Changes to crypto rules July 1st

[Cominghard]

Got an email saying AUSTRAC has introduced the “Travel rule” starting July 1st


Can someone who knows more about crypto explain how this will affect me buying gear

Must provide full details of anybody you are transferring crypto to / receiving from

Is this a big deal

 

[Defcon9]

Yeh I got the email as well figured it to be similar as the occasional coinspot call I get. Wait and see

 

[Dreamer]

I could be wrong, but I do not think this will apply to Exodus, only off exchanges like coinspot etc.

Buy crypto on exchange, send to exodus and then to your chosen recipient

 

[Cominghard]

I could be wrong, but I do not think this will apply to Exodus, only off exchanges like coinspot etc.

Buy crypto on exchange, send to exodus and then to your chosen recipient

But then don’t you need to explain why you’re sending to exodus and then admit you own that wallet ? And so on

Hope you’re right though - would be very easy to bypass as you say

 

[Dreamer]

But then don’t you need to explain why you’re sending to exodus and then admit you own that wallet ? And so on

Hope you’re right though - would be very easy to bypass as you say

Like I said, not an expert, but my understanding is Exodus doesnt need to register with Austrac

 

[Cominghard]

Ok cool so it’s going to be a nothingburger

 

[Dreamer]

Ok cool so it’s going to be a nothingburger

Whenever the Aussie government tries this bullshit theres always a way around it. Absolute clowns.

 

[Cominghard]

Came for my porn first, now for my gear

Fuck off Albo

 

[Alice_In_Ironland]

But then don’t you need to explain why you’re sending to exodus and then admit you own that wallet ? And so on

Hope you’re right though - would be very easy to bypass as you say

Coinspot, CoinJar, et al. can track that the funds have left the Exodus wallet if you’ve send them there and then onto a vendor (if your account is flagged). You can say it’s being moved to your personal wallet, or you can add an extra step and get a cold wallet to send payment from.

 

[R&Dpharma]

But then don’t you need to explain why you’re sending to exodus and then admit you own that wallet ? And so on

Hope you’re right though - would be very easy to bypass as you say

Perhaps you were unfortunately scammed and you thought you were investing btc and that's the reason you were sending to that person

 

[Cominghard]

Coinspot, CoinJar, et al. can track that the funds have left the Exodus wallet if you’ve send them there and then onto a vendor (if your account is flagged). You can say it’s being moved to your personal wallet, or you can add an extra step and get a cold wallet to send payment from.

Isn’t exodus the cold wallet ?

Or did I get that wrong

Given the block chain is public they can keep tracking the transfers indefinitely I guess ?

 

[Cominghard]

Perhaps you were unfortunately scammed and you thought you were investing btc and that's the reason you were sending to that person

That’s just the excuse they want to suspend your account , for your own safety of course

I tried that with Coinbase and they locked my account for 60 days

Maybe say it was gambling losses ?

 

[Snowbogan]

Would Cake Wallet fit the criteria?

 

[saleen556]

Been in the game on and off for years. I’m going to use Bitcoin for the first time soon. So it looks like I don’t want to send funds from my Coinbase account? Can someone point me in the right direction?

 

[Alice_In_Ironland]

Isn’t exodus the cold wallet ?

Or did I get that wrong

Given the block chain is public they can keep tracking the transfers indefinitely I guess ?

Exodus is a ‘hot’ wallet because it runs on internet connectivity. The blockchain is public so they can watch the transaction moving between addresses in any case. It seems to set off ‘scam’ alarm bells if you buy crypto and then immediately start moving the amount between exchanges/ wallets if your account, or the one receiving funds, is ‘flagged’.

 

[Oldmate87]

Exodus is a ‘hot’ wallet because it runs on internet connectivity. The blockchain is public so they can watch the transaction moving between addresses in any case. It seems to set off ‘scam’ alarm bells if you buy crypto and then immediately start moving the amount between exchanges/ wallets if your account, or the one receiving funds, is ‘flagged’.

Yep. This recently happened to me. Coinspot account blocked. Got flagged for a transaction to a sanctioned account from my exodous wallet.

 

[Alice_In_Ironland]

Been in the game on and off for years. I’m going to use Bitcoin for the first time soon. So it looks like I don’t want to send funds from my Coinbase account? Can someone point me in the right direction?

