Re: Safest way to cash out crypto to a UK bank without centralized exchanges?
Hi friends,
I’m planning to take some profits during this bull run and convert some crypto to fiat into UK bank account. Previously, I used centralized exchanges, but I’d prefer not to this time since, from 2026, all UK exchanges will be required to report every transaction to HMRC.
I’ve tried looking for escrow services but haven’t found any suitable for selling crypto to fiat for a UK bank account.
I’m wondering what the best option would be. Is P2P the way to go? If so, which platforms are the safest, and what measures can I take to ensure that the cash received in my bank is legitimate and can’t be reversed or charged back?
Thanks.
I’m planning to take some profits during this bull run and convert some crypto to fiat into UK bank account. Previously, I used centralized exchanges, but I’d prefer not to this time since, from 2026, all UK exchanges will be required to report every transaction to HMRC.
I’ve tried looking for escrow services but haven’t found any suitable for selling crypto to fiat for a UK bank account.
I’m wondering what the best option would be. Is P2P the way to go? If so, which platforms are the safest, and what measures can I take to ensure that the cash received in my bank is legitimate and can’t be reversed or charged back?
Thanks.
OP since the money will still enter a UK bank about, the report will still be sent to the HMRC. Are you trying to avoid tax? Maybe you should consider paying the tax or consider other legal means of tax avoidance.
There are exchange such as coinbase, but I don't know if they offers p2p service and also Binance do offer p2p and I have used Binance before to trade on p2p and money sent to my account during trade and I had to release coin for them through exchange. But when Binance removed NGN P2p service then we moved down to bybit and bitget this where the place that offered p2p service and I have been using it without any problems.
Both Binance, Bybit and Coinbase are centralized platforms and you would have to cash out through a bank account. These centralized exchanges and banks are also mandated to report transactions to the government. We cannot classify the services these banks offers as P2P because there is a third party.