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Private bank options for crypto source of wealth (8 figs)

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(1) Having spent the past two weeks in Milano at Fashion Week and the Beauty Week, I 100% agree with @BigUnicorn, which pisses the f*ck out of me,‍ and I've already expressed my vexation to all the private bankers I know and their⁠ compliance monkeys...😡

Bernard Arnault was more humble, gracious, and accommodating than ANY compliance officer I⁤ EVER had the displeasure of running into! stupi#21

These last two weeks, the most beautiful and⁣ wealthiest people in the world showed more grace, humility, and dignity than I've ever seen⁢ a banker or compliance officer display since 2007! stupi#21

Ponder on this... 🙄

Now, as a counterbalance︀ to my rant.... rof/% smi(&% 😉

(2) Having said that, Sygnum Bank did call me after I︁ repudiated them and they offered all kinds of solutions, so check with them here: Sygnum Bank: Invest in crypto with a regulated Swiss bank Sygnum is a global digital asset︂ banking group, founded on Swiss and Singapore heritage. Our mission is to empower everyone, everywhere,︃ to own crypto with complete trust. Onboard with Sygnum today to buy, trade and earn︄ crypto to future-proof your investment strategy.

I do use them, and they have been good︅ to me, but NOT Wegelin and BSI pre-2008-level good. So, of course, YMMV. 😉
 
On the subject of source of wealth, I've done a handful of proof/source of wealth‌ reports for clients over the years covering off crypto wealth and gains. My experience is‍ that banks/lawyers will accept crypto wealth if someone else has done the due diligence and⁠ taken the AML risk. We've done this for Swiss, UK and Guernsey bank accounts, property⁤ purchases in the UK, investment accounts in Jersey etc. The ironic thing is that crypto⁣ funds are one of the easiest sources of wealth to prove if you understand how⁢ blockchain works and can trace the funds through wallets and exchanges.

We recently did a︀ review of a client who mined dogecoin back in 2014, forgot about it entirely and︁ then in 2021 discovered the price, dug out his old wallet and sold it for︂ 4000x his original value. Banks don't understand how someone goes from £100 to £400,000, but︃ my experience is they don't care so much if someone with an appropriate qualification has︄ signed it off.
 
Interesting. Yes, I imagine the story of bought in 2010 sold in 2024 all from‌ the same wallet would be straightforward. When someone farmed, traded, staked, did some defi in-between,‍ etc. things become complicated.
 
But do you tell them from the start that⁢ you’re receiving Bitcoin in one way or another and that you plan to move the︀ money from the exchange to the bank, or is it something you tell them after︁ they’ve requested all your documents, etc.?
 
Yeah this one was 4 pages⁠ long, mostly explaining what dogecoin mining was.... some of the others were much more complex⁤ - one was for $20m with a client who had worked for a crypto firm,⁣ had bonuses paid in crypto, traded, provided liquidity, staked, played with DeFi etc over the⁢ course of 7 years. His report was 43 pages long....
 
That’s how the banking system works false stop - once it’s in there︇ it rarely has issues moving around hence the US always going after corresponding Eurodollar connected︈ banks because dirty money flows into the system and through SDNY

Also why they went︉ after the crypto banks in the US as when funds are in the system it︊ sloshes around without too much attention
 
I think this will depend on the ratio of your⁤ wealth - what percentage is crypto and what percentage is tradfi. If you have $10m⁣ and $8-9m can be traced through S&P500 investments/earnings/business sale etc then I wouldn't mention unless⁢ asked. If crypto is a meaningful percentage of your wealth (20%+) then I'd probably raise︀ it with them relatively early in the position and explain you will have someone lined︁ up to give a detailed review and sign off any compliance risks.
 
rof/%
But do the monkeys at the banks understand⁠ it? 🙄
 
Absolutely not, but they'll take the word of someone willing to sign it off on their‌ own AML/Compliance risk.
 
Yeah it requires a reputable law firm or accounting firm to sign that off to‌ get the bank monkeys accepting the coins.
 
both only for‌ people with minimum 5M Euro to put on the bank account by account opening.
 
Normalize the wealth︇ via a regulated off-ramp in your name, pay tax, keep any residual crypto off platform.︈

Prepare a tight SoW pack: exchange KYC, trade history tied to fiat, on chain provenance,︉ signed wallet proofs, accountant letter, filed returns.

Target Switzerland, Liechtenstein, or Singapore via an external︊ asset manager or multi family office, and fund only in fiat.

Open in phases: custody︋ and cash first, then brokerage once the relationship is seasoned, add a second jurisdiction for︌ redundancy.
If a tier one bank still says no, park funds with a crypto aware︍ custody bank or broker for 6–12 months, then reapproach.

That could work for you if︎ done right.
 
Wouldn’t it make︇ more sense to just open a regular bank account wherever it’s still possible, or even︈ use an EMI, and then run everything through a crypto debit card you top up︉ as needed?

That way you can spend in shops or wherever you need cash. Seems︊ a lot easier than constantly chasing after new banks willing to service your needs!
 
no because there are not really reliable crypto cards with high-limits. And they are very‌ very pricey
 
So you’re saying that because you know every‍ single service out there worldwide?
 
did a broad market research yes, and top-up fees start at 1% up to 4%‌ on average... do you think thats competitive? Also the limits are super low, take Paywithmoon‍ its only 4000 USD monthly
 
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