My Crypto Arbitrage

[Smartmoney]

Hi guys.

I have a company which buys usdt in US and sells to various countries in the world for a higher rate in cash and we profit a good amount from the arbitrage

We are an it company so we dont show that we are purchasing the usdt for the arbitrage as the inital funds are recieved from another company in the same sector which inturn is used to buy the crypto, we dont receive the funds back from the end sale as its tough to bring the funds back from the sale country. We invoice the crypto to another company as a subcontractor mode of payment with 1% commision for subcontracting the work. What do you guys feel about this - any feedback will be appreciated

 

[scooterguy]

If my understanding of what you're doing is correct, I see a couple of issues here, such as undeclared crypto transactions and fake invoices.

Why not declare the crypto sale as a crypto sale, and make an invoice for selling crypto with a 1% commission?

 

[TheCryptoAnt]

Hi guys.

I have a company which buys usdt in US and sells to various countries in the world for a higher rate in cash and we profit a good amount from the arbitrage

We are an it company so we dont show that we are purchasing the usdt for the arbitrage as the inital funds are recieved from another company in the same sector which inturn is used to buy the crypto, we dont receive the funds back from the end sale as its tough to bring the funds back from the sale country. We invoice the crypto to another company as a subcontractor mode of payment with 1% commision for subcontracting the work. What do you guys feel about this - any feedback will be appreciated

Nigerian arbitrage?

Good luck, nobody has been able to scale this thing properly.

 

[void]

Good luck, nobody has been able to scale this thing properly.

I obviously don't know about this particular case however arbitrage schemes in world-wide scope work and present on of the greatest opportunities even for wider public without any technological advantage

 

[TheCryptoAnt]

I obviously don't know about this particular case however arbitrage schemes in world-wide scope work and present on of the greatest opportunities even for wider public without any technological advantage

word, not saying it dont work just saying that if he trying to do the BTC/NGN arb trade its difficult to scale cause moving Nairas/exchanging them for USD has red tape from here to Mars

 

[khinkali]

OK @Smartmoney you start with USD and you buy USDT using a second company. You sell that in various companies for local fiat. Notionally, you have already made the profit.

As you say, it's tough to bring the funds back from the sale country. So how do you get the local fiat money in country X back to the US in USD?

I was fascinated with the Kimchi premium in 2018 (after I had been working the Tom Yum premium in 2017). They are prosecuting 20 people currently.

‘$3.2bn’ Kimchi Premium Traders to Stand Trial

South Korean prosecutors will seek to convict 20 people for allegedly conducting $3.2billion worth of illegal crypto trades. Find out more!

cryptonews.com

The article says they were making fake purchases to get the money out of South Korea. I often wondered about buying electronics for KRW, selling them for USD to an American purchaser while the goods are in transit, to move the USD to BTC and back to KRW (with premium).