Crypto business: How to withdraw money from the platform?

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Quote from: MusaMohamed on January 06, 2024, 01:17:26 AM

Not all P2P platforms provide true Peer to Peer trading.

Many P2P platforms ask users to submit documents and complete KYC verifications before using account for trading. They can give you no KYC service but with very small account life-span trading limit that means very little for users. Hitting that limit, if you want to use your account for trading, submit KYC.

You are right. My understanding of peer to peer trading is that it should not involve a third party. As soon as there is a third party who has the power to hold and block the funds, as for KYC etc like the way Binance does it then it ceases to be a p2p trading platform

Bisq.network is a decentralized exchange that I would rate highly as a p2p exchange compared to Kucoin or Binance. The only problem with bisq is probably the low liquidity and the difficulty to set it up before trading.

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Quote from: passwordnow on January 06, 2024, 02:19:31 AM

One way is to hire some companies that can handle all of the processes of establishing their operations whether it includes headquarters or not on that offshore location. As long as you have money to pay for every cost, that's not a problem to a company that wants to get established in a certain country.

Are you in a country where crypto is banned? If not, start small and establish that business of yours and see what problems you'll face as you operate. And from there, that's how you deal with things, and don't think that you'll grow too big already as you start, take one step at a time and you'll be there eventually. If you don't want to have problems with dealing on these legalities, then you just might have to hire someone that shall do the thing for you but it's still different when you're the one who knows how to deal with these problems or knows the processes.

So, before diving into the international scene, start with your local area and do the business there.

The OP has big plans but those are the kind of questions they need to bring to an expert on the topic on their country, and probably they will need to help of lawyers and accountants that are experts on international law and those kind of services are not cheap, so while I understand the interest they may have on creating their own company and claim a share of the market for themselves, unless they contact the people that know how to do this they will get nowhere.

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But it is actually that simple. The reason you see Belize, Seychelles and even Singapore where all these crypto companies operate is because it's very easy to do, in a few days. You don't even need to be physically present.

Apart from P2P as hugeblack says, trust me, there are plenty of banks who will take the business. Private banks and family banks are as many in Belize Singapore etc. They will also intro you to private OTC

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One way is to hire some companies that can handle all of the processes of establishing their operations whether it includes headquarters or not on that offshore location. As long as you have money to pay for every cost, that's not a problem to a company that wants to get established in a certain country.

Are you in a country where crypto is banned? If not, start small and establish that business of yours and see what problems you'll face as you operate. And from there, that's how you deal with things, and don't think that you'll grow too big already as you start, take one step at a time and you'll be there eventually. If you don't want to have problems with dealing on these legalities, then you just might have to hire someone that shall do the thing for you but it's still different when you're the one who knows how to deal with these problems or knows the processes.

So, before diving into the international scene, start with your local area and do the business there.

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Quote from: borovichok on January 05, 2024, 04:51:12 PM

P2P have been made and put into existence on exchanges mostly in countries that have placed bans on crypto, P2P become very simple and served as a medium for funding and withdrawing from the market with ease efforts. The heavy transactions done on this exchange, some end up been the ultimate target of most of these fraudsters, they don't relent but focused on their prey. The market is strong enough to accommodate the present of any exchange that would be built into the system, be it the exchange that will be bigger 10x than Binance, it blockchain will run in the system.

Not all P2P platforms provide true Peer to Peer trading.

Many P2P platforms ask users to submit documents and complete KYC verifications before using account for trading. They can give you no KYC service but with very small account life-span trading limit that means very little for users. Hitting that limit, if you want to use your account for trading, submit KYC.

Help: A list of LocalBitcoin alternatives (P2P marketplaces)

Last two or three years, there are more centralized exchanges deployed P2P trading service because they saw chances to get new users, more money from it. Remember, they are centralized platforms and you can lose your bitcoin if they shut down services or are seized by governments.

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Quote from: logfiles on December 26, 2023, 06:30:47 PM

If you are keen enough, you will realize that most of them started to introduce pseudo or semi p2p platforms on their exchanges as regulations started to bite. Just take a look at Binance, Bybit, Houbi, Phemex etc you name it.

