Even more important to set up bank accounts that you only do crypto 'biz' with. Heard about many bank accounts being shut down due to 'sus money laundering'. Really painful if its your main bank account
Shared this on twitter the other day but feel it’s worth sharing on here for anyone who doesn’t use twitter. Chase prevented me from buying BTC via CashApp and BTC/ETH on Kraken recently.
Automatically labeled my transactions as “fraud” and had to dispute it with the fraud department. Activity was consistent with my account going back a long time. Never received a clear reason why from the representative. Luckily had a few crypto free bank accounts already.
Have you tried Spritz Finance yet? Off-ramp crypto to IRL bills or bank accounts directly from any DeFi wallet. Supports payments & ACH off-ramp transactions with any token on up to 6 blockchain networks, including Mainnet, Polygon, BNB Chain, Avalanche, Optimism and Arbitrum. Beta launched last year for US residents, planning to expand to more countries this year.
Standard Chartered Bank also blanketed banned a lot of crypto related website.
Couldnt use my credit card, but the P2P function on Binance worked for example.
Instead of crypto exchange showing up in bank account, some unknown sketchy quasi money transfer business third party shows up in bank account?
it's usually just people sending a few hundred to a few thousand dollars from their personal account
but yeah, legitimate concern as you might be called upon to explain why they transferred you money
although you can identify accounts you've traded with before, there isn't a way to know in advance the sender's bank details before you agree a trade.
Even more important to set up bank accounts that you only do crypto 'biz' with. Heard about many bank accounts being shut down due to 'sus money laundering'. Really painful if its your main bank account
Timely substack post.
Shared this on twitter the other day but feel it’s worth sharing on here for anyone who doesn’t use twitter. Chase prevented me from buying BTC via CashApp and BTC/ETH on Kraken recently.
Automatically labeled my transactions as “fraud” and had to dispute it with the fraud department. Activity was consistent with my account going back a long time. Never received a clear reason why from the representative. Luckily had a few crypto free bank accounts already.
Have you tried Spritz Finance yet? Off-ramp crypto to IRL bills or bank accounts directly from any DeFi wallet. Supports payments & ACH off-ramp transactions with any token on up to 6 blockchain networks, including Mainnet, Polygon, BNB Chain, Avalanche, Optimism and Arbitrum. Beta launched last year for US residents, planning to expand to more countries this year.
https://www.spritz.finance/
not yet will look into it thx
Do you really think banks will suspend bank accounts that have interacted with exchanges? Could you expound on that a bit?
What Ghost said. ^
so 2 months later and now the question becomes...what do we do if there in another executive order 6102 situation on crypto?