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I don't know if Coinbase would take that much BTC and immediately cash it out to USD and transfer to your bank. The part that should be no problem is the Ameri
by erosenbe0 4y ago
I don't know if Coinbase would take that much BTC and immediately cash it out to USD and transfer to your bank.
The part that should be no problem is the American bank itself, if you ask first for instructions. Coinbase is a legit American entity. Procedure should be same as making large transfers or consolidations of IRAs or liquidating brokerage holdings to buy a house.
- ftxbagholder123 4y agoThank you for the comment. I hadn't spent all that much time thinking about this from an AML / KYC perspective up until now, but I recall in years past when I wanted to make a bank transfer from Colombia to the US, it felt like I was holding my breath for the money to eventually arrive (and this was bank <-> bank, without crypto involved), given all the paperwork and questions asked. The money did arrive successfully by the way, but I just took away from that exercise that banks are really, really strict about money transfers and the origin of monies. This all has me thinking that getting crypto back into the banking system -- to the extent it's easy today -- might only get harder in the future.