/biz/ - Business & Finance

[Anonymous No.50931587]

Anons who "cashed out" 7+ figures.
Which banks did you use?
I tried all the banks in the Netherlands, Serbia, literally all the banks in Dubai and Kuwait and now OCBC Singapore's contact form doesn't even accept my passport number and I can't pass website validation on step 1.
Nobody cares how legitimate your crypto portfolio is, you're basically treated like a russian money launderer/oligarch and told to fuck off. The money can literally be from 2 transactions - buying $10,000 worth of FTM and selling it for $3,000,000 with KYC-verified exchanges, proof of address ownership and everything, they simply don't care cause none of them even bothered to invest in anti-AML people, they'd rather not deal with crypto altogether.

I thought that "you can't cash out" was a meme.

[Anonymous No.50931644]

I cashed out at the First National Bank of Lmao Officer

[Anonymous No.50931657]

>>50931587
I bet trumps poopies smell like doody

[Anonymous No.50931709]

by the time i get to 7+ figures i figure i won't need to cash out. maybe use a bitcoin atm for small change. and just make any big purchases in crypto but i'd want some privacy for that but privacy is illegal or whatever. yeah crypto sucks now eh whatever.

[Anonymous No.50931715]

i liked tornado cash because i could prove to taxman what happened using the taxman key thing tornado cash had. so i guess use monero ok what if they say "lol you used monero you go to jail". you just can't win

[Anonymous No.50931718]

Convert to monero and live off gift cards

[Anonymous No.50931731]

you can buy hotels and plane tickets and houses in crypto now, electronics. maybe amazon accept crypto one day. if walmart and amazon took crypto i'd be pretty much covered. but i dont like exposing my wallet balance when making a purchase. i wouldn't like exposing my bank account everytime i used a debit card either you know. i'm not trying to launder money or bypass any sanctions over here just don't want to be standing in the middle of a public square with my dick hanging out.

[Anonymous No.50931982]

>>50931731
If you're spending staking rewards which many of us intend to then you could have those or a portion of them sent to a wallet for spending purposes, thereby obfuscating your funds. I'm never selling my Link stack so that's what I'll be doing.

[Anonymous No.50932049]

>>50931982
alright thats a good tip thanks

[Anonymous No.50932716]

>>50931657
must smell like salivated trumpet, a better smell than the people who still think that nfts games like champ can be fast shit

[Anonymous No.50933690]

sucks to be you OP too bad you dont live in a real country also to all the retards saying 'just dont cash out' enjoy buying a house

[Anonymous No.50935190]

Bitstamp to bank worked no questions asked. Bitstamp also works together with a legitimate bank in Switzerland.

[Anonymous No.50935520]

>>50931587
I live in the US. I called Chase bank and they were ok with it.

[Anonymous No.50935643]

>>50931587
Ive cashed out more than that via coinbase and chase
Youre just a faggot

[Anonymous No.50936560]

>>50931587
I've cashed out big chunks like 10k, 20k no one ever asked anything. European bank.

[Anonymous No.50936818]

>>50931587
You need agents and jewish accountants who know their stuff. Don't do stupid shit on your own.

[Anonymous No.50936827]

>>50936560
This too. Don't cash out large amounts

[Anonymous No.50936836]

>>50931657
Eyyy lil donnie

[Anonymous No.50936883]

This >>50936818

You don't cash out 7+ figures by yourself as a standard normal retail wagecuck, you have to hire people and pay them a few thousand to get all your paperwork and transactions in neat clean order before you cash out. Then you can do whatever the fuck you want.

[Anonymous No.50936919]

>>50931587
>he tried to redeem
sir

[Anonymous No.50936951]

>This nigger is going to cash out and spark a taxable event instead of just taking out a loan against his asset.

[Anonymous No.50936954]

>>50931587
>Anons who "cashed out" 7+ figures. Which banks did you use?
Wells Fargo
>I tried all the banks in the Netherlands, Serbia, literally all the banks in Dubai and Kuwait and now OCBC Singapore's contact form doesn't even accept my passport number and I can't pass website validation on step 1.
Use a real bank.

[Anonymous No.50936958]

>>50931587
I literally just used Wells Fargo and had no issue

[Anonymous No.50936983]

>>50931587
No refunds.

[Anonymous No.50936988]

>>50936883
That’s also considering that euros are more lenient on their tax system (for the most part) as far as crypto is concerned, where as here in burger land the government just passed a bill to hire 87,000 new IRS agents and weaponized them specifically to go after people that likely don’t report or misreport their crypto.

[Anonymous No.50937036]

>>50936988
>be american
>buy monero
>get shot by irs agent
>can't even tip the agent because all my money is in monero

[Anonymous No.50937150]

Not your question but fwiw I cashed out six figures through Bank of America with no issues. I did call them before making big deposits in my accounts just to say they were coming and nothing got frozen.

[Anonymous No.50938053]

>>50933690
>enjoy buying a house
tbqh I can easily buy Dubai real estate and then sell it and cash out this way, but it looks like money laundering and I don't want authorities to ever think that, given that I simply bought low and sold high.
>>50936951
> taxable event
I'm a Dubai resident
>>50936954
>Use a real bank.
OCBC is a tier above Wells Fargo anon. They just don't care about non-Singapore and non-Chinese money because they have plenty of it already.

All the US anons with BoA and Chase, you might have paid a ton in taxes but at least you managed to cash out. Euros will be left holding the bag apparently.

[Anonymous No.50938846]

>>50931587
>Serbia
Si Srbin? If so, that's your reason.

[Anonymous No.50939095]

Just tell your bank what's happening before you deposit the cash, they just do that shit to follow regulation, if you inform them about what's going on prior then they can't do shit. Also they should be able to tell if you've been buying crypto with FIAT by checking your transaction history.

[Anonymous No.50939626]

>>50939095
>Also they should be able to tell if you've been buying crypto with FIAT by checking your transaction history.
My crypto history begins in 2013 when I mined BTC.
But ever since Kraken was a thing, and since day 1 of Binance, I have had KYC verified accounts there and these are the exchanges which my wallets interacted with.
Also despite having potentially tens of thousands of transactions throughout this decade, 95% of the money was made from the chainlink ICO, the RSR IDO and the AVAX ICO. The rest is noise. And I can easily point towards the exact transactions that made me the money.
I have never even reached the point where I'm showing a AML team in the bank my transactions. I usually get cut off way before that. When opening 3 bank accounts in Dubai, I was specifically asked in all 3 places (HSBC, Mashreq and First Abu Dhabi Bank) if I had any "bitcoin money". Because if I did, they would freeze my account.
Same thing with Serbia and Bulgaria - even though apparently PostBank in Bulgaria was supposedly a worldwide crypto-friendly favourite, when I went there they told me they don't do high risk crypto cashouts.
Today I spoke with a premium banking guy from OCBC, introducing myself and telling him that non-Singapore passport numbers don't pass validation on their website, asking if non-citizens can take advantage of their banking. 30 minutes in, he asks "are you by any chance not Singaporean?". These are the guys who are supposed to attract customers who would lock $1m+ in funds there ffs.

If you never tried to cash out a significant enough sum, let this be a warning - it's probably only gonna get worse. We might have had our last bull run.