CONVERT THE MONEY IN MY ACCOUNT TO CRYPTO

[Emre1Emre]

Hello,

I am planning to transfer a large amount of EUR via SEPA from my personal European bank account to a platform such as Binance.

My intention is to purchase cryptocurrency and then transfer it to my personal hardware wallet.

I would like to get information about any steps I should complete in advance to ensure the process goes smoothly.

I would appreciate your guidance on the following:

What are the deposit and withdrawal limits?
Are there any additional verification or source of funds requirements for high-value transactions?
Is there a recommended process for handling large transactions smoothly?

Thank you in advance for your support.

[OmegaStarScream]

1. You should be able to see the limits on your profile after verifying your account. Couldn't really find them on their website (found only the ones for businesses)
2. You should definitely expect that when dealing with large amounts, If you're unwilling or uncapable of providing such information, you should stay away from CEXes all together. You should also expect your bank to start asking questions.
3. Not sure how large we're talking, but if it's in the millions, OTC desks might be for you. That + the ability to provide whatever they might ask you for.

Also, please change the title into something that describes your question.

[Emre1Emre]

1. You should be able to see the limits on your profile after verifying your account. Couldn't really find them on their website (found only the ones for businesses)
2. You should definitely expect that when dealing with large amounts, If you're unwilling or uncapable of providing such information, you should stay away from CEXes all together. You should also expect your bank to start asking questions.
3. Not sure how large we're talking, but if it's in the millions, OTC desks might be for you. That + the ability to provide whatever they might ask you for.

Also, please change the title into something that describes your question.

My money is currently in the bank. The issue is that I’ve learned Binance and other platforms will ask about the source of the funds. Is there a way I can withdraw this money to a cold wallet without providing any information about it? Do you have any suggestions?

[Zwei]

My money is currently in the bank. The issue is that I’ve learned Binance and other platforms will ask about the source of the funds. Is there a way I can withdraw this money to a cold wallet without providing any information about it?

there is no way to avoid AML on binance or any other centralized platform.

Do you have any suggestions?

not sure how much the amount you are looking to exchange, but why not go P2P and buy small amounts over time until you exchange the full amount?
but depending on your country you might be breaking some law doing that, i'm not sure.

[OmegaStarScream]

My money is currently in the bank. The issue is that I’ve learned Binance and other platforms will ask about the source of the funds. Is there a way I can withdraw this money to a cold wallet without providing any information about it? Do you have any suggestions?

It's impossible to find a CEX who is guaranteed to not ask you any questions even if the money is already in your bank account and your bank didn't ask for anything.

You could use bisq if you want to avoid KYC alltogether. Or even Binance P2P but you'd probably have to split whatever amount into multiple chunks and with multiple individuals. But again, the bank might also flag your account when they see such activity.

Is there any reason why you cannot provide source of funds? I mean if the bank accepted large sums of deposits, they must've asked you about their origin.

[Emre1Emre]

My money is currently in the bank. The issue is that I’ve learned Binance and other platforms will ask about the source of the funds. Is there a way I can withdraw this money to a cold wallet without providing any information about it?

there is no way to avoid AML on binance or any other centralized platform.

Do you have any suggestions?

not sure how much the amount you are looking to exchange, but why not go P2P and buy small amounts over time until you exchange the full amount?
but depending on your country you might be breaking some law doing that, i'm not sure.

I don’t want to use P2P because I think it’ll take too long—it’s too exhausting I’m just looking for a system that won’t cause any problems, where I can buy Bitcoin in large amounts and transfer it to a cold wallet.

[uchegod-21]

Hello,

I am planning to transfer a large amount of EUR via SEPA from my personal European bank account to a platform such as Binance.

My intention is to purchase cryptocurrency and then transfer it to my personal hardware wallet.

I would like to get information about any steps I should complete in advance to ensure the process goes smoothly.

I would appreciate your guidance on the following:

What are the deposit and withdrawal limits?
Are there any additional verification or source of funds requirements for high-value transactions?
Is there a recommended process for handling large transactions smoothly?

Thank you in advance for your support.

Have you an account with Binance already?
I doubt from your statement. So expect to run into issues concerning verification if you are using the service the first time and moving large amount of funds.

Some people have recommended other means but you seem to have decided to use a centralized exchange. You just have to know their rules regarding your own country.

I don’t want to use P2P because I think it’ll take too long—it’s too exhausting
I’m just looking for a system that won’t cause any problems, where I can buy Bitcoin in large amounts and transfer it to a cold wallet.

