CASHING OUT YOUR CRYPTO-CURRENCY PROFITS

[Oasisman]

Hi everybody, I have a serious question to address:

How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?

This question is important, especially for people of modest income that SUDDENLY start to make huge profits from crypto-currency.

My approach will be different. As much as possible, if there's another way to cash out those huge profits, I will try my best not to be involved in banks. Although our country is crypto-friendly, huge money transferred to any bank accounts even not acquired via crypto, is alarming to those banks and will subject automatically into questioning. So much hassle if you will tell then anything your crypto activity to the point that every transaction should be detailed including the private transaction.

Fortunately, there's another way available in my country to cashout those high figures although I can't do it on a single withdrawal and will take at least over a week depending on how much the amount involved. I can also do it via bank withdrawal as small withdrawals are not flagged.  However, as I mentioned, I don't want to be involved in banks especially at huge cashouts.

It seems like this scenario is very similar to what happened to me on 2017. I was too confident because my local bank knew about crypto and even recognized by the central bank and I never expected that I was going to be questioned even with the most private part of my crypto transactions. I was then forced to tell them lies like I was trading for commodities, forex, and crypto currency 😂.

As for the OP, its better to tell your local banks about the huge deposits your making now and in the future to avoid any suspension/hold when your making withdrawals.

[1714910019]

1714910019

[1714910019]

1714910019

[1714910019]

1714910019

[The Cryptologist]

Hi everybody, I have a serious question to address:

How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?

This question is important, especially for people of modest income that SUDDENLY start to make huge profits from crypto-currency.

EDIT: I would love to pop into my Local Bank branch (in the United Kingdom) to tell them that I am into crypto, but I am a local person in the area - I do not want to attract attention to myself (or to attract potential thieves), because we do not really know who these Bank staff really are, or if they have connections to the criminal underworld.
I do not want to turn myself into a local target.

The best way is to always to tell them before you make a deposit because you don't know if the bank is crypto-friendly or not because you might end up having your bank account frozen or cancelled. That is what happens in some of my fellow traders that deposited in some of our local banks that do not like crypto very much and some of us crypto traders have to lie like we are earning in freelancing and never mentioned about bitcoin or anything crypto-related.

[TheUltraElite]

If you are looking to sell your crypto then you should use a spare bank account and sell bitcoins in smaller fractions, not all at once. If you have a bigger transaction volume you will attract attention of the law. Make sure you follow local regulation about crypto before transacting in it.

Take a look here - https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory#United_Kingdom

You could also use localbitcoins for a P2P trade if you find a seller in your country. Using the currency exchange section of this forum is also possible but that section is filled with lurking scammers. So use an escrow to trade here. Do not send your money first to anybody.

[Findingnemo]

I think the bank can get a written note on that. The person can communicate that to that bank even before the money goes to the account to ensure that, there is approval for the transaction. I think that is one way to do such before the account will be labelled and under suspect.

No banks will deny the deposit into their bank so they are going to approve your transaction but later might freeze your account if they found anything suspicious on the recent transactions so asking before won't change anything.

[xvids]

Since you don't want to attract attention I think it would be better to keep quiet about it,
Just tell them about it when they need to know but as long as they don't ask about it and it is not illegal in your country then just keep a low profile and for sure they wouldn't mind it at all.
Just show them how you earn it and it is a clean profit not something that came out of dirty business.

[Bitcoininvestment]

I think it's very unnecessary for a bank employee to ask their customers about those kind of information. They don't have to ask it, am I right? They wouldn't care where you get that money... Imagine working in a bank, and it's normal for them to encounter big deposits and I bet they're already used to it. If they would also asked you, it's still up to you whether to answer and disclose that information or not.

But for me, it's fine to tell them where you'd get them, as long it's legal in your country then you don't have to worry. It's not like they can do something about your money.

[maydna]

It's better to stay under the radar, so they don't get suspicious with your bank account. They can track you if you are trying to withdraw in huge money and they will find out how you can get that money. But they will not ask openly, and they will do it secretly while you will not realize at all. We need to protect ourselves from any bad thing that could happen, and we should not tell others about any coins we have. Maybe at the right time, they will ask you about cryptocurrency, and you need to explain the details, so they don't get suspicious.

[fiulpro]

I won't actually say anything as long as they don't ask me anything .
You should use the accounts of your family members too , do one thing ... If the Highest possible balance gets divided then I don't think anyone will ask anything from you unless they are specifically targeting you.
Don't tell them anything..
Try and divide it in all your accounts and manage them thoroughly.

[shield132]

Hi everybody, I have a serious question to address:

How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?

This question is important, especially for people of modest income that SUDDENLY start to make huge profits from crypto-currency.

EDIT: I would love to pop into my Local Bank branch (in the United Kingdom) to tell them that I am into crypto, but I am a local person in the area - I do not want to attract attention to myself (or to attract potential thieves), because we do not really know who these Bank staff really are, or if they have connections to the criminal underworld.
I do not want to turn myself into a local target.

