Intergrating Cryptocurrency gains into the banking system

Chad Seven

Active member
207 13
Hi. I was posting some breakout trades here a while back.

I put my trading funds in the crypto market and after taking profits attempted to move my funds into my bank account from my broker. My bank were not keen on this and rejected the transfer. I looked into various banks and their attitude towards Crypto funds this appears to be a common challenge.

Then I made the rather rash decision to use the funds to buy gold sovereigns from a broker who accepts BTC, I didn't really think about the next step and now I am sitting on a pile of sovereigns rapidly depreciating in value. I expect if I sell the sovereigns to a dealer and ask them to deposit the funds in my account my bank will flag the transaction again.

What can I do?
 

BigDeal

Active member
117 57
Surely the issue is with crypto, which, rightly or wrongly, banks are concerned with. If the funds are from a more conventional, established investment, I don't see there would be a problem.
 
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Chad Seven

Active member
207 13
Surely the issue is with crypto, which, rightly or wrongly, banks are concerned with. If the funds are from a more conventional, established investment, I don't see there would be a problem.
You make a fair point. I assumed they would be clever enough to figure out that I was attempting to obfuscate the source of the funds but it's worth a try.
 

Rufus_Leakey

Active member
229 107
Then I made the rather rash decision to use the funds to buy gold sovereigns from a broker who accepts BTC, I didn't really think about the next step and now I am sitting on a pile of sovereigns rapidly depreciating in value. I expect if I sell the sovereigns to a dealer and ask them to deposit the funds in my account my bank will flag the transaction again.

What can I do?

Sell them to the dealer, and request cash or a check. If that's not possible, take delivery of the physical gold, and sell that to a local dealer or pawn shop, and get cash or a check.

Then deposit the cash or check into your bank account.
 
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Chad Seven

Active member
207 13
Sell them to the dealer, and request cash or a check. If that's not possible, take delivery of the physical gold, and sell that to a local dealer or pawn shop, and get cash or a check.

Then deposit the cash or check into your bank account.
We are talking about a lot of cash so I don't think that's an option. Check is a good call, thanks.
 

HeavLeighGill

Active member
115 31
I don’t know a lot about this but I bank with Wells Fargo and I use coinbase to convert my BTC to cash then send it to my bank account. I’ve done a few grand at a time but never tried to do it with more than that.
 
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