Bitcoin from ATM without KYC

[fikrett]

In Mexico btc atm without KYC.

Are the fees as big as in Switzerland though? 

[AVE5]

There are a couple of few questions he'll need to answer for himself to be sure about it. Firstly I don't know much about crypto regulations in Switzerland however from my speculation, since they have legit bitcoin ATMs there then obviously crypto shouldn't be illegal over there.

Some of the things he should consider is if he's spending illegal funds or if his address was white listed for any crime or something. However based on your explanations so far I don't think so. The only things I suggest is that he makes sure his seed is safe and if he intends hodling, keep his coins off exchanges and make use of a cold storage.

Definitely there's no going illegitimate charges on him with his holdings because bitcoin hasn't seen illegal in this place since it could have an installed ATM and it's obvious that it's being of regulation by their government.
But there's something that get to look into which is the fact that the fried exceeded the limit of accumulations per month of individuals.
I'll also have a question for the Op if is there no alternative someone in his region can buy bitcoin aside the ATM? If yes maybe he can defend himself that he bought some more from other sources. That's if Incase he is being questioned how come he has such value of bitcoin based on the specific period he began to buy his bitcoin but if No then I think he may may encounter some issues in the future unless he can outsmart the regulatory system.
But as for money laundry, of course he'll scale through it because he didn't acquire them on illegal.

[uchegod-21]

Now he is wondering whether he might get problems cashing out in the future.

Is there a law in Switzerland which states that if you buy bitcoin from the bitcoin ATM, the only means to sell same bitcoin is going through ATM. If there is no such law, I don't think your friend has a problem. Where I can see a problem is in taxation. If BTC is taxable in your country, your friend might be evading tax unknowingly.

[percy_tc]

Hi,

I friend of mine bought recently some BTC from ATMs in Switzerland.

Because Switzerland has a limit of 1000 CHF per month without KYC on ATMs,
he bought 10 times 1000 each, with fake phone number.

He wasn't money laundering, just using his own legal money for HODL,
while he didn't want to do KYC.

Now he is wondering whether he might get problems cashing out in the future.

If his aim is to cashing out, he will do KYC sooner or later. This is how Banks/ FIAT world works.

[hero_the_bossman]

There are a couple of few questions he'll need to answer for himself to be sure about it. Firstly I don't know much about crypto regulations in Switzerland however from my speculation, since they have legit bitcoin ATMs there then obviously crypto shouldn't be illegal over there.

Some of the things he should consider is if he's spending illegal funds or if his address was white listed for any crime or something. However based on your explanations so far I don't think so. The only things I suggest is that he makes sure his seed is safe and if he intends hodling, keep his coins off exchanges and make use of a cold storage.

Definitely there's no going illegitimate charges on him with his holdings because bitcoin hasn't seen illegal in this place since it could have an installed ATM and it's obvious that it's being of regulation by their government.
But there's something that get to look into which is the fact that the fried exceeded the limit of accumulations per month of individuals.
I'll also have a question for the Op if is there no alternative someone in his region can buy bitcoin aside the ATM? If yes maybe he can defend himself that he bought some more from other sources. That's if Incase he is being questioned how come he has such value of bitcoin based on the specific period he began to buy his bitcoin but if No then I think he may may encounter some issues in the future unless he can outsmart the regulatory system.
But as for money laundry, of course he'll scale through it because he didn't acquire them on illegal.

Having an alibi or a backup plan is always good.
Nothing bad would happen to OP's friend in my opinion, though being safe is a way to stay calm and tranquil.

[apogio]

I don't know how ATMs work in different places of the planet, but in my country, Bitcoin ATMs require some sort of account to be created.
Normally, this means just a simple email verification.
Like everyone said above, the very bad thing with ATMs is their profit margin which is very high (8-12%) as I've recently seen.
Someone also mentioned the cameras, which is also a red flag for me, though I understand that cameras exist there for security reasons and not for surveillance.

[SquirrelJulietGarden]

I don't know how ATMs work in different places of the planet, but in my country, Bitcoin ATMs require some sort of account to be created.
Normally, this means just a simple email verification.
Like everyone said above, the very bad thing with ATMs is their profit margin which is very high (8-12%) as I've recently seen.
Someone also mentioned the cameras, which is also a red flag for me, though I understand that cameras exist there for security reasons and not for surveillance.

Bitcoin ATMs began with freedom, and no KYC, honestly I did not experience it but some years ago when people started to share and complain about more restrictions against Bitcoin ATMs, they also told that in the past, there was more freedom with Bitcoin ATMs.

Germany seizes 13 BTC ATMs, nearly $280K in fresh crackdown. Seizes and crackdowns against Bitcoin ATMs began several years ago, mostly in Europe.

