Justify source of funds to bank

[Hegemon]

Crypto again, yeah. Have middle range 6 figures, which I made by buying alts in 2019.
Problem is, I paid cash for the BTC that I used to buy the alts and used a service like shapeshift to convert originally.
So I have the wallets in which I kept them, but no original record of the purchase.

Anyone knows of a bank in Europe that accepts CSV files as proof? Saying something like "Bought 50 BTC at 3k each on 06/07/2019, then bought 300 eth at 200 on 07/07/2019 and sold 200 eth for 2500 each on 03/04/2021".
How deep do they go? Do they ask for screenshots of the bank? Exchanges? Wallets? Do they ask to see the wallet files?

 

[John Spectre]

Mostly all of crypto tolerance banks will accept cvs files.
The question is what amount of original cash purchase was and how much you made by alts trading.
Lets say if you your cash deposit was couple of btc and then you make a lot of trades which result for millions of $, it could be understable.
But if buy 500btc in cash which just now cost millions - it would be bigger problem.

In any way, only after checking your trading history, your wallet address, etc it could be verified if your situation is looks to the real or smells for AML. For this check its your ability to provide for them as much documents, screenshots as you have. With lack of documents they just deny you.

 

[CaptK]

You would be better off doing an OTC transaction sell the Crypto and the transfer comes in from a business.

 

[Martin Everson]

Anyone knows of a bank in Europe that accepts CSV files as proof? Saying something like "Bought 50 BTC at 3k each on 06/07/2019, then bought 300 eth at 200 on 07/07/2019 and sold 200 eth for 2500 each on 03/04/2021".
How deep do they go? Do they ask for screenshots of the bank? Exchanges? Wallets? Do they ask to see the wallet files?

So you want a bank to import a CSV file into Excel and accept that as proof?

You can simply explain to bank you paid cash for the crypto. The bank is not worried about the the fact you paid cash for crypto. They only want to know the source of funds i.e where did the money come from you used by acquire the crypto.

Most fintech banks will accept screenshots. But as I said it is all about SOURCE OF FUNDS not necessarily the crypto to crypto transactions. They want to know the crypto was not bought with dirty drug money etc. So an income slip as proof of income will do. Worst case bank can refuse the proof. Your best to try an EMI and not a retail bank so you can try Finductive etc.

 

[Thepopo]

Best way is to show your basic salary to justify the first crypto buy. Then the crypto transaction to justify the 6 figures (which is maybe too high compared to your salary).
With that they will know that this mid 6 figures comes from your salary (originally) and legit transactions.

 

[Hegemon]

So you want a bank to import a CSV file into Excel and accept that as proof?

You can simply explain to bank you paid cash for the crypto. The bank is not worried about the the fact you paid cash for crypto. They only want to know the source of funds i.e where did the money come from you used by acquire the crypto.

Most fintech banks will accept screenshots. But as I said it is all about SOURCE OF FUNDS not necessarily the crypto to crypto transactions. They want to know the crypto was not bought with dirty drug money etc. So an income slip as proof of income will do. Worst case bank can refuse the proof. Your best to try an EMI and not a retail bank so you can try Finductive etc.

I got the money from selling real state, used a smallish fraction of that to purchase.
You're saying they won't analyze in detail the whole money chain, that the mostly care about the original source?

 

[avalanche]

Anyone knows how to prove source of funds when you did not put any fiat?

 

[Thepopo]

I got the money from selling real state, used a smallish fraction of that to purchase.
You're saying they won't analyze in detail the whole money chain, that the mostly care about the original source?

It really depends.
If you have a classic 9-5 and transformed 10K$ into 500K$ via crypto, they will ask for the whole chain + the origin of the original fund. Because your basic job is not enough to justify this 500K$
If you just transformed 10K into 30K, the classic 9-5 income slip is enough.
It's about how plausible it is. If you sold real estate, maybe just show them the real estate transaction proof. Even if you only used a fraction of that, they don't care.
But again, I give you my opinion of big four auditor that audit banks risk and regulatory process. Often there is a huge gap between what the law (and us as auditors) ask them, and what they really do.

 

[troubled soul]

Crypto again, yeah. Have middle range 6 figures, which I made by buying alts in 2019.
Problem is, I paid cash for the BTC that I used to buy the alts and used a service like shapeshift to convert originally.
So I have the wallets in which I kept them, but no original record of the purchase.

Anyone knows of a bank in Europe that accepts CSV files as proof? Saying something like "Bought 50 BTC at 3k each on 06/07/2019, then bought 300 eth at 200 on 07/07/2019 and sold 200 eth for 2500 each on 03/04/2021".
How deep do they go? Do they ask for screenshots of the bank? Exchanges? Wallets? Do they ask to see the wallet files?

Assuming You have $999,999 highest possible six Figure.
Now If you want to Conver to a Fiat bank account without any Source of Fund. For this, you can create multiple accounts and Different Investment account for this purpose.
Like, Create multiple Forex broker account funded with bitcoin. And perform Mirror Trading. Profit amount you can transfer to any method.



Small amount Nobody care. You transfer all one account, there will be a difficulty.

If you still want to do that You can try these option

https://www.tradestation.com/https://en.swissquote.com/During My search, I find that
As long as Bitcoin coming from the Regulated Exchange. They seem does not to have a problem. If something bad happens, They can easily pass the blame to Regulated Exchange. (This is my understanding I am not an expert. Do at it your risk)

 

[avalanche]

Assuming You have $999,999 highest possible six Figure.
Now If you want to Conver to a Fiat bank account without any Source of Fund. For this, you can create multiple accounts and Different Investment account for this purpose.
Like, Create multiple Forex broker account funded with bitcoin. And perform Mirror Trading. Profit amount you can transfer to any method.



