Kucoin Launched P2P Trading for BDT( Bangladeshi Tk)

[Fatemablabla]

Today Kucoin officially launched P2P Trading for BDT. It's a great news for Bangladeshi Crypto Community. But I have some questions going around in my mind.

Officially bitcoin and crypto is banned by Bangladesh government and the central bank of Bangladesh which is Bangladesh Bank(BB). So, if I need to do P2P with BDT, I need to do bank transactions for that. Now how that will happen? How Kucoin will manage it. We can't do bank transactions in crypto related websites.
What's your opinion on it?

[Oshosondy]

Try to post this in your local board. Also know that there is nothing much about the p2p, kyc will be required, it will be custodial means of saving cryptocurrencies. Custodial exchnages do not give customers private keys which still makes it all the time very susceptible to lost of users funds during hacks as they make use of hot wallet to be handling customers funds. Be it p2p or non-p2p, custodial exchnages are custodail exchnages and can be hacked at anytime.

[tabas]

Today Kucoin officially launched P2P Trading for BDT. It's a great news for Bangladeshi Crypto Community. But I have some questions going around in my mind.

Officially bitcoin and crypto is banned by Bangladesh government and the central bank of Bangladesh which is Bangladesh Bank(BB). So, if I need to do P2P with BDT, I need to do bank transactions for that. Now how that will happen? How Kucoin will manage it. We can't do bank transactions in crypto related websites.
What's your opinion on it?

When I've first read the first sentences including the BCC, I've already quickly thought about the ban. Your concern is legit as the page setups that it examples wire transfer.
How to Purchase Token via P2P Fiat Trade on App
I hope someone who's good at this can explain how it's possible. I'm also curious about knowing it.

[AmoreJaz]

Today Kucoin officially launched P2P Trading for BDT. It's a great news for Bangladeshi Crypto Community. But I have some questions going around in my mind.

Officially bitcoin and crypto is banned by Bangladesh government and the central bank of Bangladesh which is Bangladesh Bank(BB). So, if I need to do P2P with BDT, I need to do bank transactions for that. Now how that will happen? How Kucoin will manage it. We can't do bank transactions in crypto related websites.
What's your opinion on it?

When I've first read the first sentences including the BCC, I've already quickly thought about the ban. Your concern is legit as the page setups that it examples wire transfer.
How to Purchase Token via P2P Fiat Trade on App
I hope someone who's good at this can explain how it's possible. I'm also curious about knowing it.

is the OP part of the kucoinbangladesh group? that question is really valid as up until now they are recognizing that any dealings with btc is illegal. you can directly ask them about such transaction that will violate the bangladesh laws.

https://t.me/kucoinbangladesh

https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm

because if you will make a p2p transaction, usually wire transfer to your bank is used to send money. and of course, you have undergone KYC and that they have record of your identity. so what is their take with the bangladesh punishment in terms of crypto dealings?

[tranthidung]

Officially bitcoin and crypto is banned by Bangladesh government and the central bank of Bangladesh which is Bangladesh Bank(BB). So, if I need to do P2P with BDT, I need to do bank transactions for that. Now how that will happen? How Kucoin will manage it. We can't do bank transactions in crypto related websites.

It is easy to pass through bank systems and crypto regulations in your nation (Bangladesh). It happens in my nation (Vietnam) as well.

• Buyer or seller has to do their bank transactions with a secret code for their trade (no details, no information that these bank transactions are for crypto trades).
• It is applied with Remitano, Paxful P2P marketplaces.

Unfortunately, big risks are there:

• Illegal crypto trades won't be accepted by local laws, governments so if there is something wrong with your trade partners (money laundering or fraudulent activities), your money in your bank account for such trades will be frozen by bank companies and from police request).
• For P2P markeplaces, pay your attention when you are choosing your trade partners (account ages, reputation, trust scores, past feedbacks, total lifetime trade volume).
• Potential bad trade partners (scammers or fraudulent guys) tend to create extremely good offers: keep your eyes on this and avoid such offers, such trade partners

Police, governments might not know your crypto transactions (with your problematic trades) or they simply don't care about that. What they care is getting money back to victims. That's all and you will lose you money in bank (pay backs to victims while in fact you are not the one stolen their money).

[TheUltraElite]

Essentially it is something that one should not do while living in BD. As a law abiding citizen you will face prosecution if the police there are willing to take down. However I dont think BD police is that strict and no offense but they are of course corrupted knowing the crime rate there.

However the government there might move to a more lenient stance of crypto later on so then it will become easier. It is a waiting game for now. But I suggest you contact your local members of this forum including @shasan, @Little Mouse and some others.

