2 ms·

I don't see a problem. Of course banks want KYC, but that doesn't stop you from selling the crypto on e.g. Coinbase (also KYC'ed) and sending to your bank.

by nerf0 4y ago

jon-wood 4y ago
If you deposit a quarter million dollars into your bank account out of the blue the bank are absolutely going to ask you where it came from, and "don't worry yourself with that", or even "I sold some crypto" are unlikely to be sufficient answer to avoid your account being frozen and a note sent to the relevant authorities.
- prvit 4y ago
  >or even "I sold some crypto" are unlikely to be sufficient answer to avoid your account being frozen For 99% of banks, you'd be totally wrong about that. > a note sent to the relevant authorities. This, of course, means literally nothing. Banks will "send a note" for just about any reason. This results in said authorities drowning under a mountain of millions of pointless suspicious activity reports.
- PretzelPirate 4y ago
  > If you deposit a quarter million dollars into your bank account out of the blue the bank are absolutely going to ask you where it came from, I've deposited a larger lump sum into a US bank account and was never asked where it came from. I was then able to use that money the same day to pay off a loan.
- ndaiger 4y ago
  What they actually tend to do is have someone in management call to congratulate you and invite you to discuss banking products. I know this from personal experience.
- from 4y ago
  In the worst case your funds would be frozen for a couple months then you’d get a letter saying we are closing your account for compliance reasons and attached would be a cashiers check for the balance of your account. Then they’d file a SAR that would get put in a queue behind the millions of others because the government only reads a small fraction of them.

2 ms·

I don't see a problem. Of course banks want KYC, but that doesn't stop you from selling the crypto on e.g. Coinbase (also KYC'ed) and sending to your bank.

by nerf0 4y ago

I don't see a problem. Of course banks want KYC, but that doesn't stop you from selling the crypto on e.g. Coinbase (also KYC'ed) and sending to your bank.

jon-wood 4y ago
If you deposit a quarter million dollars into your bank account out of the blue the bank are absolutely going to ask you where it came from, and "don't worry yourself with that", or even "I sold some crypto" are unlikely to be sufficient answer to avoid your account being frozen and a note sent to the relevant authorities.
- prvit 4y ago
  >or even "I sold some crypto" are unlikely to be sufficient answer to avoid your account being frozen For 99% of banks, you'd be totally wrong about that. > a note sent to the relevant authorities. This, of course, means literally nothing. Banks will "send a note" for just about any reason. This results in said authorities drowning under a mountain of millions of pointless suspicious activity reports.
- PretzelPirate 4y ago
  > If you deposit a quarter million dollars into your bank account out of the blue the bank are absolutely going to ask you where it came from, I've deposited a larger lump sum into a US bank account and was never asked where it came from. I was then able to use that money the same day to pay off a loan.
- ndaiger 4y ago
  What they actually tend to do is have someone in management call to congratulate you and invite you to discuss banking products. I know this from personal experience.
- from 4y ago
  In the worst case your funds would be frozen for a couple months then you’d get a letter saying we are closing your account for compliance reasons and attached would be a cashiers check for the balance of your account. Then they’d file a SAR that would get put in a queue behind the millions of others because the government only reads a small fraction of them.