Guide to buying altcoins on international exchanges

haroldj said:
I sent some xrp to Binance and converted to usdc to buy shiba Inu, I don't think it is illegal as long as you don't use a bank card to make deposits to Binance.
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When we say it's illegal as things currently stand and you ignore it. It is what it is.

Swift is legal.
Credit card illegal.
Crypto from sa to binance... Illegal

It's almost impossible to police but its the current state of play

mybroadband.co.za

Transferring Bitcoin from Luno to overseas exchanges is a crime

Existing exchange control regulations in South Africa make it a criminal offence to transfer cryptocurrency from local exchanges to offshore ones, authorities have warned.
mybroadband.co.za mybroadband.co.za
 
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Snyper564 said:
When we say it's illegal as things currently stand and you ignore it. It is what it is.

Swift is legal.
Credit card illegal.
Crypto from sa to binance... Illegal

It's almost impossible to police but its the current state of play

mybroadband.co.za

Transferring Bitcoin from Luno to overseas exchanges is a crime

Existing exchange control regulations in South Africa make it a criminal offence to transfer cryptocurrency from local exchanges to offshore ones, authorities have warned.
mybroadband.co.za mybroadband.co.za
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so then, is kraken legitimate
 
haroldj said:
so then, is kraken legitimate
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Yes all foreign exchanges are legal if used legally.


Only legal way is via bank SWIFT not card and not locally bought crypto.


Same applies to binance etc
 
Snyper564 said:
Yes all foreign exchanges are legal if used legally.


Only legal way is via bank SWIFT not card and not locally bought crypto.


Same applies to binance etc
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Okay then, how do I use swift, I am verified on Binance.
 
haroldj said:
Okay then, how do I use swift, I am verified on Binance.
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Basically international EFT - price varies from bank to bank. Between I think R200-R1200. Ask your bank to guide you

Binance will have the account you need listed somewhere
 
Hi I don't know where else to ask? If I have Crypto on a local exchange in ZAR and I move the Crypto to a wallet like Coinbase wallet or to a hardware wallet, does my Crypto remain linked to ZAR?
 
Flameboy ZA said:
Hi I don't know where else to ask? If I have Crypto on a local exchange in ZAR and I move the Crypto to a wallet like Coinbase wallet or to a hardware wallet, does my Crypto remain linked to ZAR?
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It's not linked. What you have is what you have and you can exchange it for whatever pairs or swaps are available to you
 
Snyper564 said:
correct the issue is moving btc you bought in zar on a local exchange to a foreign exchange.
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I've been keeping SA-bought crypto in one wallet (my SA wallet :ROFL:) and the offshore in another wallet so that I don't accidently mix them up.

I don't want to accidently use Uniswap/Sushi or something and suddenly it's an issue. Just waiting until it's clear whether SARB is actually doing anything...
 
hj007 said:
I've been keeping SA-bought crypto in one wallet (my SA wallet :ROFL:) and the offshore in another wallet so that I don't accidently mix them up.

I don't want to accidently use Uniswap/Sushi or something and suddenly it's an issue. Just waiting until it's clear whether SARB is actually doing anything...
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I have had my bank accounts frozen by SARB for a month while auditing on another crypto/fx related issue - all cleared.

It happens without warning so just be aware of that.
 
Snyper564 said:
I have had my bank accounts frozen by SARB for a month while auditing on another crypto/fx related issue - all cleared.

It happens without warning so just be aware of that.
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What would trigger that? Even if you are going via SWIFT for the offshore?
 
Has anybody had issues withdrawing Crypto from something like Binance or Nicehash exchange to Luno/Local?
 
hj007 said:
What would trigger that? Even if you are going via SWIFT for the offshore?
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Yup was a swift and a significant account blocked. They needed to check source of funds but all cleared in a month and carried on as usually many times after that.
 
Snyper564 said:
Yup was a swift and a significant account blocked. They needed to check source of funds but all cleared in a month and carried on as usually many times after that.
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Thanks for the head's up.
 
Snyper564 said:
correct the issue is moving btc you bought in zar on a local exchange to a foreign exchange.
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Still very new so excuse my ignorance. What happens if you move from local exchange to hardware wallet and then to international exchange? is it illegal? Are the fees too much?
 
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