High Volume P2P Trade (US citizen) | Bitcointalksearch.org

malevolent

legendary

Activity: 3472

Merit: 1722

Quote from: LeGaulois on April 19, 2021, 11:13:50 AM

But since you're talking about high volume, the story may be a bit different and you may need the money transmitting business registration.
See this story for just $56,000 on LocalBitcoins (Michigan Man Charged for Unlawful Bitcoin Exchange) It's back in 2017 but still.

Most of these sound like people running a business (i.e. continuously buying and selling with markup), and that's where all the AML and other requirements come in. That also seems to have been the case here assuming no one's lying: https://www.morrisoncohen.com/siteFiles/files/2017_10_25%20-%20U_S_%20v_%20Stetkiw.pdf

He had the charges dropped: https://www.courtlistener.com/docket/6182321/15/united-states-v-stetkiw/

But the alphabay part and apparently also CP found on his computer could have complicated things. Don't have a Pacer account so can't access further details.

LeGaulois

copper member

Activity: 2940

Merit: 4101

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I don't see why it shouldn't be allowed.

When you make a profit you need to pay capital gain taxes, no matter if the profit is in USD, GBP, EURO, or another cryptocurrency. Bitcoin is considered property in The US, and people can exchange property for another property if they want.

But since you're talking about high volume, the story may be a bit different and you may need the money transmitting business registration.
See this story for just $56,000 on LocalBitcoins (Michigan Man Charged for Unlawful Bitcoin Exchange) It's back in 2017 but still.

As for the KYC, the minimum is asking the name/last name and proof of residence

21XO

jr. member

Activity: 57

Merit: 29

As a US citizen, are you allowed to do a crypto 2 crypto exchange with someone in another country without collecting KYC info? If not, what KYC info are you required to collect from them?

E.g. Bob, a US citizen, owns $100k worth of an illiquid altcoin that she wants to sell. Alice, a non US citizen or resident wants to buy for $100k worth of Bitcoin. Alex, also a US citizen, will be the escrow agent.

Topic: High Volume P2P Trade (US citizen) (Read 88 times)