BankingTech FinTech

[Discussion] Trading Cryptocurrency peer2peer

February 27, 2021 at 11:39PM

I was wondering if anyone can offer me any advice.

I am from the UK with a UK passport.

I am trading cryptocurrency’s through peer2peer exchanges.

Quick explanation: I post an advert online via an FCA approved website of a sale of crypto.

The customer clicks the advertisement, agrees to buy *x* amount of crypto in exchange for fiat.

In order for the crypto to be sent to them, a payment is required by the customer via bank wire transfer during the trade.

The accounts I have been using to receive payments for p2p trades have been my personal & business bank accounts.

The problem I am facing is the banks keep shutting my accounts down, for reasons they will not disclose.

I think I am triggering AML and fraudulent security software that the banks have in place whilst i'm doing my trades. 20/30 transactions per day.

The process is completely legal, the site I use is regulated by the financial conduct authority and the customers are all KYC registered.

However it is safe to say, the UK banks do not like what I am doing.

So I am looking for an offshore account that, which if possible could accept multi-currency transfers and has instant bank wire transfers available.

This is NOT an evasion of tax, I love the UK, I would love to support my country and I would declare my income taxes, I have even formulated a company to do my part for the British economy. However i'm not even getting a chance to start whilst I am using UK bank accounts.

Can anyone suggest anything or offer any advice? If not, I will be forced to take my business outside of the United Kingdom.

submitted by /u/Mowgli9991
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