Do you really have so much profit from cryptocurrencies that you are considering to tell banks about that in order to get rid of unwanted doubts?
Well, I think you have to contact bank, not to introduce real you but call just like a random guy and ask them these questions, if you have to pay taxes for serious crypto income. If you are free from it, then just do deposits and if they have some doubts, explain them your situation, source of your income, that you are 100% transparent and don't hide anything (I mean illegal activities). Otherwise don't know what to suggest, I think this is good deal here. Make a phone call at first and ask any question you wish.

[yulchatar]

I agree with you that bank employees can be anyone. In my country, there have been many cases when it was the employees of these institutions who turned out to be scammers and received other people's money by deception. Therefore, it would be nice to think about this issue and take care of the safety of your funds.

[GREEDYJOHN]

The reason why I was suggesting contacting the bank first, before making serous deposits (single large deposits or frequent small deposits), is because some banks just call the police (without contacting you first), when they notice strange transactions in your account.
When a bank calls the police on their customers, this automatically gives the police the permission to issue a "search warrant" on your living premises.
This means unwanted visits from the police, who have authority to scuffle through your possessions and seize all of your electronic communication equipment.
While doing this, they now have the opportunity to search your home for anything else that they think is wrong, or to issue trumped up charges against their victims.

The real reason why I want to contact my bank before I make any serious deposits from crypto profits, is to avoid the possibility of unwanted police visits or investigations. Police love to confiscate electronics (computers phones), which could prevent you from accessing any market while the electronics are in police custody.

[Hallmader]

No way will I mention my crypto profits in the banks. That will only increase the suspicion rather than end it. There are so many other ways to manage or even justify your bank account's balance other than divulging to them your crypto involvement. One way is to keep the deposits and withdrawals in moderate amounts and with long enough intervals so as not to rise suspicion from them. Other way would be not to pass through the banks when doing withdrawals. You could use payment centers instead.

[bitgolden]

No way will I mention my crypto profits in the banks. That will only increase the suspicion rather than end it. There are so many other ways to manage or even justify your bank account's balance other than divulging to them your crypto involvement. One way is to keep the deposits and withdrawals in moderate amounts and with long enough intervals so as not to rise suspicion from them. Other way would be not to pass through the banks when doing withdrawals. You could use payment centers instead.

Keeping deposits in moderate amount is what I am not really sure will work for some people because we have some people that are talking in millions of dollars, I am sure whales are talking in millions of dollars and there is no whale that will keep their money in cryptocurrency wallet when they have finished manipulating the market, majority of those people that have big cash to manipulate the market still pull the money to their bank account and bank does not disturb them.

I think the best way not to get bank to disturb someone is just for one to operate a business account, with a business account, one can have access to certain amount of money that will be enough not to raise suspicion, and moreover, I think most banks now knows cryptocurrency, and if the person proofs that it is from trading, I don't think it should be a problem.

[Findingnemo]

No way will I mention my crypto profits in the banks. That will only increase the suspicion rather than end it. There are so many other ways to manage or even justify your bank account's balance other than divulging to them your crypto involvement. One way is to keep the deposits and withdrawals in moderate amounts and with long enough intervals so as not to rise suspicion from them. Other way would be not to pass through the banks when doing withdrawals. You could use payment centers instead.

Keeping deposits in moderate amount is what I am not really sure will work for some people because we have some people that are talking in millions of dollars, I am sure whales are talking in millions of dollars and there is no whale that will keep their money in cryptocurrency wallet when they have finished manipulating the market, majority of those people that have big cash to manipulate the market still pull the money to their bank account and bank does not disturb them.

I think the best way not to get bank to disturb someone is just for one to operate a business account, with a business account, one can have access to certain amount of money that will be enough not to raise suspicion, and moreover, I think most banks now knows cryptocurrency, and if the person proofs that it is from trading, I don't think it should be a problem.

The problem with the business account is tax,we have to pay the taxes for all our crypto currency earnings if we report them as crypto profits but most people don't want to do that which is the reason they want to hide from banks.But when someone got lot of business other than cryptos then there will be no problem for them to cashout via business account.

[Ridwan Fauzi]

It's better to stay under the radar, so they don't get suspicious with your bank account. They can track you if you are trying to withdraw in huge money and they will find out how you can get that money. But they will not ask openly, and they will do it secretly while you will not realize at all. We need to protect ourselves from any bad thing that could happen, and we should not tell others about any coins we have. Maybe at the right time, they will ask you about cryptocurrency, and you need to explain the details, so they don't get suspicious.

Actually they will know the assets that we had since we use an exchange who regulated by government. Most of them will ask KYC to make an account which is mean they will know what we have for sure. Otherwise if use decentralized exchange or even a hardware wallet maybe it will be difficult to track our asset and it will keep our identities secretly. Since my government has been accepting cryptocurrency and they including it as a commodity I make a deposit or withdraw cryptocurrency to money fiat transparently. I just thought these thing should be done by me and I won't make everything can be seen by government, as a form of gratitude because they have received cryptocurrency well and maybe what I have done in return for them.

