Legal USDT to Bank Without P2P
44sOffers a legal alternative to P2P, a common pain point for crypto users.
▶ Play ClipAI Summary
This video demonstrates a step-by-step method for withdrawing USDT from Binance to a bank account without using P2P trading. The process involves transferring USDT to the Coindix exchange, selling it for INR, and then withdrawing the funds to a bank account.
Chapters
[00:02]
Goal: Transfer USDT to Bank Account
The video aims to show a simple, legal, and correct way to transfer USDT from Binance to a bank account.
[00:17]
Solution: Use a Regulated Exchange
The recommended method is to withdraw USDT from Binance and deposit it into a cryptocurrency exchange that is registered with the FIU, ISO certified, and compliant with government regulations like anti-money laundering (AML).
[00:46]
Deposit USDT to Coindix
On Coindix, click 'Deposit Crypto', select Tether (USDT), copy the BEP20 network address, and paste it into Binance's withdrawal field. The minimum deposit is 10 USDT.
[01:15]
Confirm Deposit Arrival
After a short wait, the USDT deposit appears in the Coindix portfolio under the funds icon.
[01:42]
Sell USDT for INR
Click the invest icon, select USDT, enter the amount to sell, and swipe to sell. Note that a 1% TDS is deducted on crypto selling as per government rules effective July 1, 2022.
[02:28]
Withdraw INR to Bank
After selling, the INR (IAR) is credited to the wallet. Click the portfolio icon, select IAR, and click 'Withdrawal IAR' to transfer to the bank account.
The video provides a clear, step-by-step guide for converting USDT to fiat currency and withdrawing it to a bank account via a regulated exchange, avoiding P2P risks.
Mentioned in this Video
Tutorial Checklist
Study Flashcards (4)
What is the minimum USDT deposit amount on Coindix?
easy
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What is the minimum USDT deposit amount on Coindix?
easy
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10 USDT
01:01
What is the TDS rate on crypto selling in India effective July 1, 2022?
easy
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What is the TDS rate on crypto selling in India effective July 1, 2022?
easy
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1%
02:12
Which network address is used for depositing USDT to Coindix?
medium
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Which network address is used for depositing USDT to Coindix?
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BEP20
00:46
What are the regulatory requirements for the exchange used in this method?
medium
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What are the regulatory requirements for the exchange used in this method?
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Registered with FIU, ISO certified, and compliant with government regulations like anti-money laundering (AML).
00:17
💡 Key Takeaways
⚖️
Regulated Exchange Approach
Highlights the importance of using FIU-registered, ISO-certified exchanges for legal compliance.
00:17
📊
TDS Deduction on Crypto Sales
Mentions the 1% TDS rule effective July 1, 2022, which is a key regulatory detail for Indian crypto users.
02:12Full Transcript
[00:02] and you want to transfer it to your bank account in a very simple , completely legal and correct way. Let me show you step by step in this video. The best solution is to withdraw your USDT from Binance
[00:17] and take it to a cryptocurrency exchange where you can sell your USDT directly from the exchange without any P2P. The platform is registered with the FIU. It should be certified with ISO and should work in accordance with all the terms and conditions of the government like anti-money
[00:31] laundering etc. So that's why about Coindix exchange. People are going to bring their funds here and sell them. First of all, bring their funds here and sell them. First of all,
[00:46] DCX has to be opened simply here. Here you have to click on this option of Deposit Crypto and here you have to click on Taithar. Here is the network BEP20 address. Copied it. These are the main things. You have to
[01:01] go to the address here and paste the address that we had just copied and you can deposit the network minimum of 10 USDT. So you make it 11 here. There So your withdrawal processing will take place inside Binance and within a short time
[01:15] your funds will be withdrawn from here and will reach you on Coindix exchange. After waiting for just one minute, my and simply go to portfolio here and there's a funds icon in the top corner.
[01:29] I simply have to click on this. Here IAR Pay will be selected. And look, the request to deposit USDT has come here. And my deposit has been successfully completed. But only
[01:42] USDT has arrived so far. Now how do I get these to my bank account? What should I do ? Here you have to click on the invest icon. You have to USDT and here it is, click on it.
[01:58] seeing at 10.9 USDT. Whatever amount I want to transfer to my bank account, Like if I want to deliver everything then I will type it on this and let me tell you one thing here because Coindix is completely registered with the government.
[02:12] So that is why according to the government, from July 1, 2022, 1% TDS is deducted on crypto currency selling, it will be deducted here in Coindix. Ok? Here I will simply swipe to sell and you can see that my USDT has been sold out here.
[02:28] that my USDT has been sold out here. That too at ₹93.99 (almost ₹94). I have to click on Done. The USDT has arrived in my IAR wallet after my sale. You can see here that IAR has arrived. Now I have to transfer these to my bank
[02:41] Simply click on this portfolio icon. And as these are the funds , here IAR has to be selected and click on Withdrawal IAR. Simply click on Withdrawal IAR. Simply
