why do Banks ask for income source for bitcoin sold payment

[redsun114]

Just be transparent, any information that may lead to your crypto assets should only be known to yourself and even the banks should not have it. If they want some information then ask them if they are mandated to do so by the government- let them show some papers that truly it has to be a regulation by the government. If you are not so sure on what to do, then ask for help, a public attorney should do.

Transparency is very important in the financial market. This is what the cryptocurrency market is all about. This has actually given rise to a more secure way of making transactions across the glob.

The money is coded and could only be decoded by the recipient. Banks of course have to worry about their credit reserves as well and this is why before such big amount of transactions, they enquire about it. Even certain exchanges do the documentations.

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[Tungsten-1]

Just be transparent, any information that may lead to your crypto assets should only be known to yourself and even the banks should not have it. If they want some information then ask them if they are mandated to do so by the government- let them show some papers that truly it has to be a regulation by the government. If you are not so sure on what to do, then ask for help, a public attorney should do.

Transparency is very important in the financial market. This is what the cryptocurrency market is all about. This has actually given rise to a more secure way of making transactions across the glob.

The money is coded and could only be decoded by the recipient. Banks of course have to worry about their credit reserves as well and this is why before such big amount of transactions, they enquire about it. Even certain exchanges do the documentations.

What banks are doing, this is default reaction we all must accept. They have to behave like this way, its super natural. Definitely as you have just said that they are worried about the credits and money that is coming to them without any hesitation would may go somewhere else. It might be possible that costumers chose bitcoin over banks and thus they will be diminished. So don’t just worry, let them response in their own way.

[swetka]

Just be transparent, any information that may lead to your crypto assets should only be known to yourself and even the banks should not have it. If they want some information then ask them if they are mandated to do so by the government- let them show some papers that truly it has to be a regulation by the government. If you are not so sure on what to do, then ask for help, a public attorney should do.

Transparency is very important in the financial market. This is what the cryptocurrency market is all about. This has actually given rise to a more secure way of making transactions across the glob.

The money is coded and could only be decoded by the recipient. Banks of course have to worry about their credit reserves as well and this is why before such big amount of transactions, they enquire about it. Even certain exchanges do the documentations.

What banks are doing, this is default reaction we all must accept. They have to behave like this way, its super natural. Definitely as you have just said that they are worried about the credits and money that is coming to them without any hesitation would may go somewhere else. It might be possible that costumers chose bitcoin over banks and thus they will be diminished. So don’t just worry, let them response in their own way.

In fact, as I understand it, every participant in a business in the financial sector is worried not only about his reputation, but also about the future business. But in connection with the global fight against terrorism and organized crime, new methods are being adopted for identifying intruders. Perhaps that is why now they are required to submit their documents everywhere.

[GreatOrchid]

This issue of your cousin regarding his bank account’s transaction money that as freeze by the government certainly have been found something like an unusual activity in that account. The Singapore’s Bank will not just freeze a certain transaction if they not find it suspicious. But well, it can only be resolve by your cousin. She/he is the one that can make things settle down. He just needs to comply what the banks requires to make process your cousin’s transaction money. Moreover, if there is no illegal doing or issues involve then this will end up all right and fine.

[Slow death]

my concern is does the bank have that authority to stop my cousin from taking money out from his account and give such reason or excuses ?

banks have this authority. In my country, banks have blocked the accounts of many people until these people file income statements, and this is causing problems for many people because most of the people in my country do informal business. This problem will worsen when involves bitcoin. how would people say that source of income come from bitcoin? so we need clear regulations on bitcoin

is there any legal solution ? is it possible to sue the bank ?

just deliver what the bank is asking

[OrangeSeller]

Banks were regulated and working on certain terms so if you are doing huge transactions often then you won't be asked for any verification but sudden deposit of huge amount of money from international transaction will get you in trouble,you might choose the split trades or some other services other than bank transfers.But now you can only get your account back from your bank.

Even if you are making big transaction every time, you would be under the eyes of authority because they always correlate your income sources and the income you transact every time.

So yeah, this could get you in trouble. Cryptocurrency has made it possible to send the money anonymously from one place to another without being noted by the authorities and that is the reason why many countries do not allow cryptocurrency because they know it might lead to a menace in future.

Policies need to be followed and policies are always in the favor of the state. The growing global corrupt elites have been busy raping the economies of the countries in every way possible and this has led to the creation of such policies which not only question your volume of money but how often you do that. Regardless of a good or bad image it is sending to the world, many countries have had horrendous penalties for financial frauds and scandals.

[jhongzjhong]

This issue of your cousin regarding his bank account’s transaction money that as freeze by the government certainly have been found something like an unusual activity in that account. The Singapore’s Bank will not just freeze a certain transaction if they not find it suspicious. But well, it can only be resolve by your cousin. She/he is the one that can make things settle down. He just needs to comply what the banks requires to make process your cousin’s transaction money. Moreover, if there is no illegal doing or issues involve then this will end up all right and fine.

I agree on this, we can't blame the bank why they had to freeze your money maybe they think that very looks suspicious. We know the bank did not support cryptocurrency and they think that the money of your cousin was from money laundering or fraudulent. Anyway, if using cryptocurrency in your country is not prohibited then, there's no such thing to worry about. Just give them the right info. and tell the truth.

[Indrawan77]

I think the bank got the right to freeze the account, as long as the authority find something suspicious they deserve to freeze the account and ask the customer to provide extra documents, I think your cousin need to cooperate, there will be a more heavy consequence if the person not cooperating, they will accuse your cousin for money laundering

[bitgolden]

I think the bank got the right to freeze the account, as long as the authority find something suspicious they deserve to freeze the account and ask the customer to provide extra documents, I think your cousin need to cooperate, there will be a more heavy consequence if the person not cooperating, they will accuse your cousin for money laundering

If he provides evidence that the money is coming through bitcoin, and he has proof of the exchanges done, they might still not accept because most bank believe that any huge amount of money coming into the account should either be for payment of services or payment for product, I know that to him.

It was a payment for bitcoin sold but think of it, he must have exchanged a substantial amount of money too before exchanging it to BTC, except he was among people that bought BTC when the price was very low maybe $500 to $1000 but if we are talking about purchase around $3k  and sold it when price was $4k, he must have also invest big amount of money too, these are things they will put together to also ask him for the source of the income he used in investing heavily in BTC too before selling it out.

[logicgate]

I think the bank got the right to freeze the account, as long as the authority find something suspicious they deserve to freeze the account and ask the customer to provide extra documents, I think your cousin need to cooperate, there will be a more heavy consequence if the person not cooperating, they will accuse your cousin for money laundering

  For sure it is important to give all the information the banks whatever they ask you, we can take steps for the safety and it is all about the security of our money in banks, as there are so many people who scams and hacks even bank accounts but we will are bound by the government to give banks all the information they ask from us.

[Bdstar]

I think It's for Security reason.Because we saw since bitcoin transaction is untraceable so the money can be made from illegal works like kidnapping.So, banks want proof that you didn’t made any crime rather It's your valid income.My elder brother also faced the same problem couple of times, bank manager asked for the work proof after withdrawal money.