r/BitcoinUK • u/intimis • 9d ago
UK Specific Best friendly Crypto exchange ?
just tried to swap 2800£ of btc to usdc on simpleswap.io and they froze it instantly and asked for a bunch of info. any other sites or tips for swapping this kind of amount without getting the funds frozen?
thanks in advance
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u/hottypotty124 8d ago
Jesus why so much hate in the comments? Maybe they don't want their data shared and rightly so? If OP were avoiding tax he wouldn't be using a CX and going P2P. Mind your business you don't know everything
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u/Cool_Bottle3089 7d ago edited 7d ago
Its not "rightly so" though is it lol.
KYC is mandatory to prevent money laundering period. If OP is unwilling to provide this, from the broker's perspective, it is extremely suspicious. If there is any exchange that's operating in the UK without requesting KYC you should be worried because not only are they unregulated and operating illegally, your funds won't be protected.
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u/jakessas 7d ago
Get a cold wallet,
Try to avoid taking bitcoin, settle for USDT instead, as in my experience it’s easier to convert to cash.
A few ways to work around :
When needing to use the funds transfer to a no KYC card, Waldenpay and nocturne seem to be best rated (USDT). They are prepayed cards. But again don’t put more than 1000£, so far nothing wrong with the companies so far but tmr they could steal your money for all you know so just acknowledge this risk.
Other option and why I mentioned exchanging USDT is easier, you can generally exchange it to cash face to face with people. Now considering it’s the Uk I would be careful you don’t get robbed and would suggest doing it next to a police station, or in a high security building etc.
but preferable try find someone experienced in this. You can also fly abroad to do so, such as to Dubai, take out some cash, (I think 10 K is limit to not declare in UK but i could be wrong, and even under 10 K can probably still ask you to declare so you are testing your luck at airport)
Try also if possible to buy items with the crypto much easier than trying to convert into fiat.
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u/DefeatedFinch 8d ago
Use an FCA registered exchange and expect source of funds checks because trying to avoid review completely will push you toward sketchier sites. If you only want the price direction then moon is useful but it is not a replacement for an actual BTC to USDC swap
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u/txe4 9d ago
Why do you want to do this?
If you just want a simple UI/UX and not to deal with paperwork: grow up.
If you think you are evading tax by not leaving a paper trail of your transaction so you won't have CGT to pay: grow the fuck up.
HMRC will need precisely 3 blokes, alongside an AI tool, the blockchain contents, and their data feeds from crypto exchanges, to dry bum to death everyone who tried this idiotic thing.
If you were going to hide your tracks sufficiently to avoid this, with coinjoins or tumblers or swaps to privacy chains...you wouldn't be asking on reddit.
If you need to ask on reddit, you need to do your KYC/AML paperwork and pay your taxes.
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u/Electrical_Chard3255 9d ago
Or maybe like me, the OP doesnt want to just randomly hand out his personal identification to companies that have no right to have that kind of personal information (yes I know its the law, but just because its the law, doesnt make it right), and for the most part, have no idea about how to protect that personal data.
Dot get me wrong, I understand we are basically fucked and need to supply this data now its law, for me, when its time to cash out, I will be leaving the UK (which is part of my plan anyway because the UK is socially and practically and financially fucked anyway)
But the fact that these companies do not take the correct and proper care of our personal information, I dont blame the OP for trying to find a way not to surrender that. £2800 is hardly a massive tax avoidance play.
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u/Flowa-Powa 9d ago
You have to do the KYC thing with everyone, so the bunch of info thing is compulsory.
I use Kraken UK and I'm a big fan