Can anyone write a brief guide on how to do that in the most practical way? For a Chinese guy who has money in China and wants to buy crypto.
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How to buy crypto in China
- Thread starter JohnnyDoe
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China is seemingly supported by Advcash, therefore he could onramp using it and then either buy crypto there, or use advcash dollars to buy it using one of the many no-kyc exchanges.
https://www.bestchange.com/bitcoin-to-advanced-cash.html
The main difficulty would be to swap CNY for USD however, but that's a different problem.
https://www.bestchange.com/bitcoin-to-advanced-cash.html
The main difficulty would be to swap CNY for USD however, but that's a different problem.
if you are Chinese citizens, you can go to website and buy crypto via China yuan, for example: gate.io, binance
or another option, find one third party who can sell crypto to you, i have one Chinese friend who is opening crypto payment gateway company , and he can take China yuan for crypto trade.
or another option, find one third party who can sell crypto to you, i have one Chinese friend who is opening crypto payment gateway company , and he can take China yuan for crypto trade.
Just be careful... China is clamping down on the currency flight... and not even bothering with extradition, countries literally deporting so they don't loose their business/trade with China.
(1) They only want the Chinese or people who committed crimes while in China but managed to flee. Source: Red Notices: View Red Notices
(2) And of course, Operation Fox︀ Hunt: Operation Fox Hunt - Wikipedia
"Operation Fox Hunt was launched in June 2014. In︁ the course of six months during 2015, Operation Fox Hunt repatriated 680 people to China.[8]︂
In 2015, Operation Fox Hunt scored its first big success in Europe with the arrest︃ and extradition of a woman surnamed Zhang from Italy. It was the first time a︄ European country had extradited someone to China on accusations of financial crimes.[9]
In March 2017,︅ Ningxia investigators and Paris embassy personnel “successfully persuaded” fugitive Zheng Ning to come home, after︆ he had lived in France for three years before his mysterious disappearance. Despite an extradition︇ treaty between France and China, French officials were not informed of the repatriation, leading French︈ intelligence to lodge a complaint. Paul Charon, an expert on China at the French defense︉ ministry's Institute for Strategic Research, says “It also shows a bigger phenomenon: the hardening stance︊ of the regime in Beijing, which dares to carry out these operations overseas and mock︋ the sovereignty of other countries.”[10]"
Of course, I would always be careful with any superpower︌ notwithstanding what the "law" says or what their govt. claims.
(2) And of course, Operation Fox︀ Hunt: Operation Fox Hunt - Wikipedia
"Operation Fox Hunt was launched in June 2014. In︁ the course of six months during 2015, Operation Fox Hunt repatriated 680 people to China.[8]︂
In 2015, Operation Fox Hunt scored its first big success in Europe with the arrest︃ and extradition of a woman surnamed Zhang from Italy. It was the first time a︄ European country had extradited someone to China on accusations of financial crimes.[9]
In March 2017,︅ Ningxia investigators and Paris embassy personnel “successfully persuaded” fugitive Zheng Ning to come home, after︆ he had lived in France for three years before his mysterious disappearance. Despite an extradition︇ treaty between France and China, French officials were not informed of the repatriation, leading French︈ intelligence to lodge a complaint. Paul Charon, an expert on China at the French defense︉ ministry's Institute for Strategic Research, says “It also shows a bigger phenomenon: the hardening stance︊ of the regime in Beijing, which dares to carry out these operations overseas and mock︋ the sovereignty of other countries.”[10]"
Of course, I would always be careful with any superpower︌ notwithstanding what the "law" says or what their govt. claims.
How much 'crypto' does he want to buy? ~ I think Chinese can take out around 50,000$ a year or something like that... without questions.
Otherwise ~ Usually they move money to HK and loose a % and then from HK it can be moved into international markets / crypto without too many issues.
Other alternatives is the money mule (which is common here) which is part of a huge enterprise - where there's trips sending Chinese abroad in mass, and they each carry just under 10,000$ - literal room full to brim with cash from what i've been informed by the wife of my︀ friend who befriended the maid - in value, at the other end they hand it︁ over to the tour operator/party (their tour is free) and they hand it to the︂ money mover (one lives next door to a friend of mine down the beach).
