I'm Confused: Crypto Exchange and Legality in Thailand.

[MadMac]

51 minutes ago, bluebird729 said:

Did you get any reason why you were not accepted ?

 

Obviously because he is a US citizen and requirements for KYC, AML and IRS are made to block you from trading at most international exchanges. Can use a VPN and use one of the few left without KYC but these are becoming fewer and fewer. Binance also requires US citizens for KYC now.

 

What works are decentralized platforms like for instance Uniswap, but I believe you need to have some cryptocurrency first, not fiat money.

[karunasup]

Thanks. reason given - dont qualify asper their policies. My Thai wife has an account with them

[Firefan]

Yup. Many crypto brokers (and even ordinary banks around the world) do not accept Americans as they do not want to deal with all the extra requirements their governments requires. Land of the free! ????

[bluebird729]

On 1/18/2021 at 5:01 AM, karunasup said:

Thanks. reason given - dont qualify as per their policies. My Thai wife has an account with them

And, are you actually in Thailand now ?  or are you trying to join from America ?

I just saw this written in another thaivisa forum:     

 

"If you are American approval/verification of your application can not be approved now as Bitkub's legal team has not finalized the compliance/verification requirements yet for Americans.   Your application/verification will be placed in indefinite hold until Bitkub finalize compliance/verification requirements.  This per Bitkub today."

 

So, it sounds like a bureaucratic thing.  Maybe keep asking them (every week or two) if they have sorted out their American compliance.

 

By the way, if your wife has a BitKub account...  do you still want an account of your own ?
If so, then join with Binance or something similar.
Buy bitcoins with your wifes account, and then transfer your coins to your Binance wallet.
The transfer fees are pretty cheap.. (usually around $10).  

This is what I did.

I had money in my Thai Bank.  so I bought it with BitKub and then transferred it to Binance.

 

of course, you dont have to use Binance.  you can choose ANY exchange around the world. ..  take your pick.. there's many  ????

 

 

[fdsa]

2 hours ago, bluebird729 said:

of course, you dont have to use Binance.  you can choose ANY exchange around the world. ..  take your pick.. there's many  ????

not that many if you are unlucky enough to possess an US passport :D

[Hamus Yaigh]

Pretty useless timeline with no scale to it? (From their FB at this moment).

 

[Hamus Yaigh]

I remember when I signed up for these clowns after leaving the BX clowns. The sign up process was a similar timeline, indefinite, but in the end they did it.

[MadMac]

What they did so far is taking my money without anything in return. Oh wait, a mobile app that crashes, at least it does not take more of my money.

[karunasup]

use Binance. Yes, americans are not very welcome when it comes to accounts...unless you bring multi-millions 

[Vladimir Garcia]

I currently have an account with Bitkub.com. I find this exchange very reliable. There were few bumps recently. But so far right now, everything is way more smoother and faster than before. I think they’ve invested much to that previous system enhancement. It's more easier to use the platform, even the app is user-friendly. 

Based on my experience,  there's no problem with transferring money back and forth. I use SCB. They also have supports to assist anytime you have issues with your transactions. This exchange is quite building a good reputation so far.

[fdsa]

14 hours ago, Vladimir Garcia said:

I currently have an account with Bitkub.com. I find this exchange very reliable. There were few bumps recently. But so far right now, everything is way more smoother and faster than before. I think they’ve invested much to that previous system enhancement. It's more easier to use the platform, even the app is user-friendly. 

Based on my experience,  there's no problem with transferring money back and forth. I use SCB. They also have supports to assist anytime you have issues with your transactions. This exchange is quite building a good reputation so far.

 

How much do they pay for posts?

[Chang2]

A little off-topic, but when Bitkub/coins.th deposit the funds, does that show up as a FCT (Foreign Currency Transfer)?

 

My understanding is that for those of us on retirement visas or the like, Thai immigration looks for FCT in your bank book because they want to know the money is coming in from overseas, and thus a bonafide demand for baht.

 

IOW, could I fund my retirement visa requirement of 800K by cashing out to my Thai bank account via one of these services?

[bluebird729]

On 1/20/2021 at 7:03 AM, Hamus Yaigh said:

I remember when I signed up for these clowns after leaving the BX clowns. The sign up process was a similar timeline, indefinite, but in the end they did it.

  maybe not the most coherent, but actually their customer service is really polite and quick to reply (24/7).

  also:  its pretty much of a Thai thing (to be vague with clauses and details and fine print).  

At least, (as you said), in the end they come through. 
And to be honest, their website and service is pretty damn good I think... (especially when you compare it to most of the western exchanges).

 

[Caldera]

On 1/29/2021 at 7:40 AM, Chang2 said:

A little off-topic, but when Bitkub/coins.th deposit the funds, does that show up as a FCT (Foreign Currency Transfer)?

 

No, their transfers are domestic and instant. They don't show up as international.

[petedk]

I have been trying for days to register with Bitkub bur get a "closed for registration's due to maintenance".

 

I give up!

[Chang2]

45 minutes ago, Caldera said:

 

No, their transfers are domestic and instant. They don't show up as international.

I do see coins.th has a number of overseas banks like UOB (based in Singapore) and JPMorgan/Chase (based in U.S.), but sure, why would they want to pay wire fees and the like when they could do it locally and save $$$.  Sad!

[Sharp]

2 hours ago, petedk said:

I have been trying for days to register with Bitkub bur get a "closed for registration's due to maintenance".

 

I give up!

They have been ordered to suspend registrations until a few things have been upgraded by the S.E.C.  Article in the Bangkok Post...

[petedk]

Thanks.

 

In the meantime I am trying Krakan. 

 

Or are there any other recommended Thai sites? I am interested in all cryptocurrencies, not only Bitcoin.

Edited February 7, 2021 by petedk