customer Agreement - TransferWise.com

The problem with these kind of "startups" are that you can have a green flag and⁢ a red one second after, it all depends on the discretion of the one taking︀ care of the matter.

May I ask you what kind of experience you have with︁ them about gambling?

 

[moneyhoney]

It's hard to setup personal accounts around the globe like non-resident. And in my︁ slim experience, banks are often asking now to tell them if you deal with crypto︂ when opening the account.

I'd rather prefer to setup a company in a gambling friendly︃ country and finding there a solution cause I'm not trying to hide the source or︄ anything; it's all legit just annoying cause is gambling+crypto.

 

[void]

that's true unfortunately

 

[Martin Everson]

Sadly the‌ words "gambling" and "crypto" together is where it ends consideration by most compliance officers regardless‍ of nature of activity surrounding it 😕.

 

[Outlander]

It's not. At least not to the kind of people that come to this‍ forum for solutions.

You're not supposed to tell anyone you're dealing with crypto. Occasional deposits in your account⁣ from other individuals don't have "Bitcoin" written on it.

That will be hard. You can do the same that I︂ described above, using your company account.

 

[moneyhoney]

Just got this:
"As of now, we‌ do not support receiving revenues from gambling affiliations into our borderless accounts."

 

[moneyhoney]

That's the point and I get it. But still, It's frustrating.

 

[moneyhoney]

I see your point but in the end, adding to crypto+gambling+selling on⁣ Localbtc to random guys.... It sounds making something already complicated even more risky. I used⁢ Localbtc in the past, then I heard all kind of stories about people being involved︀ in drug deals in some levels cause you don't really know the other person and...︁ I don't want to add stress to it, even if it may work.

Because the︂ source is legit, I can prove it, I'd like a more "legit solution" as well,︃ if it exists, not quite sure of it.

 

[moneyhoney]

Just an update, I asked to TW about cryptocurrency as well and here their reply:‌

Unfortunately, we cannot accept funds related to cryptocurrency. Also, our borderless accounts cannot accept funds‍ from Kraken

From our AUP

• Companies involved in the exchange or trading of cryptocurrencies, or⁠ any other virtual currencies.
  1. Including payments for the purpose of purchasing cryptocurrencies.
     

 

[Outlander]

TW might not transfer funds to Kraken, but would they know/refrain from wiring funds to‌ Etana? Etana is a custodian agent that Kraken and other companies in the financial industry‍ use for USD custody and transfers. They are not a cryptocurrency company.

Opinions?

 

[Martin Everson]

Couldn't TW then ask questions you can't answer?

 

[Outlander]

Yes they can, but:

1. You will have at least minimized that likehood, which I'm sure‌ you agree is something of value
2. You can make up another explanation, which is‍ easy as Etana serves a range of exchanges and brokers not related to crypto.

 

[Martin Everson]

Ok but‍ in worse case you are left having to lie with no paperwork. TW don't tend⁠ to listen to stories they want supporting paperwork.😕. But I guess I can agree⁤ with point one. Just make sure you have other EMI options if it all goes⁣ south quickly.

 

[moneyhoney]

The point is still the same: it all depends on the person you are dealing with.‌

I had really huge transactions from Kraken to TW, they didn't ask anything. Then one‍ day I wanted to update my office address, to keep all in order on the⁠ account, and while they were doing it, they asked me about the transactions. At that⁤ moment I didn't know (my bad!) TW didn't allow crypto, so I was a bit⁣ in panic but..... in the end, even if it was so clear the money was⁢ coming from Kraken, I found a way to be always generic and they didn't do︀ anything (yes, I had a long talk all over the email).

But in the end,︁ I stopped this method cause before or after, they realize it for sure.

 

[Outlander]

For point 2, sign up⁤ with some Forex broker that uses Etana, send them a few bucks every now and⁣ then, and use that as evidence if TW ever asks you what these transfers are⁢ for.