Hi all,
question into the round. Say one bets with agents using crypto as a payment method and makes decent profit.
What's a good off ramp for converting the withdrawed profits from crypto back into fiat (other than p2p cash)?
Are some of the on/off ramp exchanges (binance, wirex, coinbase etc) friendlier than others regarding incoming crypto deposits that originated from sportsbetting?
thanks in advance
Agents, crypto, fiat
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Wolfie
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Re: Agents, crypto, fiat
The problem is not sending crypto won from betting to crypto exchanges. The problem is withdrawing from the crypto exchange to the bank. With large sums you will have to justify it to the bank and the tax office. And i won it through crypto betting is not a simple answer.
- paul
- Gaining experience
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Re: Agents, crypto, fiat
that would be the next possible issue obviously.
Doesn't the whole "cold wallet" thing fall under this as well? If you dont hold crypto exclusively on an exchange, don't you face the same possible issue once you move it back to an exchange to turn it into fiat?
Doesn't the whole "cold wallet" thing fall under this as well? If you dont hold crypto exclusively on an exchange, don't you face the same possible issue once you move it back to an exchange to turn it into fiat?
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apoel81
- Pro
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When i tried to withdraw from exchange to bank, transaction rejected from bank as offshore gambling is illegal.
If anyone can suggest an online bank that accept such transactions, let us know.
Re: Agents, crypto, fiat
Same situation here.Wolfie wrote: ↑Mon Apr 24, 2023 2:32 pmThe problem is not sending crypto won from betting to crypto exchanges. The problem is withdrawing from the crypto exchange to the bank. With large sums you will have to justify it to the bank and the tax office. And i won it through crypto betting is not a simple answer.
When i tried to withdraw from exchange to bank, transaction rejected from bank as offshore gambling is illegal.
If anyone can suggest an online bank that accept such transactions, let us know.
- campeones
- To become a Pro
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Re: Agents, crypto, fiat
e-wallets-and-crs-t3651/page360.html?hilit=CRS#p91858
I m afraid your only option is a cold wallet and cash market.
I m afraid your only option is a cold wallet and cash market.
- paul
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Re: Agents, crypto, fiat
would you say that once one goes cold wallet, it necessitates cash market for fiat afterwards?campeones wrote: ↑Tue Apr 25, 2023 4:17 pme-wallets-and-crs-t3651/page360.html?hilit=CRS#p91858
I m afraid your only option is a cold wallet and cash market.
- cortomaltese
- Pro
- Karma: 33
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Re: Agents, crypto, fiat
What about so called internet banks? Revolut , n26 etc? Also you can always cash out via "crypto" cards both physical and virtual , small amounts thoughapoel81 wrote: ↑Tue Apr 25, 2023 8:29 amSame situation here.Wolfie wrote: ↑Mon Apr 24, 2023 2:32 pmThe problem is not sending crypto won from betting to crypto exchanges. The problem is withdrawing from the crypto exchange to the bank. With large sums you will have to justify it to the bank and the tax office. And i won it through crypto betting is not a simple answer.
When i tried to withdraw from exchange to bank, transaction rejected from bank as offshore gambling is illegal.
If anyone can suggest an online bank that accept such transactions, let us know.
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apoel81
- Pro
- Karma: 43
Post
Re: Agents, crypto, fiat
Revolut does not allow gambling. N26 does?cortomaltese wrote: ↑Wed Apr 26, 2023 9:33 amWhat about so called internet banks? Revolut , n26 etc? Also you can always cash out via "crypto" cards both physical and virtual , small amounts thoughapoel81 wrote: ↑Tue Apr 25, 2023 8:29 amSame situation here.Wolfie wrote: ↑Mon Apr 24, 2023 2:32 pmThe problem is not sending crypto won from betting to crypto exchanges. The problem is withdrawing from the crypto exchange to the bank. With large sums you will have to justify it to the bank and the tax office. And i won it through crypto betting is not a simple answer.
When i tried to withdraw from exchange to bank, transaction rejected from bank as offshore gambling is illegal.
If anyone can suggest an online bank that accept such transactions, let us know.
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Wolfie
- Totally Pro
- Karma: 61
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You can keep most of your net worth in a cold wallet like ledger and small amounts just for monthly expenses to an exhange with physical debit card.
But if you want to use money for other investments like real estate or opening a business you need to send money to a bank account and justify it.
Re: Agents, crypto, fiat
This is a decent solution if you want to keep your money in crypto and just use it for living.cortomaltese wrote: ↑Wed Apr 26, 2023 9:33 amAlso you can always cash out via "crypto" cards both physical and virtual , small amounts though
You can keep most of your net worth in a cold wallet like ledger and small amounts just for monthly expenses to an exhange with physical debit card.
But if you want to use money for other investments like real estate or opening a business you need to send money to a bank account and justify it.
