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Cashing out large sums of cryptocurrency

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  1. #11

    Join Date
    Feb 2007
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    Shek Tong Tsui (HK Island)
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    Have you tried opening "bank account" with ZA Bank?
    Can try to ask ZA Bank, but then, do be aware that they still have restrictions on them; as they just started offering retail services in Dec 2023

    https://crypto.news/hong-kongs-za-ba...ing-with-fiat/

    From ffnews==>Currently, ZA Bank does not offer retail virtual asset trading services. It is licensed by the Securities and Futures Commission for Type 1 regulated activity (dealing in securities) to provide investment fund services.

    https://ffnews.com/newsarticle/crypt...awal-services/


    Quote Originally Posted by johnwooden:
    ......<>
    I've since made tidy sums of money (>$1M USD) and have tried cashing out them through regulated exchanges (Hashkey) etc. and have gotten banks closed because of this ->

    How does one get crypto back into the FIAT ecosystem namely HKD?

  2. #12

    Join Date
    Oct 2023
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    311

    And this city's government wants to waste billions on being a "crypto hub"

    muzzdang likes this.

  3. #13

    Join Date
    Dec 2002
    Location
    薄扶林
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    48,281
    Quote Originally Posted by newhkpr:
    And this city's government wants to waste billions on being a "crypto hub"
    I suspect the OPs story involves what the govt might consider checks and balances ... Fact that they have not bothered to engage matches with a few other bros who have signed up, complained about their banks and then never returned.

    Or even asked for solicitors or legal options ..
    newhkpr and Anahan like this.

  4. #14

    Join Date
    Jan 2019
    Posts
    1,308

    Wtf! Go open an osl account


  5. #15

    Join Date
    Feb 2019
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    Quote Originally Posted by johnwooden:
    I've since made tidy sums of money (>$1M USD) and have tried cashing out them through regulated exchanges (Hashkey) etc. and have gotten banks closed because of this ->
    Out of interest, what problems did you encounter with HashKey?

  6. #16
    Quote Originally Posted by LifeInHK:
    Err... this "few years back"... was it before or after the mess with JPEX?
    Please be aware that HSBC is not so fine anymore.
    My friends are banking with HSBC and during this last few months, they have noticed that they are closing down any and all accounts that have any linkage to bitcoin or any crypto related matters. The bank staff quietly informed that in 2023, HKMA also issued orders to the all banks and financial institutions to hold them liable for part of the losses from crypto related frauds.
    So basically they are also stuck. For them, their spouse are HSBC employee, so they got the honest answer.... which is HSBC will certainly close your accounts if the smell any crypto related transactions.
    They have about 90k usd stuck in Binance.

    https://www.hkma.gov.hk/eng/news-and...4/03/20240312/
    https://www.hkma.gov.hk/eng/news-and...2/01/20220112/
    Fair enough, yes it was a couple of years ago. Both 2017 and 2021 I made big withdrawals.

  7. #17

    Join Date
    Mar 2007
    Posts
    719

    I have some USD that I want to exchange for USDT or USDC. Does anyone know how to do this efficiently from Hong Kong?

    Most of the channels I have seen costs a lot of bank transaction fees and the local exchanges only take HKD and a higher rate converting back to USDT/USDC (@ 7.9)

    thanks


  8. #18

    Join Date
    Feb 2019
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    3,283

    Some of the US based exchanges will accept USD deposits via swift (I think it will cost you about 50HKD for sending such a transaction from a bank). Gemini for example.

    muzzdang likes this.

  9. #19

    Join Date
    Mar 2007
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    719
    Quote Originally Posted by GentleGeorge:
    Some of the US based exchanges will accept USD deposits via swift (I think it will cost you about 50HKD for sending such a transaction from a bank). Gemini for example.
    Yes, I know about the 50HKD, but not sure how much the receiving bank will charge? I tried to check with Coinbase account in Singapore but their customer service does not support this region. The HSBC app mentioned that the receiving bank could charge HKD200, which is not feasible.

    Let me try Gemini, thanks!

  10. #20

    Join Date
    Feb 2019
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    3,283
    Quote Originally Posted by muzzdang:
    Yes, I know about the 50HKD, but not sure how much the receiving bank will charge? I tried to check with Coinbase account in Singapore but their customer service does not support this region. The HSBC app mentioned that the receiving bank could charge HKD200, which is not feasible.
    I have never paid 200 HKD for a swift transaction but it is always a bit random how much it costs and how long it takes. I think that's just opaque traditional finance I'm afraid.

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