Yes correct, don’t send directly from Coinbase to a vendor. Many of the suppliers here have a PDF crypto guide, or can give you advice/ walkthrough on how to best make payment. Get Exodus on your phone, it isn’t registered with AUSTRAC so they won’t block or flag outgoing transactions. BUT Coinbase still can if they’ve flagged your account and are tracking the destination of your transactions.

 

[saleen556]

Yes correct, don’t send directly from Coinbase to a vendor. Many of the suppliers here have a PDF crypto guide, or can give you advice/ walkthrough on how to best make payment. Get Exodus on your phone, it isn’t registered with AUSTRAC so they won’t block or flag outgoing transactions. BUT Coinbase still can if they’ve flagged your account and are tracking the destination of your transactions.

Sound good. Thanks for the advice

Yes correct, don’t send directly from Coinbase to a vendor. Many of the suppliers here have a PDF crypto guide, or can give you advice/ walkthrough on how to best make payment. Get Exodus on your phone, it isn’t registered with AUSTRAC so they won’t block or flag outgoing transactions. BUT Coinbase still can if they’ve flagged your account and are tracking the destination of your transactions.

Looks like you can buy BITCOIN on exodus. So no need to buy on Coinbase and transfer?

 

[Stans]

Sound good. Thanks for the advice

Looks like you can buy BITCOIN on exodus. So no need to buy on Coinbase and transfer?

That’s one way you can do it, fees will be higher. And the exchanges Exodus use will still be subject to same regulations, ie KYC.

For the moment just plan on exchange> personal wallet> vendor and should be all good. There might be an additional step where we have to explain/prove we own the wallet when it’s first moved off the exchange.

 

[Alice_In_Ironland]

Sound good. Thanks for the advice

Looks like you can buy BITCOIN on exodus. So no need to buy on Coinbase and transfer?

Yes you can use the Banxa payment feature on Exodus (it has higher fees), although a heads-up that some banks might block the transaction or require a follow-up call to process it

 

[75Fastback]

That’s one way you can do it, fees will be higher. And the exchanges Exodus use will still be subject to same regulations, ie KYC.

For the moment just plan on exchange> personal wallet> vendor and should be all good. There might be an additional step where we have to explain/prove we own the wallet when it’s first moved off the exchange.

From my understanding, you will need to disclose all transaction of your cold wallet to the tax office, includes all deposit and withdrawals/purchases, and they want to know what those purchases are for!!

If this is the case, they will be looking at those who are receiving large funds into their wallets.

I would guess they will use the banks to make it even more difficult deposit funds into the exchanges like CoinSpot. With more bullshit questions as to what the funds are being used for, no differ t to how they stop your withdrawing cash

 

[Alice_In_Ironland]

From my understanding, you will need to disclose all transaction of your cold wallet to the tax office, includes all deposit and withdrawals/purchases, and they want to know what those purchases are for!!

If this is the case, they will be looking at those who are receiving large funds into their wallets.

I would guess they will use the banks to make it even more difficult deposit funds into the exchanges like CoinSpot. With more bullshit questions as to what the funds are being used for, no differ t to how they stop your withdrawing cash

My accountant only asks about the transfers from my bank to Coinspot, and if I’ve made any profit from those trades. Given the current state of crypto, most probably won’t have any capital gains to report

 

[ltdevo]

Definitely need more info here for our safety in particular. Can some turbo nerd that knows this space WELL please chime in and give us all a rundown on current best practice?

Need safe and efficient transfers for all parties involved.

 

[75Fastback]

My accountant only asks about the transfers from my bank to Coinspot, and if I’ve made any profit from those trades. Given the current state of crypto, most probably won’t have any capital gains to report

Same here, but not sure this will be the case in the future

 

[Mobster]

I could be wrong, but I do not think this will apply to Exodus, only off exchanges like coinspot etc.

Buy crypto on exchange, send to exodus and then to your chosen recipient

Almost certainly true. Esp so if you've been on Exodus a while

 

[75Fastback]

Almost certainly true. Esp so if you've been on Exodus a while

What’s the difference if you have been on exodus for a while as opposed to downloading the app now?