With the banks/institutions along with the SEC trying to play hard ball with us lucky ones in Crypto it is hard enough finding a friendly service provider. I am always on the lookout for various off ramps as you have to always be prepared for the just in case moments.
I stumbled upon Mt Perelin which is a Swiss brokerage that has been around since 2017. They provide a service which the banks should be doing transferring money in and out of Crypto. There is no KYC required which is rather interesting as very few offer this type of service without knowing your life history.
The USA is not allowed and is definitely being singled out as they seem to have the most restrictions out of anyone due to regulators and the SEC interfering. Imagine being singled out being included with a banned group that includes North Korea, China, Russia, Iraq, Iran and Afghanistan. We think it is tough, but cannot imagine being barred from being included due to the Government blocking you at every turn. This has to change as we know this is all about controls and not for your own financial safety as this is the very opposite of that as the safety is being involved and we know that.
There is no fee for purchasing Crypto as this is obviously already built into the price as they are not doing this for free. I checked on their market rates and they are roughly charging a 1% difference along with a 1.1% commission fee which is not overly terrible. I have seen worse especially if you are dealing in big numbers but small amounts a 2% fee is very reasonable for doing something you cannot do the normal way and that is moving your crypto back to your bank account.
On the current exchange rates that equates to around $1080 per day. $16200 per month or $108K per year.
I have been looking at the reviews yo see if there is any red flags and after a few hours have still found none. the important factor for myself is they have been around 6 years already and if there was a rug pull or a shady move it would have already happened. I will continue to keep looking as finding alternative options to the normal routes is what I am after.
We are a big enough community and surely someone here has used this service or knows about this. I am hoping someone has anyway and may be wishful thinking on my part as finding another off ramp is actually quire big news.
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So any bank that is based in the US is a no go? I mean I could use a VPN right, but if the bank is still in the US they aren't going to move the funds there I am guessing. It's cool that services like this are being offered. KYC can be a pain in the butt sometimes.
Nothing stopping you opening an account outside the US like in Europe and then using that to send to the US. There are plenty of legal ways to still bypass this nonsense.
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Yeah, I guess so. I wonder if there are any online only banks like Ally over in other countries.
Yes there are quite a few,
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https://relai.app/ is also a non KYC swiss app for buying BTC
Will try it if I need it, I'm sitting outside US and hopefully there will be no restrictions for me to use it. we'll see.
It's encouraging to see that there are some companies and services that are recognizing this need and offering no-KYC options for off-ramps. As you mentioned, this can be a great option for people who value privacy and security, or who simply want to avoid the hassle and potential risks associated with KYC