If someone in the US sends crypto abroad, the recipient sells it, and sends fiat proceeds back—are there legal or compliance risks?

Asked Nov 1, 2019· 1 answer ·Americas, Developed Markets, North America, United States
Faisal KhanAnswered Nov 1, 2019

No. You’d be okay, as long as you do it for yourself. The worse that can happen is that you will lose access to banking.

See also:

  • Faisal Khan's answer to Would trading virtual currency (i.e. bitcoin) on a daily basis and only through the Coinbase website (within the limits set by the Coinbase) fall under the definition of virtual currency business and require a Money Transmitter license for the user?
  • Faisal Khan's answer to Is it legal for US citizens to engage in cryptocurrency arbitrage with an international partner (i.e. buy BTC on Coinbase, 𝙳𝚎𝚛𝚎𝚌𝚝 𝙲𝚘𝚗𝚝𝚊𝚌𝚝 𝚑𝚎𝚛𝚎 »💯☎️📲 (☞ +𝟷»𝟾...𝟶..𝟺.⸗.𝟾..𝟾..𝟻.⸗.𝟶...𝟼...𝟼...𝟼 ☜ ) 𝙲𝚘𝚒𝚗𝚋𝚊𝚜𝚎 𝙾𝚏𝚏𝚒𝚌𝚒𝚊𝚕 𝙲𝚞𝚜𝚝𝚘𝚖𝚎𝚛 𝚂𝚎𝚛𝚟𝚒𝚌𝚎 𝙽𝚞𝚖𝚋𝚎𝚛 ?
Money Services Business License AmericasDeveloped MarketsNorth AmericaUnited States
Related in US Money Transmitter Licensing and MSB Registration
What type of license is required if acting as an intermediary in an FX transaction between two parties?1 ansDoes MSB in Montana has the same value as MSB in Canada?1 ansWhat are some common misconceptions regarding MTL?1 ansWhat is the Model Money Transmitter Law?1 ans