Crypto Cashout to a stable bank - knowing they will freeze you. Is this a good or crazy move?

[denniz07]

Hello,

let's say you are sitting on 10MM$ in USDC or USDT. The market is right now turbulent. Actually, I don't want to take the risk that it might de-peg.

Does this move make sense? Or I'm just crazy?

- Convert money to USD on a crypto bank.
- Transfer let's say 5MM$ to postfinance.

Postfinance will for sure start asking questions. But I can provide everything - in theory - so there are just a lot of trades. The compliance might freak out or I may be blocked.
But in this case, the money is kind of safe.

Or is it a stupid move that could block my money for years ?

Thanks for any hint!

PS:
Of course, I could let the cash on the "crypto bank". Even if it is a swiss bank. Not sure how much risk they have, since they are also involved in a lot of crypto projects. So you never know.
PPS:
Have been in talks with a lot of banks. Guess one or two banks will onboard me for sure. But that might take weeks or even months. Don't want to wait so much.

 

[JohnnyDoe]

Banks don't like to be rushed. For OTC transactions PM me.

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[denniz07]

JohnnyDoe said:
Banks don't like to be rushed. For OTC transactions PM me.
Click to expand...

Kind of true. But what will they do if I just transfer the money?

Lets say the bank account is already opened and they didn't ask how much money I have... So doing nothing wrong in principle.


What do you mean by OTC transactions? Not sure how to pm here

Last edited: Nov 17, 2022

 

[bigdaddyleon]

denniz07 said:
Kind of true. But what will they do if I just transfer the money?
Click to expand...

If you can prove that all the funds are legitimate, your account will probably be blocked for only a few days/weeks.

If they block your account for a longer period of time, I would contact a lawyer, who can get an injunction in court so that the bank has to open the account.

 

[denniz07]

bigdaddyleon said:
If you can prove that all the funds are legitimate, your account will probably be blocked for only a few days/weeks.
Click to expand...

I can prove it. It is just a lot of data. Like millions of trades. Kind of hard to analyze it. Doesn't fit in Excel.

In this context, can they refuse the deposit? Or send it back. With postfinance I'm a bit afraid that it could take a lot of time. Don't want to sue anyone. Injunction and so on maybe also expensive.

Right now my account on IBKR is frozen, just after I updated my source of wealth and deposited only 100k.
Pretty sure it will take weeks or months, till they respond or ask for more data.

 

[bigdaddyleon]

denniz07 said:
Injunction and so on maybe also expensive.
Click to expand...

You have $10 million in USDT but are afraid that a lawyer should help you (if at all necessary) lol

denniz07 said:
I can prove it. It is just a lot of data. Like millions of trades. Kind of hard to analyze it. Doesn't fit in Excel.
Click to expand...

sounds like their problem ig

 

[troubled soul]

If you have proof of source of your crypto wealth , IMO better to use

https://www.tradestation.com/https://en.swissquote.com/
They do accept crypto...convert into cash buy some BOND ETF...do some risk less trade (Thing creative here 😉😉😉).....after some time you can transfer any amount to any bank in the world...as trading profit no mention of crypto anywhere......other wise OTC is the best solution as @JohnnyDoe ... said


I am not expert but Just share some thought....

 

[JackAlabama]

denniz07 said:
Hello,

let's say you are sitting on 10MM$ in USDC or USDT. The market is right now turbulent. Actually, I don't want to take the risk that it might de-peg.

Does this move make sense? Or I'm just crazy?

- Convert money to USD on a crypto bank.
- Transfer let's say 5MM$ to postfinance.

Postfinance will for sure start asking questions. But I can provide everything - in theory - so there are just a lot of trades. The compliance might freak out or I may be blocked.
But in this case, the money is kind of safe.

Or is it a stupid move that could block my money for years ?

Thanks for any hint!

PS:
Of course, I could let the cash on the "crypto bank". Even if it is a swiss bank. Not sure how much risk they have, since they are also involved in a lot of crypto projects. So you never know.
PPS:
Have been in talks with a lot of banks. Guess one or two banks will onboard me for sure. But that might take weeks or even months. Don't want to wait so much.
Click to expand...

Are you swiss and swiss resident or do you bank as non-resident there? (since you talk about Postfinance bank).
Did you declare all this correctly on your tax return if so?

This will largely determine how high you are stuck in ***.

 

[CyprusLawyer101]

Open an account in a trading platform that accepts loading the account with crypto transfers. Trade therein in cfds of forex , stocks and then transfer to a the bank of your preference. Also advisablr to use a company for the process. A company based in a jurisdiction with no tax on such gains. A Cyprus company could do. If you need assistance in the whole process I believe I can put it together.