If you all can raise a voice enough to stand your ground and make a petition to the government this might be a beginning of some hope and something new. There is a similar group on India too voicing the RBI's blanket ban and its going well here.

[davis196]

Today Kucoin officially launched P2P Trading for BDT. It's a great news for Bangladeshi Crypto Community. But I have some questions going around in my mind.

Officially bitcoin and crypto is banned by Bangladesh government and the central bank of Bangladesh which is Bangladesh Bank(BB). So, if I need to do P2P with BDT, I need to do bank transactions for that. Now how that will happen? How Kucoin will manage it. We can't do bank transactions in crypto related websites.
What's your opinion on it?

If crypto trading is against the law in Bangladesh,then simply don't trade cryptocurrencies.
It's weird that a crypto exchange platform like Kucoin allows trading with the national currency of Bangladesh,while crypto trading is banned in Bangladesh.I assume that the Kucoin team is aware of the fact that crypto trading is illegal in Bangladesh and yet they kinda stimulate people in that country to try and break the law.I thought that companies should abide by the local laws.

[romero121]

Already people from Bangladesh are into cryptocurrency usage bypassing bank transactions. If the government is with the plans of regulating the usage of bitcoin, now this couldn't be a big news. Surfing the internet got to know about coindirect which is providing buying/selling of bitcoin in Bangladesh directly for credit card transactions.

Apart from this found paxful and localbitcoins providing the service of bitcoin buying/selling. It isn't directly illegal, but people are using it with the help of foreigners through whom transactions were made.

[tabas]

Already people from Bangladesh are into cryptocurrency usage bypassing bank transactions. If the government is with the plans of regulating the usage of bitcoin, now this couldn't be a big news. Surfing the internet got to know about coindirect which is providing buying/selling of bitcoin in Bangladesh directly for credit card transactions.

Apart from this found paxful and localbitcoins providing the service of bitcoin buying/selling. It isn't directly illegal, but people are using it with the help of foreigners through whom transactions were made.

It is the worry of OP because it's known that Bangladesh banks doesn't allow it or in short, banned crypto transactions going in and out to bank accounts.

is the OP part of the kucoinbangladesh group? that question is really valid as up until now they are recognizing that any dealings with btc is illegal. you can directly ask them about such transaction that will violate the bangladesh laws.

https://t.me/kucoinbangladesh

https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm

because if you will make a p2p transaction, usually wire transfer to your bank is used to send money. and of course, you have undergone KYC and that they have record of your identity. so what is their take with the bangladesh punishment in terms of crypto dealings?

That group might help but as you know, there are many scammers in TG.

[avikz]

Today Kucoin officially launched P2P Trading for BDT. It's a great news for Bangladeshi Crypto Community. But I have some questions going around in my mind.

Officially bitcoin and crypto is banned by Bangladesh government and the central bank of Bangladesh which is Bangladesh Bank(BB). So, if I need to do P2P with BDT, I need to do bank transactions for that. Now how that will happen? How Kucoin will manage it. We can't do bank transactions in crypto related websites.
What's your opinion on it?

Be very very careful before you plan to exchange your bitcoin to Bangladeshi currency. I know it is officially banned in Bangladesh so people may end up in legal trouble for undertaking such activities! I am not sure how kucoin p2p trading works, but if there's any cash settlement option without going through the banking route, use that! Also if you want to do the trading through banks only, make sure to do it with small amounts. That may not trigger an alarm!

[bryant.coleman]

It would be very helpful, if someone from Bangladesh could answer my questions:

1. Is USDT vs cryptocurrency trading banned in Bangladesh, or is it just the fiat vs crypto trading?
2. A few years back, I heard that a few cryptocurrency traders were arrested in Bangladesh. What happened to them? Were they released immediately, or were they sentenced to jail or made to pay financial penalties?

[bL4nkcode]

It would be very helpful, if someone from Bangladesh could answer my questions:

1. Is USDT vs cryptocurrency trading banned in Bangladesh, or is it just the fiat vs crypto trading?
2. A few years back, I heard that a few cryptocurrency traders were arrested in Bangladesh. What happened to them? Were they released immediately, or were they sentenced to jail or made to pay financial penalties?

They welcome blockchain technology as there are already businesses that are blockchain-related such as this. But I didn't see any news that bitcoin/crypto is accepted nor their governments have bills/law regarding postive regulations regarding crypto being accepted there, so this p2p trading will give kucoin's bandladesh people hard time only if their authority make harsh move towards the exchange.