There is no EMI or bank that really supports crypto P2P - All Lies

[kariem08]

This is going to be my first post here, go easy on me.

So, to start of the short story i am based between the UK/Dubai like a lot of people on this forum i have been indulging in P2P crypto trading for the purpose of making profits. i usually last a week till one of my bank accounts get frozen and then locked permanently.

When i started looking more into P2P i realised that there are insane spreads in different parts of the world ( I'm talking 100% ROI PER TRADE). at first i thought this was obviously because capital restrictions or regulations around crypto in general in that country which would make sense for why people would pay such a high premium. In some cases that was the indeed the reason and in others there was no evidence of any restrictions as such.

So naturally i decided to look for EMI or banks which would support high trading volumes in different parts of the world weather it be based within the UK or offshore. I work within the investment industry so of-course i wouldn't let go of such a lucrative opportunity without making sure that there wasn't a solution i could find.

I know many people in this forum have some experience with P2P trading and the number 1 question i always see asked is which EMI/bank would be able to support it.

THERE ARE NONE - From the last several months of researching it seems i will always hit a brick wall, and heres why;

1) P2P crypto trading is categorised as high risk - meaning no bank wants to come near it
2) lets say u do find a bank which initially agrees - You will end up hitting a brick wall as you are now a suspect for laundering - Regardless of the business being completely legit unfortunately its a consequence.
3) Banks may support you at the start but once you start to scale up they will either leave you or start imposing restrictions on your account.

I have talked to countless consultancy and law firms- when i first talk to them they all have the same reaction saying its near impossible to find a service which you can send and receive money as a business near instantly in different parts of the world whilst doing this at a high frequency whilst also transacting with different people and banks through sending and receiving money on a daily basis.

So to conclude this short story, i would say do not really waste to much time trying to find a solution as i doubt you'll find any. Im only conveying this as i see so many people ask questions regarding P2P and supporting banks and wanted to give you a shortcut on what you'll likely stumble across.

 

[Gediminas]

Your title is wrong and I am living proof there are EMI's that support P2P crypto trading. It all depends on your setup and how capable you are to run operations in line with regulations.

Of course, all EMI's will deny yolo projects. That's what they are trained to do.

 

[JosephLL]

Excuse my ignorance, but what is "p2p crypto trading" ??

 

[369]

how much % are you willing to lose for exchanging money ?

 

[JohnnyDoe]

Your title is wrong and I am living proof there are EMI's that support P2P crypto trading. It all depends on your setup and how capable you are to run operations in line with regulations.

Of course, all EMI's will deny yolo projects. That's what they are trained to do.

Does Bankera allow this?

 

[Gediminas]

Does Bankera allow this?

yes. I have clients who got their accounts confirmed for P2P crypto trading.

 

[overnbeyond]

Does Bankera allow this?

AML Officer and KYC checks etc etc

 

[JohnnyDoe]

AML Officer and KYC checks etc etc

So not on a personal account?

 

[overnbeyond]

So not on a personal account?

not with high volume, it will be considered a business activity that you have to open a business account for where you must have AML and KYC checks in place.

 

[kariem08]

not with high volume, it will be considered a business activity that you have to open a business account for where you must have AML and KYC checks in place.

After you complete KYC and AML checks for your business there is not much you can do. You cannot choose who you deal with when it comes to p2p trading. Especially when you are trading your own money.

The only way i found to combat this problem is only dealing with people who have completed KYC and AML verification through the platform you decided to trade on. Wether that is sufficient enough with regulations is a whole different topic.

Does Bankera allow this?

Yes, Bankera from what i have read do allow this. However, you need to take fees into account. They charge fees for incoming and outgoing.

With P2P business being more reliant on high volumes rather than high margins it adds another barrier to the business. It nearly wipes out your margins within the countries they operate in.

 

[koohl]

Yes, Bankera from what i have read do allow this. However, you need to take fees into account. They charge fees for incoming and outgoing.

What are the fees? you can't have all for free.

 

[kariem08]

What are the fees? you can't have all for free.

No completely understandable but there is no point entering the venture when ur losing money either

 

[overnbeyond]

After you complete KYC and AML checks for your business there is not much you can do. You cannot choose who you deal with when it comes to p2p trading. Especially when you are trading your own money.

The only way i found to combat this problem is only dealing with people who have completed KYC and AML verification through the platform you decided to trade on. Wether that is sufficient enough with regulations is a whole different topic.

Platform verification is not enough !!!!

I would simply put it this way, YOU HAVE TO BE WELL ESTABLISHED and cut a deal with one of the EMIs for this business model to make sense.

I'll give you an example if you reach out to clear junction and partner up as an OTC desk, you have to be licensed and have your checks AML/CTF policies - Risk officers KYC, etc all in place, they won't make it easy on you, check your accounting and some nonsense + they need a % of incoming and outgoing trxs and they won't allow you to trade Stablecoins but the same EMI works with popular Estonian OTC that provides stable coin in p2p market, it's a dirty game!

