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Best SETUP to cash out bitcoin (business)

moneyhoney

moneyhoney

Active Member
Aug 27, 2019
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#1
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Hi all,

it's difficult to find a solution to have a setup to cash out bitcoin related to an online business. One affiliation (gambling) convert the USD to BTC and then pays every month this way. I used to cash out to my corporate using Kraken+TW Germany, but I wasn't aware at the time TW doesn't allow cryptocurrency transactions (gambling neither btw).

I'm not looking for something like ADVCash (I wouldn't trust to keep a lot of money there), need something solid cause we are talking about important amounts.

Ideas?


Thanks ;)
 
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#2
moneyhoney said:
but I wasn't aware at the time TW doesn't allow cryptocurrency transactions
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Had not a negative response from them about that. Only that they don't support Crypto but not that they don't allow it. You may contact them about the same if you don't already did.

Do you plan to keep your money with any of the EMI's ? If so I understand that AdvCash may not suite you but otherwise they are a perfect tool.
 
#3
Admin said:
Had not a negative response from them about that. Only that they don't support Crypto but not that they don't allow it. You may contact them about the same if you don't already did.
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I'm sure when they read about crypto+gambling they are no-no. I had luck cause they checked my transactions but they didn't understand they were from Kraken, so they didn't take any action. But I cannot risk anymore.

Do you plan to keep your money with any of the EMI's ? If so I understand that AdvCash may not suite you but otherwise they are a perfect tool.
Click to expand...
I could move to a real bank account. Just if there is no link with crypto. So I could do Kraken->EMI->Bank account. But I'd need something in the middle really reliable (to spend with the bank as well) and with SWIFT.
 
#4
Setup a few personal bank accounts and swiftly sell BTC on P2P exchanges such as HodlHodl, which doesn't touch user funds and doesn't require identity verification by design. Splitting the sales into several accounts/countries makes it less likely they will ask about the origin/amount of the deposits. The deposits will be local, so they're also less risky.

Depending on where you open the accounts, you can make a profit by selling the BTC with a premium. Look at the situation in Argentina right now, for example, with a 20% premium over BTC/USD.

This takes some work but is fail proof.
 
#5
moneyhoney said:
I'm sure when they read about crypto+gambling they are no-no
Click to expand...

from my experience TW has to problem with gambling whatsoever (maybe depends on the nature of your business, license,...)
as already mentioned here a few times they also have no problem receiving crypto related money, they just don't support sending the money to exchanges
 
#6
void said:
from my experience TW has to problem with gambling whatsoever (maybe depends on the nature of your business, license,...)
as already mentioned here a few times they also have no problem receiving crypto related money, they just don't support sending the money to exchanges
Click to expand...
To be honest I didn't talk with them about it directly but on their terms I can read clearly:
"Any other type of businesses related to gambling, up to TransferWise’s own discretion." TransferWise - Send Money Abroad-Customer Agreement - TransferWise.com

The problem with these kind of "startups" are that you can have a green flag and a red one second after, it all depends on the discretion of the one taking care of the matter.

May I ask you what kind of experience you have with them about gambling?
 
#7
Outlander said:
Setup a few personal bank accounts and swiftly sell BTC on P2P exchanges such as HodlHodl, which doesn't touch user funds and doesn't require identity verification by design. Splitting the sales into several accounts/countries makes it less likely they will ask about the origin/amount of the deposits. The deposits will be local, so they're also less risky.

Depending on where you open the accounts, you can make a profit by selling the BTC with a premium. Look at the situation in Argentina right now, for example, with a 20% premium over BTC/USD.

This takes some work but is fail proof.
Click to expand...
It's hard to setup personal accounts around the globe like non-resident. And in my slim experience, banks are often asking now to tell them if you deal with crypto when opening the account.

I'd rather prefer to setup a company in a gambling friendly country and finding there a solution cause I'm not trying to hide the source or anything; it's all legit just annoying cause is gambling+crypto.
 
#9
moneyhoney said:
it's all legit just annoying cause is gambling+crypto.
Click to expand...

Sadly the words "gambling" and "crypto" together is where it ends consideration by most compliance officers regardless of nature of activity surrounding it :confused:.
 
#10
moneyhoney said:
It's hard to setup personal accounts around the globe like non-resident.
Click to expand...

It's not. At least not to the kind of people that come to this forum for solutions.

moneyhoney said:
And in my slim experience, banks are often asking now to tell them if you deal with crypto when opening the account.
Click to expand...

You're not supposed to tell anyone you're dealing with crypto. Occasional deposits in your account from other individuals don't have "Bitcoin" written on it.

moneyhoney said:
I'd rather prefer to setup a company in a gambling friendly country and finding there a solution cause I'm not trying to hide the source or anything; it's all legit just annoying cause is gambling+crypto.
Click to expand...

That will be hard. You can do the same that I described above, using your company account.
 
#13
Outlander said:
It's not. At least not to the kind of people that come to this forum for solutions.
You're not supposed to tell anyone you're dealing with crypto. Occasional deposits in your account from other individuals don't have "Bitcoin" written on it.

That will be hard. You can do the same that I described above, using your company account.
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I see your point but in the end, adding to crypto+gambling+selling on Localbtc to random guys.... It sounds making something already complicated even more risky. I used Localbtc in the past, then I heard all kind of stories about people being involved in drug deals in some levels cause you don't really know the other person and... I don't want to add stress to it, even if it may work.

Because the source is legit, I can prove it, I'd like a more "legit solution" as well, if it exists, not quite sure of it.
 
#14
Just an update, I asked to TW about cryptocurrency as well and here their reply:

Unfortunately, we cannot accept funds related to cryptocurrency. Also, our borderless accounts cannot accept funds from Kraken

From our AUP

  • Companies involved in the exchange or trading of cryptocurrencies, or any other virtual currencies.
    1. Including payments for the purpose of purchasing cryptocurrencies.
 
#15
TW might not transfer funds to Kraken, but would they know/refrain from wiring funds to Etana? Etana is a custodian agent that Kraken and other companies in the financial industry use for USD custody and transfers. They are not a cryptocurrency company.

Opinions?
 
#18
Outlander said:
2. You can make up another explanation, which is easy as Etana serves a range of exchanges and brokers not related to crypto.
Click to expand...

Ok but in worse case you are left having to lie with no paperwork. TW don't tend to listen to stories they want supporting paperwork.:confused:. But I guess I can agree with point one. Just make sure you have other EMI options if it all goes south quickly.
 
#19
Martin Everson said:
Couldn't TW then ask questions you can't answer?
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The point is still the same: it all depends on the person you are dealing with.

I had really huge transactions from Kraken to TW, they didn't ask anything. Then one day I wanted to update my office address, to keep all in order on the account, and while they were doing it, they asked me about the transactions. At that moment I didn't know (my bad!) TW didn't allow crypto, so I was a bit in panic but..... in the end, even if it was so clear the money was coming from Kraken, I found a way to be always generic and they didn't do anything (yes, I had a long talk all over the email).

But in the end, I stopped this method cause before or after, they realize it for sure.
 
#20
Martin Everson said:
Ok but in worse case you are left having to lie with no paperwork. TW don't tend to listen to stories they want supporting paperwork.:confused:. But I guess I can agree with point one. Just make sure you have other EMI options if it all goes south quickly.
Click to expand...

For point 2, sign up with some Forex broker that uses Etana, send them a few bucks every now and then, and use that as evidence if TW ever asks you what these transfers are for.
 
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