Hide crypto revenue from the bank

[newguyhere]

How would you hide the fact the orders on your website are paid via crypto? Some say that accepting crypto directly would get you in trouble with the banks and go as far as them cutting the relationship with you or getting account frozen.

I am thinking of this:
Crypto payment -> Sell on exchange -> Withdraw to crypto friendly EMI -> Bank

If bank asks more details about the incoming payments from the EMI, I would show the invoices, the website and explain how the business works. The bank would see that the business accepts crypto along with card payments.

Would this work? What would be this crypto friendly EMI to make this work?

 

[Martin Everson]

newguyhere said:
I am thinking of this:
Crypto payment -> Sell on exchange -> Withdraw to crypto friendly EMI -> Bank
Click to expand...

Whats the reason for bothering to add a bank on the end of this chain?

newguyhere said:
Would this work?
Click to expand...

Depends

newguyhere said:
What would be this crypto friendly EMI to make this work?
Click to expand...

Are you trading under a company and if so where is your company located?

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

 

[newguyhere]

Martin Everson said:
Whats the reason for bothering to add a bank on the end of this chain?
Click to expand...

Having the money in a bank feels "usual" and safe with the deposit guarantees. Would you suggest just using EMI's for tax payments, real estate and vehicle purchases and the money never touching a bank? That is something I hadn't considered.

Martin Everson said:
Are you trading under a company and if so where is your company located?
Click to expand...

Yes, a company in Baltic states.

 

[wellington]

Check Stripes new offering -> shared it the other day, they handle the crypto aspect for cold start ordering.

Note if you purposely try and avoid that these are crypto paid orders from a bank then you may be committing some form of bank fraud.

newguyhere said:
How would you hide the fact the orders on your website are paid via crypto? Some say that accepting crypto directly would get you in trouble with the banks and go as far as them cutting the relationship with you or getting account frozen.

I am thinking of this:
Crypto payment -> Sell on exchange -> Withdraw to crypto friendly EMI -> Bank

If bank asks more details about the incoming payments from the EMI, I would show the invoices, the website and explain how the business works. The bank would see that the business accepts crypto along with card payments.

Would this work? What would be this crypto friendly EMI to make this work?
Click to expand...

 

[Martin Everson]

newguyhere said:
Having the money in a bank feels "usual" and safe with the deposit guarantees. Would you suggest just using EMI's for tax payments, real estate and vehicle purchases and the money never touching a bank? That is something I hadn't considered.
Click to expand...

If you are just transacting and passing through money into hard assets (like car, property etc) then a decent EMI is perfectly fine. Adding a bank to get deposit protection may just cause problems if ultimate source of funds is crypto and bank does not support crypto activity.

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

 

[newguyhere]

Martin Everson said:
If you are just transacting and passing through money into hard assets (like car, property etc) then a decent EMI is perfectly fine. Adding a bank to get deposit protection may just cause problems if ultimate source of funds is crypto and bank does not support crypto activity.
Click to expand...

Is ultimate source of funds crypto when your orders for (for example) ebooks are paid via crypto?

 

[Martin Everson]

newguyhere said:
Is ultimate source of funds crypto when your orders for (for example) ebooks are paid via crypto?
Click to expand...

Just so I understand you correctly your selling e-books for crypto? Correct me if I am wrong.

If so then you have a ultimate source of funds which is sales of e-books. This is what you would tell the bank I guess. In which case your unlikely to have issues with bank unless they start digging.

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

 

[newguyhere]

Martin Everson said:
Just so I understand you correctly your selling e-books for crypto? Correct me if I am wrong.

If so then you have a ultimate source of funds which is sales of e-books. This is what you would tell the bank I guess. In which case your unlikely to have issues with bank unless they start digging.
Click to expand...

Not exactly that (as I mentioned it's an example), but just as innocent of a business that can be easily verified by checking the website and seeing how it works. Thank you for information. I will try to find crypto friendly EMI's to receive money from exchanges, as the crypto is going to be accepted directly.