remitano - p2p - unkown

[wellington]

Came across this earlier : never heard of but appears to be p2p replacement for that p2p exchange that collapsed (forget its name) for p2p people to review.

https://remitano.com/usdt/global/sell

 

[Martin Everson]

They have been around for a while. I talked about them below back in 2021. It is the place to go to get around capital controls using crypto if your from a developing country.

https://www.offshorecorptalk.com/th...ey-out-of-nigeria-to-europe.32197/post-160867

 

[wellington]

Problem is, you never really know if the seller is laundering, or the buyer etc.

I remember reading a article a few years ago where someone was arrested for money laundering (locally) because they did a p2p transaction with a criminal (fraud company).

 

[Martin Everson]

Yeah you got a point. It could get much worse if ISIS was your counter-party .

 

[TracaChang]

Yeah, you never know if the seller is a criminal or BTC is stolen, you could be buying stolen BTC on a KYC exchange this year, since more than 40K bitcoins are going to be sold and they come from Silk Road seized funds.

 

[Liam13]

Yeah you got a point. It could get much worse if ISIS was your counter-party .

I just wrote a post about this issue one hour ago. I found a P2P who can send me fiat from Dubai but I am scared about the individual who sends me this + how to justify it to the bank (I am also considering crypto to avoid having an unknown guy touching my bank account but still the question about justifying to the bank, knowing that the transaction is done in cash from my end to buy crypto or USD so as not to leave any trace of dealing with black market)

 

[wellington]

I just wrote a post about this issue one hour ago. I found a P2P who can send me fiat from Dubai but I am scared about the individual who sends me this + how to justify it to the bank (I am also considering crypto to avoid having an unknown guy touching my bank account but still the question about justifying to the bank, knowing that the transaction is done in cash from my end to buy crypto or USD so as not to leave any trace of dealing with black market)

If you do P-2-P you should do it in a public space (bank foyer) and in cash.

You can then deposit the funds into the bank there and then and you don't have your account linked to theirs, which may at one point have been linked to someone or something that could be criminal.

i.e perhaps somewhere in a past transaction with funds they've received over a period of time, there's one transaction related to illicit finance.

In the banking industry this would go through checks and balances, but in the crypto industry wallets or crypto accounts are routinely frozen (then one has to provide evidence of innocence).

 

[Liam13]

I was referring to P2P from local currency (in cash) to USD/AED (through wire transaction, not possible to deposit in cash, it is illegal to have hard currency), I hope the issue is clearer. I cannot deposit anything in cash, hence crypto or wire from Dubai

 

[wellington]

In Dubai - Cash is illegal?

News to me, thought Brits were flying over with suitcases full of cash....

How much cash can you deposit in UAE?

The daily cash deposit limit at CDMs and ITMs is AED 100,000 for individuals and AED 500,000 for non-individuals. The machine will alert you if you're attempting to deposit more than this amount.

 

[JackAlabama]

In Dubai - Cash is illegal?

News to me, thought Brits were flying over with suitcases full of cash....

How much cash can you deposit in UAE?

The daily cash deposit limit at CDMs and ITMs is AED 100,000 for individuals and AED 500,000 for non-individuals. The machine will alert you if you're attempting to deposit more than this amount.

depending on your standing with the bank etc, they will start to send friendly emails asking whatsup if this happens frequently.

 

[wellington]

Well, if he can show the source of wealth for his own funds, then he should have no issues...

you will always need paper-trails, i thought the issue was where it involves P2P and the concern about being associated with potentially problematic funds multiple people away from the transaction.

FYI why not just use a Crypto off-ramp or OTC?

How much money are we talking about here?

 

[Liam13]

Thank you for your help, here is my issue from my other post
"What I am struggling with right now: As I said my revenue is 100% coming from clear and low risk sources (consulting with listed western companies..). However, I recently got an inheritance. Good news right? Yes but it is not in hard currency, it is basically a lot of local currency cash stuck in a bank/country with strict capital controls. For those unfamiliar with this issue, it is basically impossible to convert the bank balance into any hard currency (usd, eur etc) as an individual. Maybe you are allowed to convert 10k usd a year and there is no authorized crypto exchnage. I am trying to convert around 300k USD! The options I found for now are: 1) going through (illegal) crypto P2P exchange in cash 2) going through (illegal) black market broker in CASH who can convert it and send me the equivalent in AED to my bank account. I am trying to figure out the conversion part but my question is where to send that crypto/fiat once it is converted into USD or AED. The bank will ask me about the origin, which I can justify (inheritance) but it is hard to trace as the transfer to the broker or to the P2P is done in cash. Also option 2 means I will get the amount from a random (high risk?) dude in Dubai that is part of the brokerage network. I doubt whether my bank will be thrilled to learn about my scheme. Although, as I said, most people in Africa , Asia (china, vitenam etc) and Latin America (Argentina etc) deal with these kind of capital controls to a smaller or larger extent."

 

[wellington]

What's the source country.

With that i can probably add some solid input.

 

[Liam13]

The inheritance/ original bank balance is in Tunisia (North Africa) but I am EU citizen and resident in EU, and my typical current account is in EU.
There is no way to transfer the money out through official means (I can refer you to central bank regulations), hence going though informal crypto (that was made illegal a couple of years ago) P2P or through an informal FX broker (that will send me the equivalent from Dubai). It has to be done in cash, so there will be a "gap" in my source of fund, let alone the P2P wallet or bank account that might be high risk (as I describe d above).

