In 2022, hundreds of thousands of Russians and Belarusians left their countries for the European Union. In the context of increasingly harsh sanctions, with Russia’s currency laws being sharply tightened, and with strict policies of European banks (many of which practically do not open accounts for Russians and Belarusians), it is cryptocurrencies that have become something of a lifeline.
We advise to use Stablecoins, because of their low volatility. For example USDT (essentially a digital analogue of the dollar).
In general, when it comes to not very large amounts of money – all of the above methods are very effective.
But how do you properly withdraw $100,000 or more?
Here it is worth revisiting point 5 and to clarify something. When it comes to large amounts of money (in some banks this also applies to small amounts) banks are required to conduct so-called AML – procedures in addition to confirming the identity. AML literally – Anti Money Laundering. AML (Anti Money Laundering). Banks don’t really like cryptocurrencies, because it is quite a complicated procedure for them to confirm the origin of such funds. And this is not because they can’t or don’t know how, but because this practice is still quite new.
It turns out that if a bank customer independently withdraws large sums from the exchange directly to his bank account, it often ends up being blocked and a long clarification of all the circumstances. In the end the account will be unblocked, but it may take quite a long time.
Therefore, in this case, we recommend contacting companies that provide the appropriate services.
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