So that p2p part helps traders to easily deposit and withdraw in form of fiat minus linking the bank account directly to an exchange but rather just make it appear as though they are just normal transactions from one client to another.

P2P have been made and put into existence on exchanges mostly in countries that have placed bans on crypto, P2P become very simple and served as a medium for funding and withdrawing from the market with ease efforts. The heavy transactions done on this exchange, some end up been the ultimate target of most of these fraudsters, they don't relent but focused on their prey. The market is strong enough to accommodate the present of any exchange that would be built into the system, be it the exchange that will be bigger 10x than Binance, it blockchain will run in the system.

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Quote from: lfnxbtc on December 24, 2023, 08:56:55 AM

how do they convert the crypto earned through the platform into fiat and how do they withdraw it for themselves?

They can sell them using OTC market where it is easy to make deals to sell large amounts of Bitcoin to other CEXs or buyers. Suppose I want to create a platform and call it XYZ.COM:

- I will buy the domain.
- Ask the developers to build a central service to update the database balance.
- I will buy 50 cryptos from OTC market as 50 Bitcoin, 10 million USDT,...etc.
- Run exchange to exchange crypto reverse with depositors’ funds.

By the end of the month, the balance will be 55 Bitcoin, 4 million USDT,...etc. Then I will pay the expenses. Developers with USDT and buy the rest from the OTC market in an attempt to balance the balance. I withdraw the additional profits to my bank account.

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If you are keen enough, you will realize that most of them started to introduce pseudo or semi p2p platforms on their exchanges as regulations started to bite. Just take a look at Binance, Bybit, Houbi, Phemex etc you name it.

So that p2p part helps traders to easily deposit and withdraw in form of fiat minus linking the bank account directly to an exchange but rather just make it appear as though they are just normal transactions from one client to another.

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Quote from: lfnxbtc on December 24, 2023, 10:36:16 AM

But how can I withdraw the funds earned by the exchange and pay the subcontractors' invoices in FIAT currency when no bank is willing to sign an agreement or provide a bank account for my company, which is registered, for example, in Seychelles? How do other cryptocurrency companies, which also have offshore-registered businesses and no bank accounts, manage this situation when they need to pay for services in FIAT currency? I cannot describe this problem any clearer.

I've been reading about offshore bank accounts where people don't need to provide rigorous documents for opening new accounts, and the government also never scrutinizes such accounts unless some Interpol asks them to do so. Are you sure it is impossible to open an account there? Why do you assume no banks offer a service for you anyway just because you own shell companies? If you don't plan on giving up any personal data then there is no other way except doing P2P. You can probably ask their support if you want to know in detail how those owners operate, although the chance they will answer truthfully is quite low. At best they'll claim they are registered and do their business legally, even though they don't use a real document or use somebody else's ID to register their bank and company ID. CMIIW.

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This example illustrates the situation - I have opened a cryptocurrency exchange where I conduct crypto-to-crypto trading. The trading has been going well, and let's say I have earned 120 BTC, which I now have in my cryptocurrency wallet.
However, I need to pay my employees in FIAT currency, not BTC. Subcontractors invoice their services in FIAT currency, not BTC, and let's assume I have a total of 100 BTC worth of invoices to pay in FIAT currency, leaving me with 20 BTC in surplus. But how can I withdraw the funds earned by the exchange and pay the subcontractors' invoices in FIAT currency when no bank is willing to sign an agreement or provide a bank account for my company, which is registered, for example, in Seychelles? How do other cryptocurrency companies, which also have offshore-registered businesses and no bank accounts, manage this situation when they need to pay for services in FIAT currency? I cannot describe this problem any clearer.

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Quote from: lfnxbtc on December 24, 2023, 06:41:46 AM

How is this issue resolved to ensure safety and enable the withdrawal of earned cryptocurrencies from the platform? Thanks for help

If you want to develop your business and you wish to receive payments in the form of digital currency such as Bitcoin, of course you can use the method below.

