Crypto Cashout to a stable bank - knowing they will freeze you. Is this a good or crazy move?

[denniz07]

Hello,

let's say you are sitting on 10MM$ in USDC or USDT. The market is right now turbulent. Actually, I don't want to take the risk that it might de-peg.

Does this move make sense? Or I'm just crazy?

- Convert money to USD on a crypto bank.
- Transfer let's say 5MM$ to postfinance.

Postfinance will for sure start asking questions. But I can provide everything - in theory - so there are just a lot of trades. The compliance might freak out or I may be blocked.
But in this case, the money is kind of safe.

Or is it a stupid move that could block my money for years ?

Thanks for any hint!

PS:
Of course, I could let the cash on the "crypto bank". Even if it is a swiss bank. Not sure how much risk they have, since they are also involved in a lot of crypto projects. So you never know.
PPS:
Have been in talks with a lot of banks. Guess one or two banks will onboard me for sure. But that might take weeks or even months. Don't want to wait so much.

 

[JohnnyDoe]

Banks don't like to be rushed. For OTC transactions PM me.

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[denniz07]

Kind of true. But what will they do if I just transfer the money?‍

Lets say the bank account is already opened and they didn't ask how much money⁠ I have... So doing nothing wrong in principle.

What do you mean by OTC transactions?⁤ Not sure how to pm here

 

[bigdaddyleon]

If you can prove that all the funds are legitimate, your‍ account will probably be blocked for only a few days/weeks.

If they block your account⁠ for a longer period of time, I would contact a lawyer, who can get an⁤ injunction in court so that the bank has to open the account.

 

[denniz07]

I can prove it.‍ It is just a lot of data. Like millions of trades. Kind of hard to⁠ analyze it. Doesn't fit in Excel.

In this context, can they refuse the deposit? Or⁤ send it back. With postfinance I'm a bit afraid that it could take a lot⁣ of time. Don't want to sue anyone. Injunction and so on maybe also expensive.

Right now my account on IBKR is frozen, just after I updated my source of wealth⁢ and deposited only 100k.
Pretty sure it will take weeks or months, till they respond︀ or ask for more data.

 

[bigdaddyleon]

You have $10‌ million in USDT but are afraid that a lawyer should help you (if at all‍ necessary) lol
sounds like their problem ig

 

[troubled soul]

If you have proof of source of your crypto wealth , IMO better to use‌

https://www.tradestation.com/https://en.swissquote.com/
They do accept crypto...convert into cash buy some BOND ETF...do some risk less‍ trade (Thing creative here 😉😉😉).....after some time you can transfer any amount to any bank⁠ in the world...as trading profit no mention of crypto anywhere......other wise OTC is the best⁤ solution as @JohnnyDoe ... said

I am not expert but Just share some thought....

 

[JackAlabama]

Are you swiss and swiss resident or do you bank as non-resident there?︅ (since you talk about Postfinance bank).
Did you declare all this correctly on your tax︆ return if so?

This will largely determine how high you are stuck in ***.

 

[CyprusLawyer101]

Open an account in a trading platform that accepts loading the account with crypto transfers.‌ Trade therein in cfds of forex , stocks and then transfer to a the bank‍ of your preference. Also advisablr to use a company for the process. A company based⁠ in a jurisdiction with no tax on such gains. A Cyprus company could do. If⁤ you need assistance in the whole process I believe I can put it together.

 

[Martin Everson]

Just wait.

Don't jump from frying pan⁠ into the oven trying to save time.

 

[denniz07]

Thanks maybe the best suggestion.

 

[MiddleEuroAsia]

You will most likely get your account frozen, better‌ to use P2P/OTC where the other party can help you with SOF than using traditional‍ routes.

This is from experience since most reputable financial institutions will almost always ask for⁠ SOF to satisfy their KYC/AML requirements.

 

[denniz07]

The point is I have source of funds. Extremly good documented. If I would like⁠ to hide all my profits, would have gone far away and would kind of save⁤ 40-50% of it since taxes apply.

 

[JackAlabama]

So you paid all⁠ tax due and kept good reporting even a dummie can understand?
Then no issues with⁤ sending to these banks assuming youre a local/resident there (you do not seem to want⁣ to answer these very important points).

The bank will ask you for sure but they⁢ largely play by the books and if you have good docs, no problem.

 

[MiddleEuroAsia]

The SOF that you⁠ mention probably have the word "crypto" in them, most high street banks will say that⁤ they work with you at first, then refuse you later saying like "you haven't met⁣ their criteria" or your "SOF/SOW doesn't inspire confidence so they will blah blah blah".
you need SOF that - how do I put this - that will proof that you⁢ obtained these funds - fiat/crypto in this case - from other work other than crypto.︀ it works, I've done this multiple times.

I already sent you a PM explaining this︁ since this what I can say at most in the public forum. check your messages.︂

 

[FinTech Avenger]

@denniz07 Don't go for Postfinance bank - it's probably the worst avenue you could take‌ for crypto cashout.

Best solution, since you're looking into Swiss jurisdiction, would be turning to‍ regulated financial intermediary that has specialist knowledge of cryptos and has AML mandate to perform⁠ due diligence on your source of funds on behalf of banks.

Have substantial experience dealing⁤ with Swiss AML & Banking framework, and, based on that experience can tell you that⁣ things work like a charm if you go through professional financial intermediary instead of knocking⁢ doors yourself.

Can help you with getting things moving, compiling missing tax returns from trade︀ data you have for the past years and placing assets through regulated financial intermediaries in︁ Tier 1 private bank (or/and) specialized crypto bank, and there would be a solution to︂ cash out right now, before account is opened (either as OTC deal through Swiss lawyer︃ escrow account/or directly through financial intermediary OTC desk).

Will PM you a few minutes with︄ contact details. No need to provide fake SoF like some opportunists suggested within this thread︅ - your problem can be handled in totally legal way, not landing you in trouble︆ with DE/CH taxmen.

 

[CryptoTrader87]

Hello, as I stated in another reply to your thread. I am not allowed to‌ post details here, but I can help you if you PM me.

 

[fortunespeculator]

In principle they will just⁤ freeze your account and you can kiss your money good bye.Better to do crypto to⁣ cash.If you want any help you can always connect via DM etc.

 

[JackAlabama]

The banks op mentioned will certainly not accept⁠ just cash over the counter in raw amounts. 😉

 

[fortunespeculator]

Absolutely and rightly pointed out.There is no other way‍ for op except for going crypto to cash.

You can kiss that IBKR money goodbye as︃ well- as already suggested cash to crypto is what you need.You can get in touch︄ if you like to.