Crypto exchangers are also foreign legal entities. Moreover, they are even less regulated than exchanges. If the exchange has a trading volume and the regulator imposes certain requirements on it, then in the exchanger, a person simply transfers bitcoins to an unverified wallet and receives a “cash”. In fact, all exchangers in the Russian Federation are a “gray zone”. Even if the exchanger is located in a beautiful office in Moscow City, this is still a semi-legal story. They should be looked at with caution.
How to withdraw money from a crypto wallet?
Two conditions must be met:
- Provide a document confirming the origin of the purchase money. Exchanges themselves are often cunning: they ask customers about the origin of funds not at the moment when they start a wallet, but when they are trying to withdraw the crypt. 2-NDFL may be suitable for confirmation. If it is not there, you need to look for other means. Suppose your grandmother left you an inheritance: it is enough to translate the inheritance certificate. Documents on the sale of an apartment or on a loan are also considered.
- Make sure your bank is not on the sanctions list. More than 20 countries and organizations maintain sanctions lists. Among them are the USA (OFAC SDN, NON SDN), Great Britain (HM Treasury), Switzerland (SECO), the European Union, the UN and others. Unfortunately, the sanctions lists are drawn up at random: it is not clear on what basis certain payment instruments and banks get there. At the same time, if your bank is under sanctions, the exchange itself will not inform you about this (this is not its concern) – it simply will not transfer money to you. Here we can only recommend a local approach: if you failed to withdraw money to a certain bank, try another – it is impossible to impose sanctions on all banks. As soon as Russian operators appear, it will be easier to withdraw money, but so far.
Withdrawing earnings from Binance to a bank card is more difficult than depositing funds to a crypto account. The system does not support direct transfers to cards issued in the Russian Federation. During the experiment, we tried three cards – Alfa-Bank, Raiffeisenbank and Tinkoff, none of which Binance allowed to withdraw money. But the Russians have a way out – they can register an electronic wallet. We chose the Advcash service – it allows you to instantly and without commission withdraw money from the exchange (it also requires verification). From Advcash, you can transfer money to the card with 1% commission. Our transfer arrived at the Raiffeisenbank account the next day. There were no questions from the system about the origin of funds when withdrawing money – transactions for amounts less than ten thousand dollars are of little interest to the exchange.
The law recognized cryptocurrency as property. So, it can be disposed of like ordinary money?
No. So far, no Russian bank, for example, accepts crypt as collateral for a loan. Banks may be happy to accept cryptocurrency as collateral, but they do not know what to do with it: how to reflect in reports, how to put on the balance, how to implement if the loan is not paid. So far, there are a lot of questions to which neither the normative nor the practical base of answers gives answers.