InteractiveBrokers - crypto source of funds

[mike400]

1. At what amounts does IB start to ask questions about the source of funds? (let's say if you enter Annual Net Income " > $1 mil" and Net Worth also a very high amount)

2. Do they mind if the source of funds is crypto? (clean, from properly KYC'd exchanges and wires] coming from decent banks)


(Similar thread here, but didn't found answer there)

 

[Martin Everson]

1. At what amounts does IB start to ask questions about the source of funds? (let's say if you enter Annual Net Income " > $1 mil" and Net Worth also a very high amount)

They ask at the account opening as I said in other thread.

2. Do they mind if the source of funds is crypto? (clean, from properly KYC'd exchanges and wires] coming from decent banks)

Good question. I would ask them directly. I don't anticipate there being a problem considering IB is launching crypto trading itself soon.

 

[John Spectre]

1. Depending of IB entity which you use, depending on your residency (aka risk factor), etc. It's a vary a lot.

2. They definitely accept crypto SoF and they have clear list of documents accepted for crypto which they provide during compliance process.
I would say their compliance about crypto SoF sometimes even better comparing to the process of compliance with some crypto exchanges.
But since crypto is a sticky place, it's a very depend your case will be accepted or no.

 

[mike400]

They ask at the account opening as I said in other thread.

I didn't mean the income info they ask for at the beginning.. I meant if they actually start asking for some documents once I start receiveng big wires.

1. Depending of IB entity which you use, depending on your residency (aka risk factor), etc. It's a vary a lot.

What's your personal experience?

2. They definitely accept crypto SoF and they have clear list of documents accepted for crypto which they provide during compliance process.

Have you got more info on this?

 

[John Spectre]

What's your personal experience?

IB could ask questions:
- if you wire and withdraw funds often
- if do it with different banks
- if do it with banks not in your country residence
- if wires are above your yearly income
- if you considered client from high risk country IB could ask documents periodically about SoF
actually it's a lot of different things where IB could start ask a questions, it's a better to describe your situation for filter out thing.

Have you got more info on this?

They asked for exchange statements, trading logs, source where you got your crypto first hand.

 

[Martin Everson]

I didn't mean the income info they ask for at the beginning.. I meant if they actually start asking for some documents once I start receiveng big wires.

It is as I said already if the wires do not match your initial profile they will ask for paperwork. You can just ask them in advance and don't try and second guess compliance.

 

[mike400]

They asked for exchange statements, trading logs, source where you got your crypto first hand.

So IB asked you for all this after you have deposited funds from your bank account? Can you share when was this and what were the amounts?

 

[John Spectre]

So IB asked you for all this after you have deposited funds from your bank account? Can you share when was this and what were the amounts?

I dont think time and amount will say anything useful in general.
It depend on each user profile, activity, etc.

 

[mike400]

I dont think time and amount will say anything useful in general.
It depend on each user profile, activity, etc.

But IB asked you for source of your funds, you told them it's from crypto and they were cool with it? Is that correct?

 

[John Spectre]

But IB asked you for source of your funds, you told them it's from crypto and they were cool with it? Is that correct?

No,
They have standard forms and doc types for compliance. And for crypto they have it too. This mean they ok with crypto.

 

[mike400]

They asked for exchange statements, trading logs, source where you got your crypto first hand.

When did they ask for this?

They have standard forms and doc types for compliance. And for crypto they have it too. This mean they ok with crypto.

What exactly do you mean by this? Have you seen these "forms and doc types"? How do you know they "have" them?

What's the source and date of these informations that you're posting here?

 

[John Spectre]

Source - compliance department of IB.
Date - 20 and 21 years, when their compliance are goes more strict after AML fine.

I'm not sure at what way you are shifting for.
In case you are not fishy guy who launder money, info that they accept exchange statements and source how you buy crypto should be enough for you.
You are not police to asking question in such manner and that tone. Or you could ask IB support if you don't believe.

 

[mike400]

Source - compliance department of IB.
Date - 20 and 21 years, when their compliance are goes more strict after AML fine.

I'm not sure at what way you are shifting for.
In case you are not fishy guy who launder money, info that they accept exchange statements and source how you buy crypto should be enough for you.
You are not police to asking question in such manner and that tone. Or you could ask IB support if you don't believe.

Actually I did contact IB support and they said "IBKR does not accept cryptocurrency as a source of funds". They said this applies to all IB accounts in all jurisdictions.

You were avoiding direct answer, that's why I had to ask like 3 times in "that tone". What you're saying is the opposite of what the support says...

 

[John Spectre]

Actually I did contact IB support and they said "IBKR does not accept cryptocurrency as a source of funds". They said this applies to all IB accounts in all jurisdictions.

You were avoiding direct answer, that's why I had to ask like 3 times in "that tone". What you're saying is the opposite of what the support says...

It could mean that it's a your personal luck, that they answered 'no' to you.
Another users have different answers from them
It any way it seems that you got what you asked for.

 

[mike400]

2. They (Interactive Brokers) definitely accept crypto SoF and they have clear list of documents accepted for crypto which they provide during compliance process.
I would say their compliance about crypto SoF sometimes even better comparing to the process of compliance with some crypto exchanges.
But since crypto is a sticky place, it's a very depend your case will be accepted or no.

Can somebody confirm this?

 

[Martin Everson]

Compliance changes very quickly especially around crypto. Even if they accepted it 2 months ago does not mean they may accept it today. You can either take what they told you recently or use a second email to ask them again and maybe ask if rules have changed recently.

 

[paleto]

I’ve started doing the KYC/AML process 3 weeks ago and it’s a pain in the a*s, very slow.

 

[mike400]

I’ve started doing the KYC/AML process 3 weeks ago and it’s a pain in the a*s, very slow.

You mean for account opening with IB? Took couple of days... Are you from a high risk country?

 

[paleto]

same goes for Saxo Bank by the way

You mean for account opening with IB? Took couple of days... Are you from a high risk country?

yes, I’m from Malta, maybe that’s why