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apoel81
- Pro
- Karma: 43
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Re: Agents, crypto, fiat
What u described is what i actually do, atm it does not serve my needs though. What i am searching is a setup to have those funds reaching a bank acc. Obvisouly i can support those funds as i keep records of all bookies used and don't have problem pay tax on those funds. The problem is that in my country offshore betting is prohibited so local banks reject those transactions. Anyone ever used a foreign bank acc only for cashout betting profits?Wolfie wrote: ↑Wed Apr 26, 2023 1:13 pmThis is a decent solution if you want to keep your money in crypto and just use it for living.cortomaltese wrote: ↑Wed Apr 26, 2023 9:33 amAlso you can always cash out via "crypto" cards both physical and virtual , small amounts though
You can keep most of your net worth in a cold wallet like ledger and small amounts just for monthly expenses to an exhange with physical debit card.
But if you want to use money for other investments like real estate or opening a business you need to send money to a bank account and justify it.
- cortomaltese
- Pro
- Karma: 33
Post
Re: Agents, crypto, fiat
If you send your crypto to your wallet or exchange and then to revolut how would they know your crypto comes from gambling ?apoel81 wrote: ↑Wed Apr 26, 2023 11:38 amRevolut does not allow gambling. N26 does?cortomaltese wrote: ↑Wed Apr 26, 2023 9:33 amWhat about so called internet banks? Revolut , n26 etc? Also you can always cash out via "crypto" cards both physical and virtual , small amounts though
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apoel81
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Re: Agents, crypto, fiat
Sounds good idea. Revolut allow bitcoin deposits that bought with non revolut funds? I thought that you could only send/receive bitcoins bought via revolut.cortomaltese wrote: ↑Wed Apr 26, 2023 4:29 pmIf you send your crypto to your wallet or exchange and then to revolut how would they know your crypto comes from gambling ?apoel81 wrote: ↑Wed Apr 26, 2023 11:38 amRevolut does not allow gambling. N26 does?cortomaltese wrote: ↑Wed Apr 26, 2023 9:33 am
What about so called internet banks? Revolut , n26 etc? Also you can always cash out via "crypto" cards both physical and virtual , small amounts though
- probettor91
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Re: Agents, crypto, fiat
If you do this for many time and with xxxx+ sums it is very possible revolut to freeze your account and require proofs for this money.apoel81 wrote: ↑Wed Apr 26, 2023 5:30 pmSounds good idea. Revolut allow bitcoin deposits that bought with non revolut funds? I thought that you could only send/receive bitcoins bought via revolut.cortomaltese wrote: ↑Wed Apr 26, 2023 4:29 pmIf you send your crypto to your wallet or exchange and then to revolut how would they know your crypto comes from gambling ?
- cortomaltese
- Pro
- Karma: 33
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If your bank then ask for source of funds you can always say that this is from crypto trading profit and be taxed on (i guess you don't have problem with this and i also guess that crypto trading is not illegal in your country)
Re: Agents, crypto, fiat
I don't see where is the problem here. 1) You send your crypto (earned from gambling) to an exchange (e.g kraken) 2. Exchange crypto for fiat (eg euros) 3. Send euros to revolut 4.Spend this with revolut card or even send this to your local bankprobettor91 wrote: ↑Thu Apr 27, 2023 6:14 amIf you do this for many time and with xxxx+ sums it is very possible revolut to freeze your account and require proofs for this money.apoel81 wrote: ↑Wed Apr 26, 2023 5:30 pmSounds good idea. Revolut allow bitcoin deposits that bought with non revolut funds? I thought that you could only send/receive bitcoins bought via revolut.cortomaltese wrote: ↑Wed Apr 26, 2023 4:29 pm
If you send your crypto to your wallet or exchange and then to revolut how would they know your crypto comes from gambling ?
If your bank then ask for source of funds you can always say that this is from crypto trading profit and be taxed on (i guess you don't have problem with this and i also guess that crypto trading is not illegal in your country)
- probettor91
- Gaining experience
- Karma: 5
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Re: Agents, crypto, fiat
In utopic situation there is no problem at all, but keep this in mind. Your account in Revolut could be frozen for some month or two, even if you just use it as normal, it's all up to the transaction movement and how often and how big they are.cortomaltese wrote: ↑Thu Apr 27, 2023 6:34 amI don't see where is the problem here. 1) You send your crypto (earned from gambling) to an exchange (e.g kraken) 2. Exchange crypto for fiat (eg euros) 3. Send euros to revolut 4.Spend this with revolut card or even send this to your local bankprobettor91 wrote: ↑Thu Apr 27, 2023 6:14 amIf you do this for many time and with xxxx+ sums it is very possible revolut to freeze your account and require proofs for this money.
If your bank then ask for source of funds you can always say that this is from crypto trading profit and be taxed on (i guess you don't have problem with this and i also guess that crypto trading is not illegal in your country)
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