 

[jjrapy]

Wasn’t crypto the holy grail for avoid intermediaries and bla bla? Long life to fiat as the queen passed out

 

[Cryptohodler]

When i started looking more into P2P i realised that there are insane spreads in different parts of the world ( I'm talking 100% ROI PER TRADE). at first i thought this was obviously because capital restrictions or regulations around crypto in general in that country which would make sense for why people would pay such a high premium. In some cases that was the indeed the reason and in others there was no evidence of any restrictions as such

Which P2P platforms did you use ? Paxful , binance, kucoin ? I have noticed Nigerian users on paxful will buy Bitcoin at twice its value in bulk if you accept payment in gift cards.how one can redeem those is a different matter.

 

[Tr0nad0r]

Does Bankera allow this?

When I asked them directly they said explicitly that they won't be able to onboard me if P2P trading was the intended activity for the account.

 

[kariem08]

Which P2P platforms did you use ? Paxful , binance, kucoin ? I have noticed Nigerian users on paxful will buy Bitcoin at twice its value in bulk if you accept payment in gift cards.how one can redeem those is a different matter.

That’s why they’re offering it at double because it’s hard To redeem. There is no true way to redeeming unless u find a gift card Market place or find a bulk buyer willing to take them from u at a set rate

Platform verification is not enough !!!!

I would simply put it this way, YOU HAVE TO BE WELL ESTABLISHED and cut a deal with one of the EMIs for this business model to make sense.

I'll give you an example if you reach out to clear junction and partner up as an OTC desk, you have to be licensed and have your checks AML/CTF policies - Risk officers KYC, etc all in place, they won't make it easy on you, check your accounting and some nonsense + they need a % of incoming and outgoing trxs and they won't allow you to trade Stablecoins but the same EMI works with popular Estonian OTC that provides stable coin in p2p market, it's a dirty game!

Yeah i found this model to be very very very lucrative but it’s not worth the headache and risk. You’ll constantly be a target for investigation and I’m assuming your going to face a hurdle at every single step. You’ll end up spending so much money just getting it up and running for it to stop after a week for “investigation and regulatory practices”

Wasn’t crypto the holy grail for avoid intermediaries and bla bla? Long life to fiat as the queen passed ou

I think they only solution to this is operating on stellar network and finding pre existing anchors and make ur own little emi but you can imagine how long that will take

 

[iansommersault]

hello all, if i have a company and i have clients who wants to pay me using crypto, is that considered P2P?

I am highly considering this model and so far all the FZ companies I spoke with said i can do whatever I want, like I can accept payments however I want.

What possible implications could I have? anyone doing same already?

thanks in advance for your answers.

 

[overnbeyond]

hello all, if i have a company and i have clients who wants to pay me using crypto, is that considered P2P?

I am highly considering this model and so far all the FZ companies I spoke with said i can do whatever I want, like I can accept payments however I want.

What possible implications could I have? anyone doing same already?

thanks in advance for your answers.

Exactly, I invoice my clients in usdt never an issue.

 

[Cryptohodler]

This is going to be my first post here, go easy on me.

So, to start of the short story i am based between the UK/Dubai like a lot of people on this forum i have been indulging in P2P crypto trading for the purpose of making profits. i usually last a week till one of my bank accounts get frozen and then locked permanently.

When i started looking more into P2P i realised that there are insane spreads in different parts of the world ( I'm talking 100% ROI PER TRADE). at first i thought this was obviously because capital restrictions or regulations around crypto in general in that country which would make sense for why people would pay such a high premium. In some cases that was the indeed the reason and in others there was no evidence of any restrictions as such.

So naturally i decided to look for EMI or banks which would support high trading volumes in different parts of the world weather it be based within the UK or offshore. I work within the investment industry so of-course i wouldn't let go of such a lucrative opportunity without making sure that there wasn't a solution i could find.

I know many people in this forum have some experience with P2P trading and the number 1 question i always see asked is which EMI/bank would be able to support it.

THERE ARE NONE - From the last several months of researching it seems i will always hit a brick wall, and heres why;

1) P2P crypto trading is categorised as high risk - meaning no bank wants to come near it
2) lets say u do find a bank which initially agrees - You will end up hitting a brick wall as you are now a suspect for laundering - Regardless of the business being completely legit unfortunately its a consequence.
3) Banks may support you at the start but once you start to scale up they will either leave you or start imposing restrictions on your account.

I have talked to countless consultancy and law firms- when i first talk to them they all have the same reaction saying its near impossible to find a service which you can send and receive money as a business near instantly in different parts of the world whilst doing this at a high frequency whilst also transacting with different people and banks through sending and receiving money on a daily basis.

So to conclude this short story, i would say do not really waste to much time trying to find a solution as i doubt you'll find any. Im only conveying this as i see so many people ask questions regarding P2P and supporting banks and wanted to give you a shortcut on what you'll likely stumble across.

I have dabbled in P2P previously.made decent returns.There are lot of factors to consider.like which P2P platform you use.what is your strategy.do you plan to buy on one platform and sell on another .Is your emi regulated to operate in the country where your P2P exchange is also regulated in ? Which is the country of residence of the users you transact with and what is the mode of payment chosen. This complicates P2P business. Most emi don't want this compliance headache.they shut you down. still, if you find a lucrative P2P strategy with high ROI per trade, it might be possible to work something out.like using multiple emi. Disguising the activity as something else.etc.I have done this before.you should share what exactly you want to achieve like which specific platform/s you want to trade in and which geographies.if you detail your strategy somewhat, many experienced P2P traders on this forum might help you out.