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How to buy crypto in China
- Thread starter JohnnyDoe
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- china crypto exchange
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.
www.bestchange.com
The main difficulty would be to swap CNY for USD however, but that's a different problem.
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The main difficulty would be to swap CNY for USD however, but that's a different problem.
They can buy using ali pay or some other cash otc method. Just find some good conections.
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.
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Chinese guys generally use virtual currency exchanges and use Alipay\WeChat\bank transfer(cny) to buy crypto. The following exchanges are commonly used:
Binance.com
okx.com
gate.com
hkd.com
Binance.com
okx.com
gate.com
hkd.com
(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 Fox Hunt: Operation Fox Hunt - Wikipedia
"Operation Fox Hunt was launched in June 2014. In 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 arrest and extradition of a woman surnamed Zhang from Italy. It was the first time a 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, after he had lived in France for three years before his mysterious disappearance. Despite an extradition treaty between France and China, French officials were not informed of the repatriation, leading French intelligence to lodge a complaint. Paul Charon, an expert on China at the French defense ministry's Institute for Strategic Research, says “It also shows a bigger phenomenon: the hardening stance of the regime in Beijing, which dares to carry out these operations overseas and mock the sovereignty of other countries.”[10]"
Of course, I would always be careful with any superpower notwithstanding what the "law" says or what their govt. claims.
So this Chinese guy is trying to buy crypto p2p, but he says that once the other party sees he is a new user from China they decline dealing with him.
Can anyone suggest a solution for him?
Can anyone suggest a solution for him?
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 my friend who befriended the maid - in value, at the other end they hand it over to the tour operator/party (their tour is free) and they hand it to the 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 of 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 my friend who befriended the maid - in value, at the other end they hand it over to the tour operator/party (their tour is free) and they hand it to the 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 of the country ~ into crypto especially near or over the border with the casino region).
$10k per month
These methods are well known. But what the guy needs is a simple, straightforward way to buy crypto like people do in other parts of the world, by bank transfer.
as per my 15 years expirence in china, as non-chinese citizen you cannot simply buy crypto,you cannot even change Yuan to USD without answering 10000's question. For p2p you cannot even get to register yourself.
For chinese citizen , p2p is way to go,But many dealers are super picky they dont deal if they think user is new or have 0.001% doubt , because in china your bank account or any other payment method like alipay/wechat etc get blocked in matter of hours. Even sometime all legit transactions get blocked too ,seems like they have some automated AI blocking system.
If he is new , he need to find offline dealer and deal with him/her .
For chinese citizen , p2p is way to go,But many dealers are super picky they dont deal if they think user is new or have 0.001% doubt , because in china your bank account or any other payment method like alipay/wechat etc get blocked in matter of hours. Even sometime all legit transactions get blocked too ,seems like they have some automated AI blocking system.
If he is new , he need to find offline dealer and deal with him/her .
It is for them to accept payments from the West. You are 100% correct here. Now, every supplier I deal with accepts crypto. What they MUST do is cash it out to Yuan almost immediately (according to what they tell me and what I've witnessed). Going from Yuan to crypto is frowned upon as @bobby786 explained above. The general consensus is that they really have no reason to do this unless they are "fixing" to emigrate or skip on their taxes
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He can simply then follow the law, and send it to HK, then HK to an Exchange, Exchange to Crypto.
Seems pretty straightforward to me.
I imagine he has a wife/parents for the other 70,000$.
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 much legal, taxable income you have received in China.Aug 3, 2566 BE
Now if he was in HK, i'd take HKD bank transfer for crypto (50,000) if they came recommended and have source of wealth/funds (likewise would provide).
As HKD is handy to me in my onshore-HKD account as emergency medical fees.
Do you know exactly how they usually exchange it to yuan? P2P?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 crypto to Yuan 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 skip on their taxes
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