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Which certified crypto exchange is less stringent with source of funds documentation?

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Hegemon

New member
I need to deposit and sell about 500k in cryptos, sell and transfer to my bank.
I wanted to know between the certified and compliant exchanges, like Kraken, Bitstamp and Coinbase (and any others), which is less likely to cause trouble because of incomplete source of funds for crypto?

Basically, I can prove I kept the coins for 2 years and sold at another exchange for USDT, but I can't prove I purchased them. I can prove how I got the money to buy them (real estate deal), but not the transaction itself.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
I wanted to know between the certified and compliant exchanges, like Kraken, Bitstamp and Coinbase (and any others), which is less likely to cause trouble because of incomplete source of funds for crypto?

Most will cause problems and especially for large amounts. Just open your account with any of them and explain you want to send in 500k in crypto. Then go through their diligence before sending crypto in. Don't just send in 500k in crypto as its quick way to get account frozen. Compliance can change in days so someone telling you an exchange asked no questions 4 weeks ago is of no help.
 

botero

New member
In my experience, certified crypto exchanges like Kraken and Bitstamp have never given me issues about six figure crypto deposits. I just had to go through their regular verification levels that everyone goes through (e.g. Express -> Intermediate -> Pro at Kraken). I never had to provide source of funds during the verification steps.

The questions began when I started withdrawing funds to my banks in Europe. At this point, they wanted to see the origins of my crypto and how it was accumulated. I explained how I first started investing into crypto and showed proof of where those initial funds came from. I then showed my trading history at exchanges I used, along with wallet addresses where I held my crypto. Since one of the exchanges I used in the past was shut down and I couldn't download my trading history, I had to explain and show proof of my wire transfers to this exchange and news articles of its shutdown.

I would recommend withdrawing slowly over a period of a few months rather than withdrawing it all at once. The questions at my banks only began when I made a large six figure withdrawal. Previously, they didn't care when I was withdrawing five figures monthly.

This Reddit post from a few years ago is useful and helped me frame my proof and story in a way that the banks found acceptable.
 

wellington

New member
Only withdraw 5-10k a month, then reinvest the remaining when the market hits 12k, that 500k will be 6m in a few years...
 
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