100% Antifreeze and Safe Withdrawal in the Cryptocurrency Circle Q&A: Have you passed KYC when buying a small country residence permit?
Today, a user in the backstage asked a question: As a mainlander, he wants to register with a licensed exchange in Hong Kong, such as Hashkey, and is considering passing KYC by purchasing a Vanuatu green card.
For this user's question, let me explain.
At present, the Vanuatu green card is accepted by some exchanges to complete the KYC process. However, it should be noted that the price of this green card is not low, and it costs about 40,000 RMB. Of course, compared with some other people who may resort to forging documents to try to pass KYC, this user is obviously more powerful and sincere.
However, I must remind you that some small countries' green cards may no longer be accepted by exchanges for KYC. For example, the Guinea-Bissau green card, despite its relatively low price, is no longer recognized by exchanges. This shows that the exchange's requirements for KYC change with the changes in policies of various countries.
In addition, some electronic residence permits, such as Palau ID, are gradually excluded from the acceptance of KYC by the cryptocurrency circle exchanges. This means that even if you have such a residence certificate, you may not be able to pass the exchange's KYC audit.
So, for large-capital users who want to deposit and withdraw funds safely and compliantly, I suggest that they consider registering an overseas company, such as in Hong Kong, Cayman or BVI. The lowest maintenance cost of such a company is more than 10,000 yuan a year. In addition to being used for currency withdrawals, it can also improve personal image.
Almost all currency exchanges support corporate account KYC. Even if you are not familiar with the process, there will be specialists to help you complete it. Withdrawing funds through a corporate bank account can effectively avoid the risk control problem of institutional transfers to individuals. As long as you maintain good communication with the bookkeeping company, transferring funds safely will become as easy as breathing.
In general, although purchasing a small country residence permit is a way to try to pass KYC, there is uncertainty about its effectiveness and reliability. In contrast, registering an overseas company and opening a corporate account may be a more secure and effective option.