[GREEDYJOHN]

Actually they will know the assets that we had since we use an exchange who regulated by government. Most of them will ask KYC to make an account which is mean they will know what we have for sure. Otherwise if use decentralized exchange or even a hardware wallet maybe it will be difficult to track our asset and it will keep our identities secretly. Since my government has been accepting cryptocurrency and they including it as a commodity I make a deposit or withdraw cryptocurrency to money fiat transparently. I just thought these thing should be done by me and I won't make everything can be seen by government, as a form of gratitude because they have received cryptocurrency well and maybe what I have done in return for them.

I do KYC myself.
I do not intend to hide my crypto earnings from the Government - I want them to be aware of everything.

The problem I have is that in the process of being honest and open, you attract criticism of these Authorities (Banks, Government) who assume that the money might have come from illegal activity or money laundering.
They are right to attempt to investigate unusual income, but sometimes they might overdo it, with Frozen Bank Accounts, Search Warrants by Police etc, that puts the innocent investor in a vulnerable position, almost being treated like a criminal.

[carlfebz2]

Actually they will know the assets that we had since we use an exchange who regulated by government. Most of them will ask KYC to make an account which is mean they will know what we have for sure. Otherwise if use decentralized exchange or even a hardware wallet maybe it will be difficult to track our asset and it will keep our identities secretly. Since my government has been accepting cryptocurrency and they including it as a commodity I make a deposit or withdraw cryptocurrency to money fiat transparently. I just thought these thing should be done by me and I won't make everything can be seen by government, as a form of gratitude because they have received cryptocurrency well and maybe what I have done in return for them.

I do KYC myself.
I do not intend to hide my crypto earnings from the Government - I want them to be aware of everything.

The problem I have is that in the process of being honest and open, you attract criticism of these Authorities (Banks, Government) who assume that the money might have come from illegal activity or money laundering.
They are right to attempt to investigate unusual income, but sometimes they might overdo it, with Frozen Bank Accounts, Search Warrants by Police etc, that puts the innocent investor in a vulnerable position, almost being treated like a criminal.

Common reason why people doesn't really like to comply KYC or do show off their identities when they go involved of crypto due to these various reasons.
We do have the same behavior on showing off or whats being needed as long you do know that you haven't involved into something illegal but as you said those
possibilities can happen really into you which in result with headaches later on or the worst you would got imprisoned depending on how you defend yourself.

[gunungkembar]

usually I will make a withdrawal to cash from the profits I get when I really need money, if I don't need money then I prefer to keep my money in the exchange and I use it for trading so I can get more profit.

[GREEDYJOHN]

Actually they will know the assets that we had since we use an exchange who regulated by government. Most of them will ask KYC to make an account which is mean they will know what we have for sure. Otherwise if use decentralized exchange or even a hardware wallet maybe it will be difficult to track our asset and it will keep our identities secretly. Since my government has been accepting cryptocurrency and they including it as a commodity I make a deposit or withdraw cryptocurrency to money fiat transparently. I just thought these thing should be done by me and I won't make everything can be seen by government, as a form of gratitude because they have received cryptocurrency well and maybe what I have done in return for them.

I do KYC myself.
I do not intend to hide my crypto earnings from the Government - I want them to be aware of everything.

The problem I have is that in the process of being honest and open, you attract criticism of these Authorities (Banks, Government) who assume that the money might have come from illegal activity or money laundering.
They are right to attempt to investigate unusual income, but sometimes they might overdo it, with Frozen Bank Accounts, Search Warrants by Police etc, that puts the innocent investor in a vulnerable position, almost being treated like a criminal.

Common reason why people doesn't really like to comply KYC or do show off their identities when they go involved of crypto due to these various reasons.
We do have the same behavior on showing off or whats being needed as long you do know that you haven't involved into something illegal but as you said those
possibilities can happen really into you which in result with headaches later on or the worst you would got imprisoned depending on how you defend yourself.

Yeah, we want to avoid all this hassle from Authorities, intimidation and police brutality - with police abusing their power when they conduct search warrants on private property to confiscate all electronic devices, also when they try plant evidence or falsify charges against an innocent victim before they make an arrest.
I feel that some corrupt police may want to plant drugs in the house, so that they can falsely claim that the victim intends to use crypto for drugs.
Also, when police conduct search warrants, they try to look for everything else that is wrong with the house, so that they can make an arrest.

People who do KYC need to steer clear of any suspected illegal activity.

[xSkylarx]

Hi everybody, I have a serious question to address:

How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?

This question is important, especially for people of modest income that SUDDENLY start to make huge profits from crypto-currency.

The real reason why I want to contact my bank before I make any serious deposits from crypto profits, is to avoid the possibility of unwanted police visits or investigations. Police love to confiscate electronics (computers phones), which could prevent you from accessing any market while the electronics are in police custody.

Here in in the Philippines, if the bank account notices that you have huge suspicious deposits they would ask you where it's from. They would ask many proofs that if it was really from a legal crypto investment. Authorities will just investigate you if you can't prove your claims. As long as what you're saying is true and you can prove it then you have nothing to worry about.

If I was in your case that the police are abusive like that then I would find someone I can trust to do peer to peer exchange.