Topic: Coinbase Proof of Funds (Read 177 times)

Thanks for your input. As I said, KYC doesn't bother me too much, I've decided to be transparant with banks and tax authorities through this whole sell operation. Sounds like the same questions my bank asks me on a regular basis.

OTC is something I didn't even think about, didn't really know that was a thing nowadays honestly. Gonna look into that some more, thank you very much!

i was about to say coinbase isn't known for demanding KYC questionnaires---certainly not like some exchanges (cough, cough, *bitstamp*)....

but then i remembered a new trend began emerging last month: https://bitcointalksearch.org/topic/--5291636

and that is specific to EU residents, which seems relevant for you since you mentioned you'll be receiving euros. the questionnaire sounds less invasive than others i've seen, but unfortunately they're paying more attention now. EU regulators are clamping down pretty hard.


at these amounts, p2p is a terrible idea IMO.

use an OTC desk. they'll vet you before your coins are deposited, they'll walk you through the whole process, and frankly you'll get a better average price.

i hear good things about kraken: https://www.kraken.com/en-us/features/otc-exchange

Not interested in signature campaigns, and didn't feel like waking up my old account that has been sleeping for 5 years now for some reason

Thank you all for your answers. I'm not really worried about KYC, more so if i.e. Coinbase would accept my explainations. My bank will most likely go nuts when a few hundred thousand euros arrive from a foreign bank, but rather than having to fight 2 battles, I'd prefer to just fight one.

I'll keep looking into the P2P options as well, but that might be more difficult to explain to authorities, due to the amount of money and extremely strict AML laws.

Also, consolidating my transactions is probably a very good idea. Didn't even think about that. I'm using my old legacy addresses as well. Thanks for the tip!

Why you are hiding to a newbie account? There is no signature campaign that a newbie can participate. LMAO

Back to the topic. AFAIK, Coinbase will only requires you to do KYC but not to the point of asking financial statement from your crypto except if you are cashing out huge amount of money that exceeds in there threshold. Your best choice to do P2P trading like on BinanceP2P, Bisq and Localbitcoin. You can't cash out into fiat on CEX without undergoing KYC.

Have you consolidated your funds yet, or do you still have 1000 inputs? If so, you should probably start consolidating first, before sending to Coinbase.

I haven't used Coinbase, but the exchanges I've used never asked anything other than KYC. My bank did though, but I could easily prove most of the value came from capital gains. I don't think anyone will blame you for not keeping all details when you received a few cents worth of magic internet money back in 2012.
However, it will depend on the country you live in: if you have to pay capital gain taxes, almost the entire current value will count as a gain.

I don't think they will ask for proof of funds. If you are a verified user with a submitted document they don't need to ask the proof of funds it's your own privacy.

Why not start on "little by little" so that it won't get hurt if Coinbase asks you a "proof of funds".

Or it would be better to trade on P2P like bisq.network.

But before you make any transaction consolidate all of your small inputs first before you transfer/send. So that if you make a transaction in the future you can get a lesser fee compared to the transaction with many inputs.
You can follow LoyceV guide from here https://bitcointalksearch.org/topic/aug-2022-mempool-empty-use-this-opportunity-to-consolidate-your-small-inputs-2848987

Not very familiar with the modern p2p exchanges tbh, looked around a bit and that might work if I find a buyer willing to buy a few bitcoins at once within my country. Gonna look into that option a bit more, thank you for the advice!


Does anyone else have any experience with centralized exchanges and what they can accept as "Proof of funds"?

Is there any big reason you are not opting to use p2p exchanges that do not require KYC verification or Proof of funds like hodlhodl or localcryptos?
If I was in your shoes, I wouldn't risk my money getting blocked by sending it to coinbase. I would first look at alternative exchanges.

Hello, long time bitcoiner and HODL:r here. I'm thinking about "cashing out", some or all of my Bitcoins if the price goes higher.

Decided that Coinbase seems to be pretty reliable, so I thinking about using them.

My problem is however that I've never bought any of my Bitcoins. I got all of them from faucets, signature campaigns on here, translating websites, doing online tasks (like surveys), mining (back when CPU-mining actually worked), some trading between BTC and LTC, and so on. Roughly a thousand transactions between 2012 and 2015, when I stopped aquiring.

So when the day comes and I'll wanna sell (a few bitcoins), I imagine that Coinbase will ask where and how I got them.
The blockchain is obviously public to support my  story, and I have access to my old Bitcointalk account (didn't wanna use that account to create this thread however), but for a lot of the bitcoin I recieved back then I have no documentation (since back in 2012 for example, I didn't really see the need to document where every 0.01 BTC transaction came from).

Does anyone know Coinbase accept such anecdotal evidence? Obviously I can go into more detail when this actaully happens, but I wanna know if it's game over from the start and not even worth bothering with Coinbase or other exchanges.

I imagine I'm not the only one who is in this situation and wonder what to do to make it "by the book"? Would be quite sad to transfer my bitcoins, get my account locked and lose access to pretty much life changing money after all these years of hodling.

Thank you in advance!