How long and exhausting is using P2P.
Above, you asked the recommended process for handling large transactions. These are my recommendations;

• Don't be in a haste to complete transactions involving large sum because you'll definitely make a mistake
• if the funds is large, consider handling it in batches

[OmegaStarScream]

I don’t want to use P2P because I think it’ll take too long—it’s too exhausting I’m just looking for a system that won’t cause any problems, where I can buy Bitcoin in large amounts and transfer it to a cold wallet.

There is sadly not such a thing. If you're not willing to trade with other individuals, then you will have to go through an exchange, and no exchange can guarantee smooth operations (in the event of them suspecting something, again, not sure about the amount we're talking about here).
I'd say your best bet would be to try and contact some OTC desks and ask them about the exact process.

[Lucius]

The thing is very simple - you have money in your bank account that was acquired legally and you want to buy cryptocurrencies with it - all you need to do is register on a CEX (cryptocurrency exchange), do KYC and be ready to prove the origin of your money if they ask you for it.

My advice would be to not spend a large sum at once, but to make purchases in several smaller transactions - I'm not saying that you will 100% avoid additional questions/checks this way, but you have a better chance than if you do everything at once.

[Emre1Emre]

Hello,

I am planning to transfer a large amount of EUR via SEPA from my personal European bank account to a platform such as Binance.

My intention is to purchase cryptocurrency and then transfer it to my personal hardware wallet.

I would like to get information about any steps I should complete in advance to ensure the process goes smoothly.

I would appreciate your guidance on the following:

What are the deposit and withdrawal limits?
Are there any additional verification or source of funds requirements for high-value transactions?
Is there a recommended process for handling large transactions smoothly?

Thank you in advance for your support.

Have you an account with Binance already?
I doubt from your statement. So expect to run into issues concerning verification if you are using the service the first time and moving large amount of funds.

Some people have recommended other means but you seem to have decided to use a centralized exchange. You just have to know their rules regarding your own country.

I don’t want to use P2P because I think it’ll take too long—it’s too exhausting
I’m just looking for a system that won’t cause any problems, where I can buy Bitcoin in large amounts and transfer it to a cold wallet.

How long and exhausting is using P2P.
Above, you asked the recommended process for handling large transactions. These are my recommendations;

• Don't be in a haste to complete transactions involving large sum because you'll definitely make a mistake
• if the funds is large, consider handling it in batches

I have an account on Binance with a trading volume of $50 million. I can make SWIFT transfers. This account is 2–3 years old and has no regular trading history. I’m trying to figure out what the best approach would be for me. How sensible would it be to split the funds into smaller amounts, transfer them to my Binance account, and then withdraw them to a cold wallet?

Would withdrawing in smaller amounts trigger the system? How should I proceed?

[uchegod-21]

I have an account on Binance with a trading volume of $50 million. I can make SWIFT transfers. This account is 2–3 years old and has no regular trading history.
 I’m trying to figure out what the best approach would be for me. How sensible would it be to split the funds into smaller amounts, transfer them to my Binance account, and then withdraw them to a cold wallet?

You have a good trading volume but inconsistent or scanty trading history. For large transactions, Binance always look out for a few things as;

• Consistency with your account history
• Source of funds
• Transaction patterns relative to past behavior

So, if you want to continue with Binance you have to be ready to prove your source of income. You also need to pay attention to your KYC level, whether it matches the fund you want to send.

Would withdrawing in smaller amounts trigger the system? How should I proceed?

Breaking the transactions only work to avoid scam but for a centralized exchange like binance, breaking of funds might reduce scrutiny only if it's in consistent with your past account behaviour.

If you insist on using Binance, plan on how to prove yourself if the system triggers, rather than avoiding the system to trigger.

[rat03gopoh]

How sensible would it be to split the funds into smaller amounts, transfer them to my Binance account, and then withdraw them to a cold wallet?

Would withdrawing in smaller amounts trigger the system? How should I proceed?

Yeah, that makes sense, especially if you're comfortable with deposit fees. Just test it out with a scale-up method. Let's say we're talking about 1 million EUR, you can start with 20-50 EUR (something you'd afford for a complex audit) and see if there's any significant friction. If not, you can scale up to a higher amount.

You should also consider timing. I mean, no funds sit idle on the exchange. Once you find a suitable Bitcoin price range, deposit, execute, withdraw, and repeat.

[NotATether]

What are the deposit and withdrawal limits?