Quote

How to Accept Bitcoin Payments For Your Store
Person-to-Person Payments.

The easiest way to accept bitcoin payments is in person, simply by having your customers send the correct amount of bitcoin (BTC) to your digital wallet. This is similar to considering it a cash payment.

This can be done via many smartphone apps, such as the Bitcoin Wallet app by Andreas Schildbach, on Android. There is also an option available in the Windows Phone app store for users of that OS.

Or you can do another method as in the source below.
* How to Accept Crypto Payments as a Business

From the information above and if you want to trade in your business without a bank or account, the important thing is that you have a bank account to withdraw your digital currency, your customers just need to pay you with Bitcoin or other types of crypto, they don't have to have a bank account, they just have to have a Bitcoin Wallet.

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I believe there is a way for popular cryptocurrency companies operating in offshore jurisdictions and avoiding traditional banks due to unclear regulations and potential bending of rules in their service provision to withdraw their earnings. These companies have multimillion-dollar market capitalizations, so it seems impossible for them to withdraw earnings from their projects into personal accounts, as it would quickly risk triggering a tax audit and, consequently, problems.

I want to open a crypto company in an offshore market, but I don't know how I can 'legally' withdraw my profits since I can't have a bank account for this company. Maybe someone creative has experience in this matter and would be willing to help or point me in the right direction?

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Quote from: lfnxbtc on December 24, 2023, 08:56:55 AM

Thank you for the response; I'm more interested in the owners of these companies - how do they withdraw their earned crypto on the platform since they can't directly withdraw it to a bank? Let's say platform X has earned a certain amount of money (crypto) from cryptocurrency exchange services and would like to realize their profits, but the company doesn't have its own bank account, so how do the owners pay themselves, for example, profits or salaries? In addition to their profits, they have to pay their employees, blockchain developers, cover server maintenance costs in fiat currency, and so on. So, how do they convert the crypto earned through the platform into fiat and how do they withdraw it for themselves?

If the company not has the own Bank you can use third party way selling bitcoin fund by P2P transaction, but I don't see available with fund based on company how to verify with exchange account. For paying employer service seems sending trough wallet still available but if your decision want to withdraw become cash money through the bank seems difficult if your business not linked as personal account.
Need to build one trusted account and withdraw from business wallet to exchange account but with personal or individual account registering, maybe use third party is the last option way but difficult to see who has most trusted side for withdrawing funds of cryptocurrency wallet to be fiat or cash money.

lfnxbtc

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Thank you for the response; I'm more interested in the owners of these companies - how do they withdraw their earned crypto on the platform since they can't directly withdraw it to a bank? Let's say platform X has earned a certain amount of money (crypto) from cryptocurrency exchange services and would like to realize their profits, but the company doesn't have its own bank account, so how do the owners pay themselves, for example, profits or salaries? In addition to their profits, they have to pay their employees, blockchain developers, cover server maintenance costs in fiat currency, and so on. So, how do they convert the crypto earned through the platform into fiat and how do they withdraw it for themselves?

hugeblack

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Mostly, these companies do not need a bank account, but rather a license to establish a company and pay some financial obligations, as their work is mainly as a cryptocurrency platform where you can exchange Bitcoin for cryptocurrencies without the possibility of withdrawing to the bank account. you will find that they rarely accept cash or deal with a bank account payment processor. .

lfnxbtc

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Hello everyone!

I've recently started delving into cryptocurrency-related legal regulations. I wanted to start my own small business in this field, but I encountered a certain problem. Most crypto companies operate their headquarters in secure, unregulated jurisdictions like Seychelles, Belize, and similar exotic destinations. This would be understandable if it were that simple. However, when setting up a company in an exotic offshore location, no bank will open an account for such activity, let alone accept cryptocurrency from crypto exchanges or direct crypto payments. This raises the question for me - how do such companies operate? How is this issue resolved to ensure safety and enable the withdrawal of earned cryptocurrencies from the platform? Thanks for help

Topic: Crypto business: How to withdraw money from the platform? (Read 190 times)