I can not remember when it started but you can read some blogposts there and find it. https://coinatmradar.com/blog/page/4/

An Outline of Bitcoin ATM Rules by Country (USA, Canada, Europe, UK.)

[EarnOnVictor]

Hi,

I friend of mine bought recently some BTC from ATMs in Switzerland.

Because Switzerland has a limit of 1000 CHF per month without KYC on ATMs,
he bought 10 times 1000 each, with fake phone number.

He wasn't money laundering, just using his own legal money for HODL,
while he didn't want to do KYC.

Now he is wondering whether he might get problems cashing out in the future.

Well, by virtue of the decentralization of Bitcoin, he might still manoeuvre his ways without getting into trouble but despite the fact he is not a money launderer, using fake phone numbers is against the law, it is bad and he might want to prove that to the law enforcers that he didn't actually launder the money if he is caught. Instead of using fake phone numbers, he could have used friends' or family's phone numbers with their consent. The 1000 CHF is still not a big money for a trusted friend or family member to be harming him in a good country like Switzerland.

[NotATether]

Can he get suspected of money laundering if he is cashing out multiply small amounts,
or encounter any other problems, that's the question.

Ther is no paper trail, so the answer is no.

Unless the Bitcoin ATM gave you what is called "dirty coins" - for example, from a scam, hack, or some sanctioned entity - the most whatever platform your friend cashes out on will ask for is a source of funds.

And he can just give them any real document that shows he has at least the equivalent amount of money as the crypto he is trying to cash out. They aren't going to ask for UTXO proof or anything like that, unless it's some crummy platform like Volet. (And even that can be side-stepped by sending the funds to yourself before sending them to the platform.)

If he has hold the coins for a certain time, won't he be suspicious?

No.

By the way, are anonymous coins without KYC of any advantage,
worth paying 10% ATM fee?

That is a really, really high amount to pay, so don't use this method unless there absolutely isn't any alternative.

[Jon_Hodl]

Now he is wondering whether he might get problems cashing out in the future.

Switzerland is not as crazy with KYC and chain analysis as the United States. As long as there is no reported illegal activity associated with the address that he sent to, he won't have any problem selling for fiat in the future.

If he wants to sell it without any KYC, he might consider using a service like Bisq or RoboSats when he is ready to sell.

[fruktik]

Can he get suspected of money laundering if he is cashing out multiply small amounts,
or encounter any other problems, that's the question.

If he has hold the coins for a certain time, won't he be suspicious?

By the way, are anonymous coins without KYC of any advantage,
worth paying 10% ATM fee?

I can't say for sure, but the authorities can still charge him with money laundering. On what basis does he do this quite a lot of times, even with small amounts of money? You shouldn't abuse this method. There are no idiots in power in your country. These people most likely took such things into account. It seems to me that it won't be possible to deceive or manipulate in this way.

And why did you decide that if there is no KYC, then nothing will become known to the person? I'm sure that there is a video surveillance camera in the ATM itself or somewhere nearby. What kind of anonymity can we talk about?

[hero_the_bossman]

Hi,

I friend of mine bought recently some BTC from ATMs in Switzerland.

Because Switzerland has a limit of 1000 CHF per month without KYC on ATMs,
he bought 10 times 1000 each, with fake phone number.

He wasn't money laundering, just using his own legal money for HODL,
while he didn't want to do KYC.

Now he is wondering whether he might get problems cashing out in the future.

To prepare for potential problems, your friend should document everything like reciepts for the cash used at the ATMs or transaction IDs from the blockchain.

If they plan to cash out significant amounts, doing so through s KYC, compliant platform may be unavoidable to avoid scrutiny. It's always better to be proactive than to run into legal or financial hurdles down the line.

That sounds like a good plan indeed.
Even if there is no alert at the moment it doesn't mean there won't be one in the future.
Better be ready than sorry afterward.

[Abiky]

Hi,

I friend of mine bought recently some BTC from ATMs in Switzerland.

Because Switzerland has a limit of 1000 CHF per month without KYC on ATMs,
he bought 10 times 1000 each, with fake phone number.

He wasn't money laundering, just using his own legal money for HODL,
while he didn't want to do KYC.

Now he is wondering whether he might get problems cashing out in the future.

Such activities would raise suspicion from the bank. Even if the ATM was KYC-free. The camera installed on the machine, is more than enough proof to help expose your identity. If I were your friend, I'd buy BTC in-person (F2F) or through an online P2P trading platform such as Bisq. Using cash (paper money) to buy Bitcoin, is the best way to achieve privacy/anonymity.