Small amount Nobody care. You transfer all one account, there will be a difficulty.

If you still want to do that You can try these option

https://www.tradestation.com/https://en.swissquote.com/During My search, I find that
As long as Bitcoin coming from the Regulated Exchange. They seem does not to have a problem. If something bad happens, They can easily pass the blame to Regulated Exchange. (This is my understanding I am not an expert. Do at it your risk)

If you are old school, your exchange may be not only not regulated but something obscure or the one that is long time dead

 

[equityone]

Anyone knows how to prove source of funds when you did not put any fiat?

Back dating invoices from btc ATM’s companies, or just altogether swapping it in companies with integrated crypto exchange , eliminating the source or the funds being cryptos in the first place and getting fiat back as a recent payment/compensation for a service/contractor work.

and few other methods..

Depends how much your “legal” tolerance is as any of these are just masking and making the cryptos either traced back to the origin how you purchased them when you can’t prove it, or remove the crypto from the equation altogether and providing a new unrelated source of funds..

And all at some expense..

 

[Martin Everson]

You're saying they won't analyze in detail the whole money chain, that the mostly care about the original source?

Yes thats what source of funds means. If no new money has entered the chain after the initial purchase and you have just been doing crypto to crypto exchanges and have basic evidence of all of this then its clear.

 

[avalanche]

Back dating invoices from btc ATM’s companies, or just altogether swapping it in companies with integrated crypto exchange , eliminating the source or the funds being cryptos in the first place and getting fiat back as a recent payment/compensation for a service/contractor work.

and few other methods..

Depends how much your “legal” tolerance is as any of these are just masking and making the cryptos either traced back to the origin how you purchased them when you can’t prove it, or remove the crypto from the equation altogether and providing a new unrelated source of funds..

And all at some expense..

Sounds like money laundering offense

 

[equityone]

Sounds like

Sounds like money laundering offense

Unless the “client” is a petty snitch nothing wrong with it, if providing a solution to bypass aml/kyc screening and seizure of your assets by legacy banking institutions and tax departments is something not up to your bar, then good luck and try to provide source of funds and explain presumably the crypto assets.. what I stated works only for people that have no other work around to do it by the books, and trust me there’s plenty... it wasn’t a solicitation, where there is a demand , there is also supply my friend .. economics 101.. save morality for church Sunday’s

 

[avalanche]

Unless the “client” is a petty snitch nothing wrong with it, if providing a solution to bypass aml/kyc screening and seizure of your assets by legacy banking institutions and tax departments is something not up to your bar, then good luck and try to provide source of funds and explain presumably the crypto assets.. what I stated works only for people that have no other work around to do it by the books, and trust me there’s plenty... it wasn’t a solicitation, where there is a demand , there is also supply my friend .. economics 101.. save morality for church Sunday’s

Its has nothing to do with morality, its about letting people know when they break the law.

Everyone who does it should be aware of the risks and consequences. Users of your approach may not even think about what may happen to them if they get caught. The best way is when you do what you do with full understanding about the risks and plan B, plan C in your arsenal.

It would be so stupid to risk jail time over 10k, 50k EUR. It may be just better to keep your cryptos with you without cashing out

 

[equityone]

Its has nothing to do with morality, its about letting people know when they break the law.

Everyone who does it should be aware of the risks and consequences. Users of your approach may not even think about what may happen to them if they get caught. The best way is when you do what you do with full understanding about the risks and plan B, plan C in your arsenal.

It would be so stupid to risk jail time over 10k, 50k EUR. It may be just better to keep your cryptos with you without cashing out

If I mentioned legal risk tolerance wasn’t said to be the case that any risk is accompanied with what I suggested, and more importantly if you think anyone would even bother to take a case of anything less then 6 figures and put their logistics and infrastructure at the client’s disposal you have quiet the misconception how things work in the real world...

 

[bizniz]

There's lots of good advice in this thread. Anyone who wants to cash out crypto should read it. I would suggest just not to do it all at once, not in the same place. Do it little by little, different nexchanges, different banks, different countries etc. That way maybe you can use the same proof of SOF a few times over, plus smaller amounts raise fewer questions. If you don't desperately need all the fiat immediately, put it into reputable stablecoins and cash out gradually. Or you can buy lots of cool stores of value directly with crypto, like real estate, gold etc.

 

[RBraun]

Imagine a scenario where a user purchases an NFT. This NFT is suddenly in demand and then purchased for 6 a six figure sum. ??? Source of funds: NFT sale. Problem?

 

[Martin Everson]

Imagine a scenario where a user purchases an NFT. This NFT is suddenly in demand and then purchased for 6 a six figure sum. ??? Source of funds: NFT sale. Problem?

Basically money laundering via art works has just gone digital .

I don't think NFT's will be any different. Think ahead and expect banks to refuse money from such activity as it's high risk of money laundering like art works.

 

[carz]

Would love to see what the guy who bought/sold a picture of an invisible rock (i.e a picture of nothing) for thousands is gonna say.

To answer the OP, it depends on the bank. There are a handful that are more understanding (search a bit or dm coz I’m sick of advertising them, plus some ppl said they had problems). My experience with local banks has been, mention crypto = forget it, doesn’t matter if you have evidence.