LLC Profits to Crypto: Limits and Possibilities

[aiello]

Good day,

Realistically speaking, how many profits from my Delaware LLC I can convert into crypto using Kraken? Let's assume 1 mil USD profits.

What are the risks in term of bank account closure and other implications I'm not aware of?

Is it dable at all?

What are the general guidelines?

Single member Delaware LLC, foreign owned as, I'm from Panama, thank you.

 

[daniels27]

It probably mainly depends on the bank you use to transfer it to kraken. If you move it through a couple of accounts, 1m should be possible.

 

[MarkusCostigan]

aiello said:
Good day,

Realistically speaking, how many profits from my Delaware LLC I can convert into crypto using Kraken? Let's assume 1 mil USD profits.

What are the risks in term of bank account closure and other implications I'm not aware of?

Is it dable at all?

What are the general guidelines?

Single member Delaware LLC, foreign owned as, I'm from Panama, thank you.
Click to expand...

Have you had difficulty opening the bank account for your nonresident US LLC as a Panamanian resident?

 

[Sols]

aiello said:
Realistically speaking, how many profits from my Delaware LLC I can convert into crypto using Kraken? Let's assume 1 mil USD profits.
Click to expand...

For fully verified accounts, Kraken itself has a standard limit of 10 million USD/month (IIRC, could be per day or week). If you need even higher, you can contact them. It's pretty easy. Just some more paperwork and questions to answer.

aiello said:
What are the risks in term of bank account closure and other implications I'm not aware of?
Click to expand...

As long as the bank knows what you're doing, it's usually fine. For transactions of several million, it's often a good idea to notify the bank in advance.

For something like this, the key is finding a bank that's open to a US LLC engaged in high-value crypto transactions and with an member/manager resident in Panama. That is probably going to be quite difficult.

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This is the probably the answer to your question.