You need to check on the Binance FAQ for your account because they can vary for each user.

Are there any additional verification or source of funds requirements for high-value transactions?

Yeah, you should definitely verify your address first of all on Binance, and then source of funds stuff should be straightforward if they ask, just tell them it's from your business, but I doubt they will bother you if your other KYC is correct.

Is there a recommended process for handling large transactions smoothly?

Don't deposit it all at once. Convert it in batches of $2000 or $5000 or something, and don't try to move them all in one day.

[Darker45]

I have an account on Binance with a trading volume of $50 million. I can make SWIFT transfers. This account is 2–3 years old and has no regular trading history. I’m trying to figure out what the best approach would be for me. How sensible would it be to split the funds into smaller amounts, transfer them to my Binance account, and then withdraw them to a cold wallet?

Would withdrawing in smaller amounts trigger the system? How should I proceed?

I'm a bit confused. Your Binance account has a trading volume of $50 million and yet it has no regular trading history. How did it reach such huge volume in just 2-3 years if you aren't trading regularly? Or you traded large amounts but not regularly? I'm asking because Binance's system might detect an unusual activity if your account is largely inactive but suddenly wakes up with a huge deposit. That might trigger their system. You'd avoid that. It might cause you distressing inconvenience.

If what you mean by "high-value transactions" is in the hundreds of thousands of euros or even a million, you might want to consider OTC. Haven't done it myself but based on information that's available online, I assume OTC is smoother, quicker, more private, better deals, and so on. Bitstamp, Kraken, among others have OTC features and are compliant with EU regulations.

[Emre1Emre]

Is it possible to transfer large sums of money after the KYC process has been approved? In my research, I found that transactions involving large amounts can be processed without any issues. Has anyone here had a similar experience? I’m not sure, but your opinions are very valuable.

[NotATether]

Is it possible to transfer large sums of money after the KYC process has been approved? In my research, I found that transactions involving large amounts can be processed without any issues. Has anyone here had a similar experience? I’m not sure, but your opinions are very valuable.

How much is 'large'?

5 figures and under, you should be fine, anything bigger than that, expect a routing source of funds check before you can transfer.

[Emre1Emre]

Is it possible to transfer large sums of money after the KYC process has been approved? In my research, I found that transactions involving large amounts can be processed without any issues. Has anyone here had a similar experience? I’m not sure, but your opinions are very valuable.

How much is 'large'?

5 figures and under, you should be fine, anything bigger than that, expect a routing source of funds check before you can transfer.

It is said that the amount in question reaches eight figures; it is also claimed that no investigation has been launched and that only restrictions have been placed on withdrawals—apparently to prevent the money from being stolen within 72 to 48 hours—though it is unclear whether this is true—of course, this is just a rumor

[Zwei]

Is it possible to transfer large sums of money after the KYC process has been approved? In my research, I found that transactions involving large amounts can be processed without any issues. Has anyone here had a similar experience? I’m not sure, but your opinions are very valuable.

even if someone exchanged large amounts without problems, that doesn't mean it will be the same case for you, so i hope you keep that in mind as the reason they could ask you for AML (or not) depends on a lot of things which only the exchange platform knows.

the safest thing to do imo, is to not exchange any amount you can't show the source of funds for.
everything else is just gambling with your money and hoping you don't get flagged.

[akamit]

OTC is probably the cleanest option here based on what OP said.

An account showing $50M volume but no regular trading history, then suddenly moving big amounts, that is the kind of thing that sets off alarms. Splitting it up does not always help and can even look more suspicious imo.

That is exactly why OTC desks exist on regulated platforms like Kraken. You deal with a real person, sort the paperwork upfront, and get it done without tripping automated checks if I'm not wrong...

[Darker45]

Is it possible to transfer large sums of money after the KYC process has been approved? In my research, I found that transactions involving large amounts can be processed without any issues. Has anyone here had a similar experience? I’m not sure, but your opinions are very valuable.

Possible? Yeah. But is it also possible that transactions, certain functions, funds, and whatnot are frozen or locked because the system detected a suspicious or at least unusual activity? Yeah. It's mostly temporary though, provided you complied with all the additional processes and documents requested from you, and all are approved. If not, it might take some more time, and possibly long sleepless nights, hopefully without the need to consult a lawyer or the authorities.

Circumstances vary from one user to another. One might have encountered no issues, another had his/her funds locked. So, be extra careful, and make sure you can fully defend the legitimacy of your funds.