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Question High volume fiat to crypto

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zabrii

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Apr 12, 2022
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#1
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Hi everybody,

Let me introduce myself: I'm a jeweller / gold trader working out of Turkey. I've been buying and selling usdt for cash here. And viceversa.
Never bought usdt with a bank account.

A customer of mine has a high volume of fiat (euro) every week with which he wants to buy crypto (usdt).
The money is in his company bank account: Italy SRL.
His company is a gold trading / general trading company.

The volumes are 500k - 1.5m weekly. These numbers are not so high for gold business but I've never done crypto through bank. So please help me choose what is best.

Multiple scenarios:
1. He sends the euro to my Turkish company (gold trading), Turkish bank. I can withdraw the money from the bank, I buy usdt with cash (quite a high percentage to buy usdt for cash). So this option is not very preferable. I will need to export jewelry to his Italian company as well. But no problem I will manage the export.

2. I have a Czech company as well. No bank account. Can open a bank account? Need bank that doesn't make problems when depositing to Kraken? 3SMoney? Any other suggestions?

3. I can set up a crypto company in another jurisdisction: Dubai? BVI? Estonia?
Following the company set up, I will need to set up a bank account. 3SMoney? Other?

Since Kraken is using a BVI company. I'm considering going that route.

The final destination for the usdt will be a cold-storage wallet Ledger Nano X.
And rinse and repeat.

I'm a citizen of France + Turkey (dual citizenship). I'm residing in Dubai for the moment.

I would appreciate any and all help.

Thanks a lot!
 
#2
zabrii said:
I have a Czech company as well. No bank account. Can open a bank account? Need bank that doesn't make problems when depositing to Kraken?
Click to expand...
if you have French passport and existing Czech company (s.r.o. I presume) then you should have no problem to open an account in most banks if you're a director and only (or major) shareholder

I don't know about Czech bank that officially supports crypto but fio.cz is a relaxed one, crypto is not allowed there but restrictions are not enforced (tested with Kraken)
 
#4
zabrii said:
The flow will always be one-way. Company bank account fiat - crypto - withdraw from Kraken to cold wallet.
Don't you think Kraken will block my account? If I'm trading in high volumes.
Click to expand...
Kraken won't bother you, unlike these regulated shitchanges like Bitpanda. Kraken personal account won't be able to absorb your in-out volume, you would need a corp. account or hit them up and go through their OTC desk.
 
#8
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#9
zabrii said:
Hi everybody,

Let me introduce myself: I'm a jeweller / gold trader working out of Turkey. I've been buying and selling usdt for cash here. And viceversa.
Never bought usdt with a bank account.

A customer of mine has a high volume of fiat (euro) every week with which he wants to buy crypto (usdt).
The money is in his company bank account: Italy SRL.
His company is a gold trading / general trading company.

The volumes are 500k - 1.5m weekly. These numbers are not so high for gold business but I've never done crypto through bank. So please help me choose what is best.

Multiple scenarios:
1. He sends the euro to my Turkish company (gold trading), Turkish bank. I can withdraw the money from the bank, I buy usdt with cash (quite a high percentage to buy usdt for cash). So this option is not very preferable. I will need to export jewelry to his Italian company as well. But no problem I will manage the export.

2. I have a Czech company as well. No bank account. Can open a bank account? Need bank that doesn't make problems when depositing to Kraken? 3SMoney? Any other suggestions?

3. I can set up a crypto company in another jurisdisction: Dubai? BVI? Estonia?
Following the company set up, I will need to set up a bank account. 3SMoney? Other?

Since Kraken is using a BVI company. I'm considering going that route.

The final destination for the usdt will be a cold-storage wallet Ledger Nano X.
And rinse and repeat.

I'm a citizen of France + Turkey (dual citizenship). I'm residing in Dubai for the moment.

I would appreciate any and all help.

Thanks a lot!
Click to expand...
Forget about Turkish banks. They become less and less tolerant day by day to cryptos.

Czech banking is not a valid option for your setup as well. Czech banks don't work with cryptos and you would have hard times opening local business bank account if you don't have any Czech substance.

Don't bother yourself with opening a BVI company, you would be extremely lucky with your current business ops if you can get ANY banking for your company in the end.

I'll PM you a few suggestions about regulated options now :)
 
#11
zabrii said:
Hi everybody,

Let me introduce myself: I'm a jeweller / gold trader working out of Turkey. I've been buying and selling usdt for cash here. And viceversa.
Never bought usdt with a bank account.

