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 topic︀

 

[OrangeTIco]

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

 

[lbh411]

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]

Im using USGFX

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

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

 

[lbh411]

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 you︀ have documentation to prove the source of funds as I dont recommend you submitting the︁ forex account trading history as proof because it wont add up.

after that you can︂ 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