For the truly paranoid, the purchased BTC can be converted to XMR and back to BTC on a whole new address (public key) for complete untraceability. Selling BTC is the same process but backwards. Governments are always finding new ways to identify or track Bitcoin users, so it's advised to update your methods (doing your own research) just to be safe. You'll thank me later.

[NotATether]

Such activities would raise suspicion from the bank. Even if the ATM was KYC-free. The camera installed on the machine, is more than enough proof to help expose your identity.

Expose your identity yes, but I feel that if you live in a country that isn't openly hostile to Bitcoin, then banks will not care much if you're P2P selling through ATMs as long as it isn't an abnormally large amount for you that you're handling.

[apogio]

Expose your identity yes, but I feel that if you live in a country that isn't openly hostile to Bitcoin, then banks will not care much if you're P2P selling through ATMs as long as it isn't an abnormally large amount for you that you're handling.

Yes, but in my mind, the reason is that they will know who you are and they can potentially use this knowledge against you somewhen in the future. But definitely, if Bitcoin is legal in your country, then they won't care a lot, until they decide they need to care.

[CryptoHeadlineNews]

Can he get suspected of money laundering if he is cashing out multiply small amounts,
or encounter any other problems, that's the question.

If he has hold the coins for a certain time, won't he be suspicious?

By the way, are anonymous coins without KYC of any advantage,
worth paying 10% ATM fee?

For me, I think 10% is s huge sum of money to pay as fee for a Bitcoin transaction, because I was of the opinion, why not help your friend trade his crypto for US dollar here on this forum, or probably if there is any reputable user who lives in Switzerland, why not help execute the trade for your friend, as I'm sure the charge/fee will be much lesser as compared to using a Bitcoin A.T.M. Whereas secondly, just as someone suggested, it's advisable you document all transactions for future purpose, Incase the news arises and you are alleged of fraudulent activity.

[Ever-young]

Bitcoin ATMs began with freedom, and no KYC, honestly I did not experience it but some years ago when people started to share and complain about more restrictions against Bitcoin ATMs, they also told that in the past, there was more freedom with Bitcoin ATMs.

I know that bitcoin ATMs don't ask for KYC verification, but they do ask for a mobile number, which can be used as primary KYC data unless they won't ask for further verifications to confirm if the number is truly the customer's own or not.
 
I want to ask if this mobile number they can use for each purpose was always there or if it's a new development, because if it was there all along since the start of bitcoin ATMs, then I can't say it's totally KYC-free. ATMs also do come with hidden and visible cameras.

[fruktik]

I know that bitcoin ATMs don't ask for KYC verification, but they do ask for a mobile number, which can be used as primary KYC data unless they won't ask for further verifications to confirm if the number is truly the customer's own or not.
 
I want to ask if this mobile number they can use for each purpose was always there or if it's a new development, because if it was there all along since the start of bitcoin ATMs, then I can't say it's totally KYC-free. ATMs also do come with hidden and visible cameras.

I have already written about cameras. I do not think that it is possible to avoid identity verification in this way. Especially if it concerns ATMs. In such cases, maximum protection is installed. There are still ways to find out a person's personal data if he commits illegal actions. Therefore, there is no point in using such devices if you need to hide your identity. This is already a thing of the past. You can use other methods to get money.

[BlackHatCoiner]

Now he is wondering whether he might get problems cashing out in the future.

Just tell him to not sell or buy again from the same ATMs. He, indeed, might have legal issues if he gave fake phone numbers.

If he wants to avoid KYC, there are other ways to do it: BISQ is one of them.

If he wants cash, then it's unfortunately not practical with Bisq. There is very little volume, and most of the times you're paying excessive fees as a premium. (Often more than what these ATMs charge.)

[m2017]

Hi,

I friend of mine bought recently some BTC from ATMs in Switzerland.

Because Switzerland has a limit of 1000 CHF per month without KYC on ATMs,
he bought 10 times 1000 each, with fake phone number.

He wasn't money laundering, just using his own legal money for HODL,
while he didn't want to do KYC.

Now he is wondering whether he might get problems cashing out in the future.

As usually happens, people first do something and only then begin to think about the consequences.

Your friend could have done everything differently:
- buy officially on the stock exchange, having recorded and documented the purchase of bitcoin.
- when the time comes (when selling), pay taxes on the increase in profit, using the evidence from the point above.
- sleep peacefully, because the regulator will not find fault with him, because the taxes are paid, the origin of the funds is proven, and the profit is received.

So what if he had to sacrifice the passage of the KYC, but in a country like Switzerland, in my opinion, this is acceptable.

I assume that in the near future, everyone will be forced to act this way, because the CBDC will leave no other options.

Disclaimer: I am not a supporter of KYC's and don't advertise them, but in such a "rainbow" and "sunny" country as Switzerland, it is a sin to avoid them.