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Xapobank.com for exit from cryptocurrency

Dreamy

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Apr 15, 2021
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Does somebody know, if they are suitable for:

1. Send them cryptocurrency in ETH, USDT, which was previously stored in a cold wallet, for the purpose of further transfer to the account of other banks or a broker such as IB. Will banks and brokers have any questions after transactions from Xapo?

2. Send them cryptocurrency in ETH, USDT and use them as a broker, buying shares and ETFs through them. As far as I understand, they themselves act as a broker. And they take 1% fee, which is quite a bit, but still. By the way, I still don’t understand where they are registered as a broker, what kind of deposit guarantee is there (20k like in Europe?) and whether they are even a full-fledged broker. Is it safe to buy stocks through them for the purpose of storing them for many years in Xapo? Or is it better to buy and then transfer them to an account, for example, IB?

3. Send them cryptocurrency, convert to fiat, and use their bank to buy real estate in Europe and other countries.

4. What passports do they accept for registration? Do you need a Euro passport or not? Also, what about CRS?
 
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1. Xapo will most likely ask where you got it from so be ready for that. Banks and brokers will ask questions based on different factors.

2. They are registered in Gibraltar and they cover 100k EUR.
3. They offer personal IBAN accounts so that's possible.

4. AFAIK EU only. As for CRS:

What information will you report?
We include the following information in annual tax reports:
  • Name
  • Account number
  • Address
  • Country of Tax residency
  • Tax ID number
  • Your US dollar Bank account balance as of December 31st
 
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It’s also possible that I transferred cryptocurrency to them, converted it into USD, and then they asked for an SAW and it didn’t satisfy them. Can they just block my cryptocurrency/USD and I'll just lose everything? Or if they don’t like my origin of the funds, will they simply return everything back to me - cryptocurrency to the same wallets from which I sent them?
 
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That can and will most likely happen, but they won't let you convert and then ask for proof of whatever. Once your deposit hits their account, that's when they will ask whatever they want to ask. As for losing anything, that won't happen, if at any point the docs you provide do not satisfy them they will just send the money back from where it came from.
 
1. Xapo will most likely ask where you got it from so be ready for that. Banks and brokers will ask questions based on different factors.

2. They are registered in Gibraltar and they cover 100k EUR.
3. They offer personal IBAN accounts so that's possible.

4. AFAIK EU only. As for CRS:

What information will you report?
We include the following information in annual tax reports:
  • Name
  • Account number
  • Address
  • Country of Tax residency
  • Tax ID number
  • Your US dollar Bank account balance as of December 31st
standard for all banks as I remember from last years report by one of the banks I used.