A customer of mine has a high volume of fiat (euro) every week with which he wants to buy crypto (usdt).
The money is in his company bank account: Italy SRL.
His company is a gold trading / general trading company.

The volumes are 500k - 1.5m weekly. These numbers are not so high for gold business but I've never done crypto through bank. So please help me choose what is best.

Multiple scenarios:
1. He sends the euro to my Turkish company (gold trading), Turkish bank. I can withdraw the money from the bank, I buy usdt with cash (quite a high percentage to buy usdt for cash). So this option is not very preferable. I will need to export jewelry to his Italian company as well. But no problem I will manage the export.

2. I have a Czech company as well. No bank account. Can open a bank account? Need bank that doesn't make problems when depositing to Kraken? 3SMoney? Any other suggestions?

3. I can set up a crypto company in another jurisdisction: Dubai? BVI? Estonia?
Following the company set up, I will need to set up a bank account. 3SMoney? Other?

Since Kraken is using a BVI company. I'm considering going that route.

The final destination for the usdt will be a cold-storage wallet Ledger Nano X.
And rinse and repeat.

I'm a citizen of France + Turkey (dual citizenship). I'm residing in Dubai for the moment.

I would appreciate any and all help.

Thanks a lot!
Click to expand...
oh I am in Dubai by 7th can meet up if you like.
 
#13
zabrii said:
Hi everybody,

Let me introduce myself: I'm a jeweller / gold trader working out of Turkey. I've been buying and selling usdt for cash here. And viceversa.
Never bought usdt with a bank account.

A customer of mine has a high volume of fiat (euro) every week with which he wants to buy crypto (usdt).
The money is in his company bank account: Italy SRL.
His company is a gold trading / general trading company.

The volumes are 500k - 1.5m weekly. These numbers are not so high for gold business but I've never done crypto through bank. So please help me choose what is best.

Multiple scenarios:
1. He sends the euro to my Turkish company (gold trading), Turkish bank. I can withdraw the money from the bank, I buy usdt with cash (quite a high percentage to buy usdt for cash). So this option is not very preferable. I will need to export jewelry to his Italian company as well. But no problem I will manage the export.

2. I have a Czech company as well. No bank account. Can open a bank account? Need bank that doesn't make problems when depositing to Kraken? 3SMoney? Any other suggestions?

3. I can set up a crypto company in another jurisdisction: Dubai? BVI? Estonia?
Following the company set up, I will need to set up a bank account. 3SMoney? Other?

Since Kraken is using a BVI company. I'm considering going that route.

The final destination for the usdt will be a cold-storage wallet Ledger Nano X.
And rinse and repeat.

I'm a citizen of France + Turkey (dual citizenship). I'm residing in Dubai for the moment.

I would appreciate any and all help.

Thanks a lot!
Click to expand...
Looks like money laundering, especially in Italy...
 
#14
zabrii said:
Hi everybody,

Let me introduce myself: I'm a jeweller / gold trader working out of Turkey. I've been buying and selling usdt for cash here. And viceversa.
Never bought usdt with a bank account.

A customer of mine has a high volume of fiat (euro) every week with which he wants to buy crypto (usdt).
The money is in his company bank account: Italy SRL.
His company is a gold trading / general trading company.

The volumes are 500k - 1.5m weekly. These numbers are not so high for gold business but I've never done crypto through bank. So please help me choose what is best.

Multiple scenarios:
1. He sends the euro to my Turkish company (gold trading), Turkish bank. I can withdraw the money from the bank, I buy usdt with cash (quite a high percentage to buy usdt for cash). So this option is not very preferable. I will need to export jewelry to his Italian company as well. But no problem I will manage the export.

2. I have a Czech company as well. No bank account. Can open a bank account? Need bank that doesn't make problems when depositing to Kraken? 3SMoney? Any other suggestions?

3. I can set up a crypto company in another jurisdisction: Dubai? BVI? Estonia?
Following the company set up, I will need to set up a bank account. 3SMoney? Other?

Since Kraken is using a BVI company. I'm considering going that route.

The final destination for the usdt will be a cold-storage wallet Ledger Nano X.
And rinse and repeat.

I'm a citizen of France + Turkey (dual citizenship). I'm residing in Dubai for the moment.

I would appreciate any and all help.

Thanks a lot!
Click to expand...
Interested.DM Me.
 
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