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Is it possible to do like this?

Work Bitch

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Jul 8, 2020
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I’m citizen of S.Korea and also living in.

In Korea crypto price is 10% higher than international price and i gain money by crypto arbitrage.

But the problem is we have limit of international transfer 50K USD per a year.
And it is so small for me.

so I considered about sending money to my dutch account on other’s name like my friends.
It worked fine but the money transfer company started doubting about purpose of money transfer.
Coz it isn’t allowed to send money abroad for crypto purchase.

So the solution now i think about is
I go abroad and withdraw money on ATM with my Korean bank card, and i deposit on that country’s bank account and buy crypto with p2p of binance.

Bank doesn’t report on tax authority when the money isn’t over 600 USD.
And actually in korea banks don’t care about what i’m doing with bank account.
So the problem is tax authority only.

Do you think it would work?
 
Why don't you use StableCoin for your Arbitrage Strategy?
It will work without any problem.
International Wire Transfer for Arbitrage ????
Sound risks?
Bank may freeze your account, accusing money laundering. Hope this help

P.S. I am not an expert nor a lawyer just share my thought.
Korean crypto platform i’m using doesn’t support Stablecoin. Coz if you buy Stablecoin and transfer to Binance (for example) and buy another coin and transfer to Korean exchange you can get 10%.

Korean banks don’t freeze any account coz of money laundering. Even illegal gamble websites are using personal account.

i’m asking about withdraw money abroad to buy coin and send to Korean exchange and sell.
Because of wire abroad limit and also avoid any doubts.
 

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