Crypto Scams? Remittances and Offramps
Genuine question here. How does remittance through crypto work? Presumably, you'd need an offramp in the destination country.
Here is the problem though:
if you're constantly exchanging crypto for local fiat in that destination country, at some point you'd run out of local fiat and you'd have a bunch of crypto on your hands, so you'd need to trade it back.
How do crypto remittance companies handle this problem legally?
1) work with illegal/unlicensed crypto brokers?
2) work with big exchanges like binance? but then you'd have to wait for the fiat to arrive via arrive, at which point why not just use wire instead of crypto all together?
3) work with local crypto exchange that's licensed and has a bank in your country? this seem legit, but only works in countris where this exchange exists AND if they want to work with you.
This is a genuine question. If you know anything about how any crypto remittancce companies actually work undeer the hood, would love to know?