Running my ****** Arbitrage business UK. What is a better set-up?

[Bruce_M]

For the past 2 months, me and a few friends have been trading around with ****** and currency prices to make an average of 3% with our own money.

We do a lot of P2P in different countries and the money always ends up back with me in the UK. Which means I'm receiving about £80k in various UK banks.

Now this is where the problems start.. with personal accounts it's hit and miss, some of them lock my account and ask for proof of funds etc, I always get the accounts unlocked but it is time consuming and we lose money when this happens.

So the solution I thought would be a Business Bank account. Many don't like ****** exchanges so I tried Cashplus but the same problem lies with them.. regular freezing of accounts.

So what is an ideal solution to this?

What bank accounts could allow me these P2P transfers and private transfers of up to £80k per day?

Would a different set-up like registering an LTD, and having a corporate bank account, and being registered as a company on the crupto exchange negate these issues?

Thanks all in advance

 

[Nico Albrecht]

Welcome to the ****** bloodbath at the moment. Where's the fun in ****** ? We are all in it for the anxiety attacks, not the money!

Just kidding. It is ****** shopping time with huge discounts but if you started trading 2 month ago you are most likely in red at the moment anyway and don't need money to withdraw to personal accounts.

Try NatWest they tend ( media news ) to put a blind eye on money laundering.


What coin exchange are you using?

Not really sure about your setup here if you invest you would have the money in the coin exchanges and if you sell, it would sit as available balance on the exchange with the option to take a stake for interest on it or convert it to fiat currency holding with interests on the exchange.

This is what I don't understand why money out to accounts.

Your friends send you ****** to your wallet and you hold on their behalf at your exchange and take interest on it as a stake.

Very rare you would actually send money back converting into fiat currencies hitting your bank account.


As a general rule you add funds from your account to the exchange it must go back to your account. Everything else and you raise alarms all over the place.

 

[Bruce_M]

Welcome to the ****** bloodbath at the moment. Where's the fun in ****** ? We are all in it for the anxiety attacks, not the money!

Just kidding. It is ****** shopping time with huge discounts but if you started trading 2 month ago you are most likely in red at the moment anyway and don't need money to withdraw to personal accounts.

Try NatWest they tend ( media news ) to put a blind eye on money laundering.


What coin exchange are you using?

Not really sure about your setup here if you invest you would have the money in the coin exchanges and if you sell, it would sit as available balance on the exchange with the option to take a stake for interest on it or convert it to fiat currency holding with interests on the exchange.

This is what I don't understand why money out to accounts.

Your friends send you ****** to your wallet and you hold on their behalf at your exchange and take interest on it as a stake.

Very rare you would actually send money back converting into fiat currencies hitting your bank account.


As a general rule you add funds from your account to the exchange it must go back to your account. Everything else and you raise alarms all over the place.

Im using Binance.

As I mentioned in my post, I mainly do P2P which means that Binance hold my ****** in escrow while another person makes a bank deposit to me in fiat, hence why I get a lot of bank deposits.

 

[Frank the Insurance guy]

If you haven;t already, you need to register with the FCA directly for Money Laundering and Counter-Terrorist financing - https://www.fca.org.uk/cryptoassets-aml-ctf-regime/register

 

[WaveJumper]

Almost sounds like you are acting as a broker

 

[Bruce_M]

If you haven;t already, you need to register with the FCA directly for Money Laundering and Counter-Terrorist financing - https://www.fca.org.uk/cryptoassets-aml-ctf-regime/register

Thanks for this.

This is where things start to get annoying. I could keep small as it is and continue as a private investor but if I want to scale up and do things the right way I have to FCA register and stop everything until/if I get approved which could take months

 

[Financial-Modeller]

Have you asked the guy who was asking businesses on here to 'invest' their cash with him a couple of weeks ago so that he could buy ****** with it?

 

[Bruce_M]

Have you asked the guy who was asking businesses on here to 'invest' their cash with him a couple of weeks ago so that he could buy ****** with it?

No I haven't.. can you post the thread link so I can have a look?