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

 

[Yrybak08]

Kraken or SwissBorg. You don’t need anything special, nowadays everyone is a crypto millionaire

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.

 

[Yrybak08]

SwissBorg gives you a personal IBAN. Problem solved.

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]

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

Are you a US or Morocco resident?

 

[Yrybak08]

I’m now a Moroccan resident

 

[JohnnyDoe]

I’m now a Moroccan resident

Crypto is illegal n your country

 

[Yrybak08]

Crypto is illegal n your country

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

Crypto is illegal n your country

I also have a kraken account with my Moroccan address and ID

 

[JohnnyDoe]

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

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

 

[Yrybak08]

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

So you think swissquote wont freeze my account and funds?

 

[JohnnyDoe]

So you think swissquote wont freeze my account and funds?

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

 

[Yrybak08]

Very helpful

 

[JackAlabama]

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

there are many ways. Ideally you think about 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-long 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]

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

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]

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

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 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.

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]

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.

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.