Need Help!

[TonyKutunio]

Need help, all I want is to buy and sell bitcoin from public to public without having issues with my bank. They blocking account for security reasons and keep asking for additional details of transactions. I operate with GBP in UK with personal current account!! Around £30k per month. Yes I understand that this could look strange to a bank looking at my personal account with such a strange movements in it.
Do I have to open LTD with Business account or what?

Thanks

 

[JohnLocke]

You want to search this forum, the topic has been discussed here a few times already. However, to help you a little. Most of what people suggest to do in your situation is to setup an EMI like Transferwise, Revolut or similar to receive the payment from a crypto exchange like Kraken, AdvCash etc. From there you transfer the money to your bank account.

Most often this solution will not leave any questions open for the bank.

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[TonyKutunio]

Admin said:
You want to search this forum, the topic has been discussed here a few times already. However, to help you a little. Most of what people suggest to do in your situation is to setup an EMI like Transferwise, Revolut or similar to receive the payment from a crypto exchange like Kraken, AdvCash etc. From there you transfer the money to your bank account.

Most often this solution will not leave any questions open for the bank.
Click to expand...

Hi thanks for reply.
The situation is a bit different... As Im getting transfers from private persons from their personal current accounts as a faster payments... same as me.. Im sending payments to a private persons... Im trading on paxful.com

PS. Never faced problems about transfering £ to/from exchanges like coinbase etc with my personal current high street bank account.

 

[Clip]

TonyKutunio said:
Hi thanks for reply.
The situation is a bit different... As Im getting transfers from private persons from their personal current accounts as a faster payments... same as me.. Im sending payments to a private persons... Im trading on paxful.com

PS. Never faced problems about transfering £ to/from exchanges like coinbase etc with my personal current high street bank account.
Click to expand...

I would suggest to stay away from doing this way because you'll end having problems with Banks, Tax office and customers, and if any of them results to be a bad boy, you can have risks as well.

I have access to some OTCs in HK that they do Bitcoin transactions from trading companies that doesn't look like crypto

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[speedster]

GiGoGo said:
I would suggest to stay away from doing this way because you'll end having problems with Banks, Tax office and customers, and if any of them results to be a bad boy, you can have risks as well.

I have access to some OTCs in HK that they do Bitcoin transactions from trading companies that doesn't look like crypto
Click to expand...

What are the fees for these OTCs?

 

[Clip]

They use charge 0.5% - 2% over Bitstamp depending on the amount and the delivery time

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[TonyKutunio]

GiGoGo said:
I would suggest to stay away from doing this way because you'll end having problems with Banks, Tax office and customers, and if any of them results to be a bad boy, you can have risks as well.

I have access to some OTCs in HK that they do Bitcoin transactions from trading companies that doesn't look like crypto
Click to expand...

Not affraid of Tax office really as ready to pay taxes... Could you drop the link to that OTC in HK please

 

[JohnLocke]

TonyKutunio said:
Not affraid of Tax office really as ready to pay taxes... Could you drop the link to that OTC in HK please
Click to expand...

second that, would be nice to learn more about this OTC please?

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[Clip]

From 10k to 100k USD -> Home - Genesis Block
For more than 100k USD -> Octagon Strategy | Hong Kong

If somebody makes a deal with them, please let me know as we can both try to have discount on fees

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[blackeric]

Admin said:
Transferwise, Revolut or similar to receive the payment from a crypto exchange like Kraken, AdvCash
Click to expand...

Do these EMI, or others too in general, not mind to receive withdrawals from crypto exchanges? No problem at all?

 

[Clip]

blackeric said:
Do these EMI, or others too in general, not mind to receive withdrawals from crypto exchanges? No problem at all?
Click to expand...

From what I read on this group, they are ok for receiving but not with sending money from the exchanges.

A friend of mine got his account freeze on Revolut just because he received 2000 Eur transfer from Coinbase

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[rewindghost]

GiGoGo said:
From 10k to 100k USD -> Home - Genesis Block
For more than 100k USD -> Octagon Strategy | Hong Kong

If somebody makes a deal with them, please let me know as we can both try to have discount on fees
Click to expand...

So if I exchange crypto to fiat using these services and make a withdraw, who will be the sender? It wont look like a crypto-related wire transfer?

 

[Clip]

They use generic trading company names and they keep rotating them

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[hkrlh1]

GiGoGo said:
From what I read on this group, they are ok for receiving but not with sending money from the exchanges.

A friend of mine got his account freeze on Revolut just because he received 2000 Eur transfer from Coinbase
Click to expand...

Not sure about TW. They say they don't allow cryptocurrency businesses:

TransferWise doesn't work for:
Businesses involved in bitcoin, tobacco, adult content, or other prohibited

Companies involved in the exchange or trading of cryptocurrencies, or any other virtual currencies.
- Including payments for the purpose of purchasing cryptocurrencies.
Click to expand...