Please can you help me get my head around uk banks and trading in cryptocurrency

[Prt65k]

Hi

I'm going to start trading in cryptocurrency. I probably won't be buying Bitcoin but will test the water with litecoin,ethereum etc. I know that there has been alot of talk about uk banks and trading in cryptocurrency and this does worry me. I've heard stories about accounts being closed because of this.

I'm going to use one of my business bank accounts. I've already registered with coinbase and I'm just waiting for my funds to be deposited via sepa which I've sent.

I may look into binance also to buy some cryptocurrencies not available on coinbase.

Now the thing that scares me is that say someone makes £500,000 to £1 million, theoretically and then wants to withdraw this via coinbase or bitstamp into their bank account what does one have to do to ensure your account doesn't get frozen?

If it does get frozen does that mean youv'e lost your £1 million?

Some uk guides are saying to inform your bank account that you are about to trade in Bitcoin or cryptocurrency before you start trading. Is this necessary?

It scared the heck out of me to know that if you do make a large amount down the line via cryptocurrency and then you want to move this into your bank account to buy a house or do whatever then you could be buggered?

I've heard about Revolut but surely you would still need to move money into your bank account if you were to use that money as a deposit for a house or to buy something outright?

Can someone please put my mind at ease as to how best to do this and to avoid your bank account from suddenly freezing your account?

Thanks

[LeGaulois]

If your transactions are usually about 1000£ and suddenly you receive 1,000,000£ Alarms will blink and sound like an ambulance in their system. Nowadays it's monitored automatically. Your bank manager will need to cover his ass (and the bank as well) and may just ask you some questions in the best case, or froze the account at worst. If you're running a business with this bank account be careful as it is something vital to run a company.

Now stopping to make you worried lol... The best advice I can tell you is to call your bank and to tell that in the next following days you will receive a transfer with an unusual amount etc. As you tell them before, even if the alarm starts ringing, they will know it's normal as you told them some days ago. It's what the majority is doing, and it works fine as long you're transparent. The bank is happy as they can justify if needed and it's exactly what they want.
At least your manager will give you a clear answer, if not agree then consider you just anticipate a problem.