I have bought some crypto on an KYC exchange and would like to send to my cake wallet and then there to swap to monero etc...
The exchange is questioning me on what is my destination where Im sending my BTC and why?
What do i answer?
what exchange are you using???? this is like another post saying their bank was taxing their deposits...maybe your exchange and his bank are in same country....must be serious dictatorship with such off the wall situations....been in crypto since 2010 and have several exchange institutional accounts and never heard of them asking about where your sending your crypto....so they reached out to you unprovoked and asked where you are planning to send your crypto even before you put in the withdraw request??
Yup right when im trying to send it prompts these questions to me, the crypto space in regulated areas is so far gone... I dont mind getting by non kyc routes but the fees are around 20%, its pretty hard to get atleast in my situation.
Just write yourself and pick external wallet otherwise your traffic would be more likely to be screened due to money laundering counter measure requirements of many exchanges since transfers to other people’s external wallets are more likely to be considered suspicious/unusual activity.