Quote from: Coin_trader on May 24, 2024, 08:08:39 PM

Quote from: decodx on May 24, 2024, 07:56:39 PM

What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.

P2P works like magic to me since banks won’t be suspicious on fund transfers on my bank account because I have business which frequently gives me multiple transactions from other people for payment. P2P transactions from crypto makes it looks like a regular business transaction which gives me a space to breath from audit.

Choosing Centralized services is proven hassle when dealing with high amounts since they frequently notify banks about the transaction that it involves crypto which creates problem. I experienced freezing of bank assets just because I received too much fiat from crypto assets which bank doesn’t allow as part of their ToS.

I don't think the exchanges notify the bank, but the bank proactively locks your account when they suspect your account has unusual transactions. You don't have to be a cryptocurrency investor, your bank account will also be frozen if you make unusual transactions such as too large amounts and you have never made any similar transactions before. This is the bank's regulations and way of working, don't blame the centralized exchanges.

In my country, Binance does not have a business license while banks have issued regulations that do not allow people to trade cryptocurrencies. After that, Binance itself also issued a warning to us , asking us to limit writing the content of transactions related to bitcoin and crypto, to avoid being frozen by banks. That shows there is no connection between the exchange and the bank.