Aston & Williams Offshore Company, Trust and Bank
Turner Little - Company Formation Agents
Gift Card Payment gateway
DLS Dubai - Company Formation & Bank Account

Exchange crypto to FIAT without triggering authorities

CALL US ON +971 50 4467827 - TO SETUP YOUR NON-CRS COMPANY STRUCTURE IN DUBAI.

michael2137

New member
Hey I have no real experience with cryptocurrencies (apart from using it to pay for minor services like VPN) so excuse me if I ask dummy questions. I found my old paxful account that I used 5 years ago and its balance grew to 16.5k $.
I were hotheaded and withdrew it from paxful to my crypto exchange account (which is verified with my ID and real details).
How should I exchange these funds into FIAT without getting into trouble?

This exchange works with a payment provider - when I withdraw from them you can't tell transfer came from crypto exchange, it looks like withdrawal from stripe or paypal, they are registered in malta too

So I was thinking of 2 options ( I want to sell my bitcoin as soon as possible - I'm afraid it will drop soon)
1. Exhange all my BTC to fiat on that exchange then withdraw bit by bit (I run online business and I receive withdrawals from different sites and these crypto withdrawals should "blend in")
I feel kind of uncomfortable having 17k $ on this exchange though, I know I'm small fish compared to others but still, this exchange doesnt have good reputation (bitbay.pl)

2. Exchange it into cash at different bitcoin ATMs (that would cost around 5% fee). Then use that cash to pay for things and also deposit bit by bit into my bank account
Do these ATMs keep record of withdrawals and report it somewhere? I would hide my face of course

Also can receiving bitcoin transfer into my KYC confirmed wallet put me into trouble? If I were to use second option I would do exchange wallet -> X wallet -> ATM
What bitcoin wallet is recommended for safety? blockchain? I have no idea

So which option is more safe? Maybe you could recommend some other option? ( I run online business as previously mentioned and might be controlled by tax authorities soon)
I want to sell my BTC asap and I don't feel comfortable with holding things like usd tether
I live in Poland, I think the crypto regulations are less strict here than in western europe but still I need to be careful
 

VESTANON

Virtual Crypto Cards-Verified Banking/EMI Services
Silver Member
At Op, using your Paxful acct initially to exchange your btc into fiat, would have been the easiest route as many offers exist on paxful for crypto into fiat options..paxful has offers for btc into your bank accts/paypal/wallets etc...cig-:,

Other members could also advice other options
 

michael2137

New member
I read here that EMIs like TransferWise or Revolut are not crypto friendly, maybe if I do small amounts across many different EMI accounts?? for example 3k$ to transferwise and 3k$ to revolut? As I said transfers come from payment processor. I've used transferwise and revolut and I have some trust in it, I heard advcash is crypto friendly but I don't feel comfortable using it I feel like they will ban me for no reason and I heard its fee is high
 

VESTANON

Virtual Crypto Cards-Verified Banking/EMI Services
Silver Member
I read here that EMIs like TransferWise or Revolut are not crypto friendly, maybe if I do small amounts across many different EMI accounts?? for example 3k$ to transferwise and 3k$ to revolut? As I said transfers come from payment processor. I've used transferwise and revolut and I have some trust in it, I heard advcash is crypto friendly but I don't feel comfortable using it I feel like they will ban me for no reason and I heard its fee is high
EMIs functionality reliability etc, are quite tricky, what works today, might not be applicable the next day...with your experience with TW & REV

Try out small amounts on your preffered EMI and notice the feedback,record transaction fees,amount of time to get your cash out...my advice as you mentioned earlier get a Cold wallet and move your crypto into it...

EMIs are quite unstable..cig-:,
 

michael2137

New member
At Op, using your Paxful acct initially to exchange your btc into fiat, would have been the easiest route as many offers exist on paxful for crypto into fiat options..paxful has offers for btc into your bank accts/paypal/wallets etc...cig-:,

Other members could also advice other options
Thanks for your advice, I'd rather stay away from paxful they banned one of my accounts for no reason already. Localbitcoins have good options but they require ID verification so I would rather avoid them as well. Don't have many options left...
Can someone advice if using that exchange where they have my ID and real details can cause any troubles? It would be the most convenient to exchange some part to cash through ATM and other part through that exchange to EMIs
 

michael2137

New member
Well what is less risky, using crypto exchange with ID verification or using localbitcoins with ID verification? My exchange is registered in Malta and localbitcoins is in Finland I believe
Also what is more risky receiving funds from uknown "payment processor" or from cash deposit
 

VESTANON

Virtual Crypto Cards-Verified Banking/EMI Services
Silver Member
Well what is less risky, using crypto exchange with ID verification or using localbitcoins with ID verification? My exchange is registered in Malta and localbitcoins is in Finland I believe
Also what is more risky receiving funds from uknown "payment processor" or from cash deposit
You could try out a crypto cashcard for atm withdrawals..that cuts the conversion steps and is longterm..
 

VESTANON

Virtual Crypto Cards-Verified Banking/EMI Services
Silver Member
Thanks for your advice, I'd rather stay away from paxful they banned one of my accounts for no reason already. Localbitcoins have good options but they require ID verification so I would rather avoid them as well. Don't have many options left...
Can someone advice if using that exchange where they have my ID and real details can cause any troubles? It would be the most convenient to exchange some part to cash through ATM and other part through that exchange to EMIs
The exchange with your ID could be your only option at the moment...though at anytime due to transactions carried, they could ask for more documentation..Exchanges/ EMI start requesting for additional dox typically after 1000$/5000$/10k$ threshold etc has been surpassed.cof%¤#
 

VESTANON

Virtual Crypto Cards-Verified Banking/EMI Services
Silver Member
Provide some feedback on the thread on how the various scenarios pans out, as you execute...
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
Do not send any payment from exchanges to Transferwise they will close your account.
 
DLS Dubai Company Formation and banking solution
Fast Offshore - Company Formations Since 1998

Latest Threads

DLS Dubai Company Formation and banking solution
Top