I invest in crypto and I’m looking to open an account (open to doing so through an entity), that won’t constantly freeze the account and ask for origin of funds. This never happened to me but I’ve seen this happen to a lot of people where they open an account, make their deposits, then eventually wake up to a nightmare where the account is frozen and the bank asks for a bunch or documents to proof origin of funds or else keep account frozen. I don’t want to deal with this stress. I want to park crypto gains as well as Income from work. My︀ income is mostly cash as in my country people still deal with cash a lot.︁ Transfers into this account would come from my own bank account or from crypto exchanges.︂ The goal is to park my money in a stable and safe jurisdiction but I︃ don’t want to end up with a frozen account.
Bank account that won’t freeze for origin of funds
- Thread starter Yrybak08
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recently saw a bunch of related posts like yours.
Is it already this time again where︄ people are making cash left and right from crypto?
Is it already this time again where︄ people are making cash left and right from crypto?
The best way to avoid that stress is︀ to have all your documents in order.
Pick a crypto-friendly EMI/bank and when the day︁ comes that they ask for documents (because it will come, no mater where you bank),︂ simply send all the relevant documents from your carefully maintained folder called "KYC and SOF︃ Docs".
Updating your documentation on a monthly or so basis is a small effort. Smooth︄ sailing.
Pick a crypto-friendly EMI/bank and when the day︁ comes that they ask for documents (because it will come, no mater where you bank),︂ simply send all the relevant documents from your carefully maintained folder called "KYC and SOF︃ Docs".
Updating your documentation on a monthly or so basis is a small effort. Smooth︄ sailing.
The key is picking the right banking partner. Stay away from banks that are hostile to crypto. Don't be afraid to ask a bank if transactions to/from crypto exchanges are permitted. It's better to be declined right away than end up in a situation where you have a bunch of money stuck in a bank that doesn't understand or want it.
Once you have one or two banks that work for you, just maintain a fresh set of documents, and whenever you hit some threshold or trigger some alert, just send over documents. It's a little tedious but, IMO, way better than the alternatives.
Once you have one or two banks that work for you, just maintain a fresh set of documents, and whenever you hit some threshold or trigger some alert, just send over documents. It's a little tedious but, IMO, way better than the alternatives.
It's the same story here. Dukascopy (CH bank) works, they are fine with crypto. You can open an account online with zero maintenance fee. Zen, Bankera (LT EMIs) works as well. Bunq (NL bank) doesn't mind crypto either, you can open the account online. Be careful with Revolut though, my account is still frozen, and have no idea why. I︀ had received crypto income there months ago, but lately, they began harassing their customers with︁ crypto deals.
They have been holding my money hostage with no explanation and they are unwilling to share any details yet they've got no questions for me either. I have voluntarily supplied them with documents about my crypto transactions which went into my account. They weren't interested. Their Reddit thread is full of people complaining on a daily basis, that their accounts get frozen for various crypto deals and income. They said they have no time︀ limit within they have to answer me or solve the problem. I am going to︁ write a formal complaint, that puts a maximum 35 business days limit on the situation.︂ Should they not resolve the matter, then file with the authorities. Once I had to︃ do this when Monese, a British EMI arbitrarily locked me out of my account for︄ wanting to update my ID card for the new one. They ignored my complaint, went︅ to the British authorities, within days I was back into my account and got a︆ few Euros gift and an apology.
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