142 sats \ 5 replies \ @south_korea_ln 30 May \ on: A tale of an immigrant risking it all to drive Bitcoin adoption in Europe bitcoin
One of the testimonials on the page explains it best, I think:
I can attest to this!
@bringinxyz is the best way to exchange bitcoins to euros in larger amounts and get them into your European bank accounts, and it’s founder and CEO @prashanthc123 is a great guy you should follow 🙌
The great innovation is that the SEPA transfer from Bringin to your bank is from a Malta Bank account in your own name.
So for your receiving bank it looks like you are transferring Euros from a Bank account in your name to a bank account in your name.
This tremendously lowers the threshold for converting bitcoins to euros in Europe with minimal trouble from the antiquated legacy banking system!
#Bitcoin
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110 sats \ 4 replies \ @teemupleb 30 May
All regulated bitcoin exchanges should offer an IBAN account in the user's own name.
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101 sats \ 3 replies \ @south_korea_ln 30 May
Most exchanges are shitcoin casinos. They don't want you to exit the system.
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110 sats \ 2 replies \ @teemupleb 30 May
I'm surprised that e.g. Relai doesn't give users an IBAN.
If you buy, you're sending fiat to a Relai-named account. If you sell, you're withdrawing Fiat from a Relai-named account.
If your bank thinks that Relai is a naughty Bitcoin exchange, they might consider you being their customer too risky and terminate your bank account.
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100 sats \ 0 replies \ @south_korea_ln 30 May
I agree.
But not sure a Maltese account, even if IBAN, won't raise similar flags if you have no ties to Malta.
Better than nothing though.
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113 sats \ 0 replies \ @teemupleb 3 Jun
Replying to myself: I speculate that Relai doesn't do this because otherwise they would have to KYC all customers, not just those who buy larger amounts.
Bringin KYCs everybody, so they are able to offer dedicated IBANs.
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