Best way to cash out large crypto amounts?

[Yrybak08]

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

 

[JohnnyDoe]

Kraken or SwissBorg. You don't need anything special, nowadays everyone is a crypto millionaire smi(&%

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[Yrybak08]

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

 

[JohnnyDoe]

SwissBorg gives you a personal IBAN. Problem solved.

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[Yrybak08]

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

 

[JohnnyDoe]

Yrybak08 said:
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
Click to expand...

Are you a US or Morocco resident?

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[Yrybak08]

I’m now a Moroccan resident

 

[JohnnyDoe]

Yrybak08 said:
I'm now a Moroccan resident
Click to expand...

Crypto is illegal n your country

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[Yrybak08]

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⁤

 

[JohnnyDoe]

Yrybak08 said:
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
Click to expand...

What's the problem with using swissquote then? Also most of European accounts could be used, just ask beforehand

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[Yrybak08]

So you think swissquote wont freeze my‍ account and funds?

 

[JohnnyDoe]

Yrybak08 said:
So you think swissquote wont freeze my account and funds?
Click to expand...

No but tell them beforehand what your plan is and ask if they need any supporting info

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[Yrybak08]

Very helpful

 

[JackAlabama]

there are many ways. Ideally you think about︀ 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-long︂ run after the first initial sugar high.

 

[wonderfulboy]

Kraken to Wise works well and both are easy to setup with out long wait‌ time.

 

[DerAufklaerer]

ZEN is also crypto friendly
You can free withdraw of Bybit Exchange

 

[GrumpyMess]

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?‍

 

[Yrybak08]

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.⁤

 

[jafo]

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.

 

[JohnLocke]

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.