 

[wellington]

Well i don't see the issue.

Tunisia isn't sanctioned the last time i checked.

You should be able to trade into USDT (or similar) in Tunisia (minus a fee as people want USDT there rather than local currency for savings against domestic inflation).

You can then simply move said funds outside of the capital controls (capital controls violations are nothing to worry about unless you are dealing with a country you are resident or intend to be resident of in the future) and simply move the funds to swissborg in one lump sum or over numerous transactions as and when you need *you have the paper-trail to prove source of wealth and Europe doesn't give a s**t about capital control violations when the funds are coming inwards*, pay your tax and and live life merry there after.

Don't see the issue, or the reason to do into Dubai (unless buying something there - property etc) OR tax evasion which makes this attempt 'money laundering'.

*****

You mention Gap, there is no gap.

You have x inheritance in x country, you move said funds into x currency and then x country then x country then x currency. you just show x amount TND -fees/transfers/route = funds deposited in to Europe.

The process of moving through from a-z is irrelevant. Do you get asked every time you send say TND to EUR to the EUR to pay for something on Amazon even though it's gone through multiple transactions, and multiple currency conversions? - No.
Because then it goes TND -> $ (Tunisia Central Bank) -> $----$ New York SDNY -----> EUR European Central Bank -> Domestic Bank in Europe.

 

[Martin Everson]

The inheritance/ original bank balance is in Tunisia (North Africa) but I am EU citizen and resident in EU, and my typical current account is in EU.
There is no way to transfer the money out through official means (I can refer you to central bank regulations), hence going though informal crypto (that was made illegal a couple of years ago) P2P or through an informal FX broker (that will send me the equivalent from Dubai). It has to be done in cash, so there will be a "gap" in my source of fund, let alone the P2P wallet or bank account that might be high risk (as I describe d above).

This is why crypto is so popular in China and Nigeria etc because of currency controls. Unfortunately evading foreign capital controls is not gonna sit well with many foreign banks even if you explain to them your actions. They will not want to be abetting your actions.

 

[wellington]

** Just an FYI no country gives a hoot about other countries capital controls as long as said funds are not coming from Western Countries.

Because the funds for example, coming from China into the US are invested into the economy and raise GDP.

They have issues with Capital Controls 'going out' of their system.

Its why the US is the biggest capital control (money laundering if you like) black hole in the world.

This is why crypto is so popular in China and Nigeria etc because of currency controls. Unfortunately evading foreign capital controls is not gonna sit well with many foreign banks even if you explain to them your actions. They will not want to be abetting your actions.

If they are in the middle of the transaction and have a correspondong account in the country - certainly.

 

[Liam13]

Thank you so much for your support and explanation.
Yes, I am exploring USDT and I have identified vendors there. For some reason, I was paranoid about justifying those USDT to the bank later, because I am doing the P2P in cash. I know they don't care about capital controls but you know how some banks are lazy and they just decide to freeze the account if it is used in "unexpected" ways.
For Dubai: it was a solution proposed by an FX informal broker (not crypto): you give the money in cash and he sends the equivalent from "a friend" in Dubai. Sort of P2P, but the source of hard currency comes from Dubai. I hope it clarifies.

 

[wellington]

By TND -> USDT -> USDT ------> SwissBorg ->>>>EUR -> EURO account you remove the corresponding banking risk.

The risk has moved to USDT.

Thank you so much for your support and explanation.
Yes, I am exploring USDT and I have identified vendors there. For some reason, I was paranoid about justifying those USDT to the bank later, because I am doing the P2P in cash. I know they don't care about capital controls but you know how some banks are lazy and they just decide to freeze the account if it is used in "unexpected" ways.
For Dubai: it was a solution proposed by an FX informal broker (not crypto): you give the money in cash and he sends the equivalent from "a friend" in Dubai. Sort of P2P, but the source of hard currency comes from Dubai. I hope it clarifies.

Dubai complicates this and makes it look like laundering.

Just speak to Swissborg, explain wealth before deposit, get ok - wealth coming from inheritance, paperwork to support, have a lawyer if needs be.

Move said funds out, into Euro's -> declare -> pay tax.

End of discussion.

I guess we can say capital control violations are 'soft-laundering', most western nations seem content with that as long as it's inwards bound.

It's what drives the American/European dream... peasants from far flung places bringing their capital in and adding to the demographics...

You think cubans carried boat loads of cash when they left castro and co? no they wore gold, and used money movers in the middle..

USDT removes that for what its worth, and enables authorities to see into that 'industry'.

 

[Liam13]

Makes sense, thanks! It seems to me that indeed EU countries don't care much about capital controls: real estate developers in Cyprus accept payments in crypto, and the representative told me it was mainly for the Chinese. Also Portugal accepts bitcoin payment for real estate investments --> actually I am sometimes wondering whether it is just easier to use the USDT to buy real estate or precious metal directly with crypto (many "platforms" out there) without going through the SwissBorg and Bank hassle. any thoughts?
Ok so to summarize:
- no need to change banks necessarily
- my chain might work
- use Swissborg
- pay taxes
- avoid Dubai source
- lawyer --> any recommendation?
Thanks!!!

This is why crypto is so popular in China and Nigeria etc because of currency controls. Unfortunately evading foreign capital controls is not gonna sit well with many foreign banks even if you explain to them your actions. They will not want to be abetting your actions.

Any experience with this or just assuming? ( and could be true as it is just easier for them to close than to understand a complex situation involving P2P)