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Experiences with AML/KYC why the people need Cryptos to succeed.


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I did not have a chance to register to Bitkub yet. Everex is super fast and they don't even ask for your address. However it's more a transfer service than an exchange. They only use stablecoin. I do my trades on Binance, keep my assets on a hardware wallet and use Everex when I need fiat in my bank account. 

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Tayaout - Interesting.

 

So let me get this straight, correct me where I go wrong on this hypothetical scenario.

You transfer your home county fiat through your home country bank to Everex and they only require an email to set up the account? Will your home country bank question the transfer to this Everex account and where is the Everex account based? Say the transfer goes through successfully no questions asked and you buy USDC for example. You can then send the USDC to your own wallet and then use an exchange to get BTC ETH or whatever. Then simply send the exchanged coin back to your wallet?

Sounds a little too easy to believe? No hoops to jump through really? If it really is this straightforward wish I'd known this method before giving  all my private info to Bitkub. Just buy using my home currency no need for opening a dedicated Thai exchange account.

 

 

 

Edited by Conno
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OK did a bit more reading. Am I correct in saying you can only send the USDC to an approved exchange and not to a personal wallet first? If that the case that's where the AML/KYC rules come into play. The reason I say that is because some hot wallets also have an exchange function built into them.

Edited by Conno
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29 minutes ago, Conno said:

Tayaout - Interesting.

 

So let me get this straight, correct me where I go wrong on this hypothetical scenario.

You transfer your home county fiat through your home country bank to Everex and they only require an email to set up the account? Will your home country bank question the transfer to this Everex account and where is the Everex account based? Say the transfer goes through successfully no questions asked and you buy USDC for example. You can then send the USDC to your own wallet and then use an exchange to get BTC ETH or whatever. Then simply send the exchanged coin back to your wallet?

Sounds a little too easy to believe? No hoops to jump through really? If it really is this straightforward wish I'd known this method before giving  all my private info to Bitkub. Just buy using my home currency no need for opening a dedicated Thai exchange account.

 

 

 

I have only a Thai bank account. 

 

All my crypto assets were acquired long ago via mining and some purchase so I'm only cashing out when needed at this point. If you need Everex to transfer from your home country bank account then you need to acquire USDC directly via Coinbase, Binance, etc. I use Binance to convert BTC/ETH to USDC. 

 

Everex do require your passport and so does Binance. 

 

Everex is based in Singapore and seems to target Singapore, Malaysia and Thailand. 

 

Setting up an Everex account is very quick and simple compared to the report I read on Bitkub. 

 

 

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19 minutes ago, Conno said:

OK did a bit more reading. Am I correct in saying you can only send the USDC to an approved exchange and not to a personal wallet first? If that the case that's where the AML/KYC rules come into play. The reason I say that is because some hot wallets also have an exchange function built into them.

You can send USDC to any Ethereum address. It's an ERC20 token. I keep my USDC balance on a hardware wallet. You could get USDC without KYC/AML check via coinswitch.co for example but the fee is higher then using an exchange. 

Edited by Tayaout
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Thx for the clarification Tayaout. Ok I get it now, I can see why it is a good setup for someone in your position i.e. selling out. However I'm looking for the most private and secure method of buying in. Already sold half of my AML/KYC soul to the devil already so might as well stick with what I have. Did hear there's a cash to crypto ATM scheduled to be opening soon in the Pattaya area. That might be a more private approach unless these machines also require some form of ID?

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9 minutes ago, Conno said:

That might be a more private approach unless these machines also require some form of ID?

I used one a couple years ago in Bangkok and it did not require ID but fees are high. You should try to find a Bitcoin meetup then you could get Bitcoin directly from someone there. 

 

https://www.meetup.com/topics/bitcoin/th/bangkok/

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