From there they move it in to domestic and international markets (or in other parts of︃ the country ~ into crypto especially near or over the border with the casino region).︄
Otherwise ~ Usually they move money to HK and loose a % and then from HK it can be moved into international markets / crypto without too many issues.
Other alternatives is the money mule (which is common here) which is part of a huge enterprise - where there's trips sending Chinese abroad in mass, and they each carry just under 10,000$ - literal room full to brim with cash from what i've been informed by the wife of my︀ friend who befriended the maid - in value, at the other end they hand it︁ over to the tour operator/party (their tour is free) and they hand it to the︂ money mover (one lives next door to a friend of mine down the beach).
From there they move it in to domestic and international markets (or in other parts of︃ the country ~ into crypto especially near or over the border with the casino region).︄
as per my 15 years expirence in china, as non-chinese citizen you cannot simply buy crypto,you cannot even change Yuan to USD without answering 10000's question. For p2p you cannot even get to register yourself.
For chinese citizen , p2p is way to go,But many dealers are super picky they dont deal if they think user is new or have 0.001% doubt , because in china your bank account or any other payment method like alipay/wechat etc get blocked in matter of hours. Even sometime all legit transactions get blocked too ,seems like they have some automated AI blocking system.
If he is new ,︀ he need to find offline dealer and deal with him/her .
For chinese citizen , p2p is way to go,But many dealers are super picky they dont deal if they think user is new or have 0.001% doubt , because in china your bank account or any other payment method like alipay/wechat etc get blocked in matter of hours. Even sometime all legit transactions get blocked too ,seems like they have some automated AI blocking system.
If he is new ,︀ he need to find offline dealer and deal with him/her .
It is for them to accept payments from the West. You are 100% correct here. Now, every supplier I deal with accepts crypto. What they MUST do is cash it out to Yuan almost immediately (according to what they tell me and what I've witnessed). Going from Yuan to crypto is frowned upon as @bobby786 explained above. The general consensus is that they really have no reason to do this unless they are "fixing" to emigrate or skip︀ on their taxes 🙄
He can simply then follow the law, and send it to HK, then HK to an Exchange, Exchange to Crypto.
Seems pretty straightforward to me.
I imagine he has a wife/parents for the other 70,000$.
For local Chinese people, there is a USD $50,000 annual limit on money transferred outside of Mainland China. For foreigners working in China, the limit on funds is based on how much︀ legal, taxable income you have received in China.Aug 3, 2566 BE
Now if he was︁ in HK, i'd take HKD bank transfer for crypto (50,000) if they came recommended and︂ have source of wealth/funds (likewise would provide).
As HKD is handy to me in my︃ onshore-HKD account as emergency medical fees.
Seems pretty straightforward to me.
I imagine he has a wife/parents for the other 70,000$.
For local Chinese people, there is a USD $50,000 annual limit on money transferred outside of Mainland China. For foreigners working in China, the limit on funds is based on how much︀ legal, taxable income you have received in China.Aug 3, 2566 BE
Now if he was︁ in HK, i'd take HKD bank transfer for crypto (50,000) if they came recommended and︂ have source of wealth/funds (likewise would provide).
As HKD is handy to me in my︃ onshore-HKD account as emergency medical fees.
Problem -> He's restricted on capital flight from China (small number 50,000$ a year i think).
So the reason he (evidently by duducing) want's crypto is to get his funds outside of China.
The best approach for a Chinese person is to find the still existing bitcoin mining operations in China and do that way...
The other way is to pay x % to get the funds into HK where they can enter the non-Chinese banking system (Swift), or Crypto.
In China itself, it's rather hush so first option comes on recommendations...
So the reason he (evidently by duducing) want's crypto is to get his funds outside of China.
The best approach for a Chinese person is to find the still existing bitcoin mining operations in China and do that way...
The other way is to pay x % to get the funds into HK where they can enter the non-Chinese banking system (Swift), or Crypto.
In China itself, it's rather hush so first option comes on recommendations...
There are many people that want to move money out of China. From 100k to 100 millions. It is illegal. Trust me, the Chinese are well-organised and if there are ways, they know it it. Some banks have been known to offer such transfers between the mainland and Hong Kong branch. Now, it insurance companies doing such business.
Trust me, you do not want to get involved in this. No matter if with crypto or anything else.
Trust me, you do not want to get involved in this. No matter if with crypto or anything else.
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