NZ Darknet Market Forums

UlrikaMonkey

Member

Registered: 2021-03-23

Posts: 63

Risks of buying crypto with KYC exchange bank payment

How risky is it to buy LTC on a KYC exchange like Easy Crypto, Independent Exchange etc. with bank payment and converting to XMR? Im talking amounts of ~$2000 - $3000 every 3 months or so. And what would be the safest way to make it look less suspicious, buying smaller amounts, say $500 every fortnight, to make it look like a structured investment?

I am put off buying p2p through discord in fear of being scammed or mugged, and the interest rate people have offered are significantly higher than buying through an exchange (10%!)

SnakeVenom

Member

Registered: 2021-02-19

Posts: 30

Re: Risks of buying crypto with KYC exchange bank payment

Uh, unsure but i've had a KYC Exchange ban one of my accounts before for illegal activities, I used it to buy software and accounts to services that would otherwise cost a lot if done legitimately.. I didn't find out about the ban and what it was for until probably months later after not using DW markets for a while.

The Exchange was a NZ one and I never got a call, knock or anything from Police. So unless your buying a lot of illegal shit and somehow they link it to the exchange, and eventually to you I doubt anything will happen.

JessiePinkman

Member

Registered: 2022-06-10

Posts: 20

Re: Risks of buying crypto with KYC exchange bank payment

I would avoid it if possible, but it really depends on what you are doing with it as to how risky it is.

I would recommend to anyone to look into and familiarise yourself with Bisq & Wasabi Wallet for Bitcoin privacy.

P2P can be dodgy but I would say the majority aren't, the opportunists are always going to be around whether its buying crypto or a car or something off trademe... Stick with it for a few small trades and see if you can find someone that's legit and you can trust.

Hope this helps

Last edited by JessiePinkman (2022-10-07 15:50)

mrbobdobalina

Member

Registered: 2020-12-13

Posts: 37

Re: Risks of buying crypto with KYC exchange bank payment

My guess is that it would be fine. Nothing illegal about buying crypto. The problem would be if you were depositing large amounts of cash in to your personal bank acc. That could raise a red flag from your bank as it could look like un taxed income.

basshed

Member

Registered: 2022-11-02

Posts: 6

Re: Risks of buying crypto with KYC exchange bank payment

My guess is that it would be fine. Nothing illegal about buying crypto. The problem would be if you were depositing large amounts of cash in to your personal bank acc. That could raise a red flag from your bank as it could look like un taxed income.

Keen to discuss this point with the community - im getting a bit paranoid about the amount of transfers and deposits into my bank to cover buying crypto purchases lately and without a BTC ATM option im not sure the best opsec solution to keep going?

How is everyone managing as a buyer / obtaining crypto and maintaing best opsec?

Has anyone been pinged by their bank for untaxed incomes / deposits to to in term purch crypto?

DryBugs

Verified Vendor

Registered: 2022-08-20

Posts: 14

Re: Risks of buying crypto with KYC exchange bank payment

Personally I am happy to buy crypto in any amount and sell it to people for a small commission, but I asked Tor Market support about this and they said that there is to be no advertising of products/services in the forums. I remember the first time I bought BTC from localbitcoins I sure was nervous about being identified.

FarmerJohn

Verified Vendor

Registered: 2021-05-13

Posts: 303

Re: Risks of buying crypto with KYC exchange bank payment

Alright here's how to do it.

1, Buy your bitcoin from an exchange
2, Have your BTC sent to a wallet, any is fine.
3, Use changenow.io or anything similar to exchange the BTC for Monero
4, Buy drugs with Monero

Last edited by FarmerJohn (2022-11-12 07:20)

mrbobdobalina

Member

Registered: 2020-12-13

Posts: 37

Re: Risks of buying crypto with KYC exchange bank payment

Alright here's how to do it.

1, Buy your bitcoin from an exchange
2, Have your BTC sent to a wallet, any is fine.
3, Use changenow.io or anything similar to exchange the BTC for Monero
4, Buy drugs with Monero

That doesn't solve the problem of getting the cash in your bank acc to start with. Only way I see is to either clean the cash through a business and pay taxes on the income or find someone who is willing to sell you crypto for cash (unlikely in this market).

UlrikaMonkey

Member

Registered: 2021-03-23

Posts: 63

Re: Risks of buying crypto with KYC exchange bank payment

Alright here's how to do it.

1, Buy your bitcoin from an exchange
2, Have your BTC sent to a wallet, any is fine.
3, Use changenow.io or anything similar to exchange the BTC for Monero
4, Buy drugs with Monero

As Mr Bobdobalina said, the main issue is how to get the initial funds into your bank account and buying the crypto while minimizing suspicions. As someone who doesnt make enough legitimate/taxed income to acquire decent amounts of crypto every couple months or so, but has plenty of cash, how would you go about doing that?

buying with cash p2p would obviously be the best way, but I'm wondering what would be the next best way. lets say you lived in the middle of nowhere and buying p2p wasnt a realistic option

basshed

Member

Registered: 2022-11-02

Posts: 6

Re: Risks of buying crypto with KYC exchange bank payment

Alright here's how to do it.

1, Buy your bitcoin from an exchange
2, Have your BTC sent to a wallet, any is fine.
3, Use changenow.io or anything similar to exchange the BTC for Monero
4, Buy drugs with Monero

As Mr Bobdobalina said, the main issue is how to get the initial funds into your bank account and buying the crypto while minimizing suspicions. As someone who doesnt make enough legitimate/taxed income to acquire decent amounts of crypto every couple months or so, but has plenty of cash, how would you go about doing that?

buying with cash p2p would obviously be the best way, but I'm wondering what would be the next best way. lets say you lived in the middle of nowhere and buying p2p wasnt a realistic option

yeah see its actually a bit of a mish and you got to time the crypto purchase spaced between the cash deposit too.

almost need to set up sme bullshit trademe or facebook marketplace racket to make it look like you been selling personal items, but how much of that can you actually do before its counted as some sot of income.

This problem is a tax / ird problem