This has been discussed but I've probably missed the best possible options. I'd start liquidating some of my crypto holdings in a year or so (if all goes well lol). What are some crypto friendly banks or channels / structures to cash out without too much attention? Purchases were made legally and source of funds available. I however don't want to be in a situation where account is frozen for undetermined amounts of time or get too much attention on myself. Any recommendations? We're talking high 6 figures of all goes well
Best way to cash out large crypto amounts?
- Thread starter Yrybak08
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Kraken or SwissBorg. You don't need anything special, nowadays everyone is a crypto millionaire smi(&%
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Yeah but then from exchange to bank account ”¦
Issue to me would be when depositing from exchange to bank account, that's my biggest concern. A large deposit from kraken and boom, account could be frozen etc. I'd really need a crypto friendly bank
SwissBorg gives you a personal IBAN. Problem solved.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
I just tried uploading and opening an account with them but it says they're not available in my region unfortunately. I tried both with US and Moroccan number. Seems like they don't take people from either countries
Are you a US or Morocco resident?
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Crypto is illegal n your country
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Sure. No enforcement though. And I do have plenty of accounts in europe. Swissquote, etc but I'm concerned when I cash out. Don't want any surprises
I also have a kraken account with my Moroccan address and ID
What's the problem with using swissquote then? Also most of European accounts could be used, just ask beforehand
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
No but tell them beforehand what your plan is and ask if they need any supporting info
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
there are many ways. Ideally you think about what you want to achieve and deduct from that end and then make a plan.
Just getting some cash, bank balance somewhere most likely wont cut it in the mid-long run after the first initial sugar high.
As far as I can see zen supports crypto deposits directly. But after what amount per year, it starts asking questions about such refills and asks for sof?
I had a nightmare experience with wise 6 years ago. They blocked my account with funds in it and stopper answering my emails for 8 months. I eventually gave up. They eventually returned the funds and closed the account.
I have found that with any of these banks, EMIs, or other FIs, it's best to have a renowned attorney specializing in financial matters, on retainer in their jurisdiction to nip anything they do in the butt. If that is too much money, then it is essential to know the regulatory entity that regulates them and how to get a hold of them to file a complaint.
It depends very much on your business model and you residency how they operate. Many around here are satisfied. Anyway, there are plenty of options for you as you may see from the thread already. Intergiro is another option.
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