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Crypto friendly banks that don’t ask for the impossible

J

jeffbean

Pro Member
Feb 18, 2020
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#1
I’m looking for bank account to off ramp some legit crypto profits.

I’ve had some problems with Wise and Revolut in the past and the robotic source of funds questions being asked by someone who has know idea of how crypto works.

Can anyone recommend a bank that understands the complexities of not being able to trace every transaction due to closed exchanges, dexes, swaps etc…..?
 
#2
Wise and Revolut aren’t crypto friendly, even if Revolut offers crypto in some countries it’s widely known you should avoid using them.

You can use Nexo exchange, all of their outgoing bank transfers come under your own name and not on Nexo name so your bank won’t give you that much trouble.
 
#3
jeffbean said:
I’m looking for bank account to off ramp some legit crypto profits.

I’ve had some problems with Wise and Revolut in the past and the robotic source of funds questions being asked by someone who has know idea of how crypto works.

Can anyone recommend a bank that understands the complexities of not being able to trace every transaction due to closed exchanges, dexes, swaps etc…..?
Click to expand...

tbh after all my years in crypto your best bet is to create the documents necessary for the compliance department to go away.

Most people are not crypto native and wont (and cant, honestly) understand what your situation is.
Just give them what they want.
 
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#4
jeffbean said:
Can anyone recommend a bank that understands the complexities of not being able to trace every transaction due to closed exchanges, dexes, swaps etc…..?
Click to expand...

It's not that simple. A lot depends on your personal circumstances i.e an Irish guy in Ireland with $50k will require less due diligence than a Afghani man in UAE with $50k. There is not a one size fits all as one clearly falls into a higher risk bracket for a bank. Your situation to us is unknown.
 
#9
TheCryptoAnt said:
yeah but most compliance officers are 50IQ, just dont be super sloppy
Click to expand...
Here's a question for you though. I have read a number of criminal indictments in the US where lying to financial institutions is either cited as a criminal offence in itself or at the very least consistently referred to by prosecutors as aggravating circumstance / bad character portrayal when charging someone with money laundering, which I assume making fake statements would qualify for.

How do you mitigate these nontrivial risks when doing the stuff you propose?

To me that's insane that lying to banks, who often de facto force you to lie, is the same category of offence as lying to the government or courts, which is at least understandable from the constitutional point of view. But I see banks being equivalent to government from this perspective in indictments.
Thoughts?
 
#10
You might look at Fidor Bank in Germany, they’ve been working with crypto clients for years and get that on-chain tracing isn’t always clean. Their compliance team will still ask for context but they understand swaps and DEX activity better than most
 
#11
OKboomer said:
Here's a question for you though. I have read a number of criminal indictments in the US where lying to financial institutions is either cited as a criminal offence in itself or at the very least consistently referred to by prosecutors as aggravating circumstance / bad character portrayal when charging someone with money laundering, which I assume making fake statements would qualify for.

How do you mitigate these nontrivial risks when doing the stuff you propose?
Click to expand...

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OKboomer said:
To me that's insane that lying to banks, who often de facto force you to lie, is the same category of offence as lying to the government or courts, which is at least understandable from the constitutional point of view. But I see banks being equivalent to government from this perspective in indictments.
Thoughts?
Click to expand...

Im not trying to meme you, fr this is what I think. Dont be dumb about it and it should all be fine.

its all very size dependent I think, a few hundred ks wont raise many eyebrows specially if your crypto portfolio is big enough but if you are talking millions I think your best bet is to stick it into a corp with a Binance account (who actually understand the 'i lost the SOF please just check the wallets' and then take salaries/dividends from it.

Theres other solutions too, most of them used to launder illegitimate funds, but they dont apply here.
 
#14
OKboomer said:
Here's a question for you though. I have read a number of criminal indictments in the US where lying to financial institutions is either cited as a criminal offence in itself or at the very least consistently referred to by prosecutors as aggravating circumstance / bad character portrayal when charging someone with money laundering, which I assume making fake statements would qualify for.

How do you mitigate these nontrivial risks when doing the stuff you propose?

To me that's insane that lying to banks, who often de facto force you to lie, is the same category of offence as lying to the government or courts, which is at least understandable from the constitutional point of view. But I see banks being equivalent to government from this perspective in indictments.
Thoughts?
Click to expand...
Btw. skillful lying is the number one core skill in politics in in big coperations to get ahead.

But Id say you dont need to lie "bigly" to achieve this. Think your situation thru thoroughly and most likely you dont need to lie at all. Bonus points if you can move things and yourself and are agile.
 
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