 

[Martin Everson]

denniz07 said:
Have been in talks with a lot of banks. Guess one or two banks will onboard me for sure. But that might take weeks or even months. Don't want to wait so much.
Click to expand...

Just wait.

Don't jump from frying pan into the oven trying to save time.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[denniz07]

Martin Everson said:
Don't jump from frying pan into the oven trying to save time.
Click to expand...

Thanks maybe the best suggestion.

 

[MiddleEuroAsia]

denniz07 said:
Hello,
Click to expand...

You will most likely get your account frozen, better to use P2P/OTC where the other party can help you with SOF than using traditional routes.

This is from experience since most reputable financial institutions will almost always ask for SOF to satisfy their KYC/AML requirements.

 

[denniz07]

MiddleEuroAsia said:
You will most likely get your account frozen, better to use P2P/OTC where the other party can help you with SOF than using traditional routes.
Click to expand...

The point is I have source of funds. Extremly good documented. If I would like to hide all my profits, would have gone far away and would kind of save 40-50% of it since taxes apply.

 

[JackAlabama]

denniz07 said:
The point is I have source of funds. Extremly good documented. If I would like to hide all my profits, would have gone far away and would kind of save 40-50% of it since taxes apply.
Click to expand...

So you paid all tax due and kept good reporting even a dummie can understand?
Then no issues with sending to these banks assuming youre a local/resident there (you do not seem to want to answer these very important points).

The bank will ask you for sure but they largely play by the books and if you have good docs, no problem.

 

[MiddleEuroAsia]

denniz07 said:
The point is I have source of funds. Extremly good documented. If I would like to hide all my profits, would have gone far away and would kind of save 40-50% of it since taxes apply.
Click to expand...

The SOF that you mention probably have the word "crypto" in them, most high street banks will say that they work with you at first, then refuse you later saying like "you haven't met their criteria" or your "SOF/SOW doesn't inspire confidence so they will blah blah blah".
you need SOF that - how do I put this - that will proof that you obtained these funds - fiat/crypto in this case - from other work other than crypto. it works, I've done this multiple times.

I already sent you a PM explaining this since this what I can say at most in the public forum. check your messages.

 

[FinTech Avenger]

@denniz07 Don't go for Postfinance bank - it's probably the worst avenue you could take for crypto cashout.

Best solution, since you're looking into Swiss jurisdiction, would be turning to regulated financial intermediary that has specialist knowledge of cryptos and has AML mandate to perform due diligence on your source of funds on behalf of banks.

Have substantial experience dealing with Swiss AML & Banking framework, and, based on that experience can tell you that things work like a charm if you go through professional financial intermediary instead of knocking doors yourself.

Can help you with getting things moving, compiling missing tax returns from trade data you have for the past years and placing assets through regulated financial intermediaries in Tier 1 private bank (or/and) specialized crypto bank, and there would be a solution to cash out right now, before account is opened (either as OTC deal through Swiss lawyer escrow account/or directly through financial intermediary OTC desk).

Will PM you a few minutes with contact details. No need to provide fake SoF like some opportunists suggested within this thread - your problem can be handled in totally legal way, not landing you in trouble with DE/CH taxmen.

 

[CryptoTrader87]

Hello, as I stated in another reply to your thread. I am not allowed to post details here, but I can help you if you PM me.

 

[fortunespeculator]

denniz07 said:
Kind of true. But what will they do if I just transfer the money?

Lets say the bank account is already opened and they didn't ask how much money I have... So doing nothing wrong in principle.


What do you mean by OTC transactions? Not sure how to pm here
Click to expand...

In principle they will just freeze your account and you can kiss your money good bye.Better to do crypto to cash.If you want any help you can always connect via DM etc.

 

[JackAlabama]

fortunespeculator said:
In principle they will just freeze your account and you can kiss your money good bye.Better to do crypto to cash.If you want any help you can always connect via DM etc.
Click to expand...

The banks op mentioned will certainly not accept just cash over the counter in raw amounts. 😉

 

[fortunespeculator]

JackAlabama said:
The banks op mentioned will certainly not accept just cash over the counter in raw amounts. 😉
Click to expand...

Absolutely and rightly pointed out.There is no other way for op except for going crypto to cash.

denniz07 said:
I can prove it. It is just a lot of data. Like millions of trades. Kind of hard to analyze it. Doesn't fit in Excel.

In this context, can they refuse the deposit? Or send it back. With postfinance I'm a bit afraid that it could take a lot of time. Don't want to sue anyone. Injunction and so on maybe also expensive.

Right now my account on IBKR is frozen, just after I updated my source of wealth and deposited only 100k.
Pretty sure it will take weeks or months, till they respond or ask for more data.
Click to expand...

You can kiss that IBKR money goodbye as well- as already suggested cash to crypto is what you need.You can get in touch if you like to.

Last edited: Nov 24, 2022