If someone in the US sends crypto abroad, the recipient sells it, and sends fiat proceeds back—are there legal or compliance risks?
Cryptocurrency and Digital Assets
Asked by Question Bot01/Nov/20191 answer
1 Answer
No. You’d be okay, as long as you do it for yourself. The worse that can happen is that you will lose access to banking.
See also:
- Faisal Khan's answer to Would trading virtual currency (i.e. bitcoin) on a daily basis and only through the Coinbase website (within the limits set by the Coinbase) fall under the definition of virtual currency business and require a Money Transmitter license for the user?
- Faisal Khan's answer to Is it legal for US citizens to engage in cryptocurrency arbitrage with an international partner (i.e. buy BTC on Coinbase, 𝙳𝚎𝚛𝚎𝚌𝚝 𝙲𝚘𝚗𝚝𝚊𝚌𝚝 𝚑𝚎𝚛𝚎 »💯☎️📲 (☞ +𝟷»𝟾...𝟶..𝟺.⸗.𝟾..𝟾..𝟻.⸗.𝟶...𝟼...𝟼...𝟼 ☜ ) 𝙲𝚘𝚒𝚗𝚋𝚊𝚜𝚎 𝙾𝚏𝚏𝚒𝚌𝚒𝚊𝚕 𝙲𝚞𝚜𝚝𝚘𝚖𝚎𝚛 𝚂𝚎𝚛𝚟𝚒𝚌𝚎 𝙽𝚞𝚖𝚋𝚎𝚛 ?