Topic: Non-KYC BTC to fiat process (Read 441 times)

banks in Europe are subject to the guidelines from the national banks, even if there is european regulation trying to regulate crypto.

But the truth is most don't like to see transfers coming in without any reason.
Receiving money from people with names not common in the country where your bank is can raise alarms (it happened to me).

And it even does not matter how big they are, revolut was one of those that closed my account and had accounts with other neobanks from different countries, all ended up closing my account as soon as I told them I sold crypto.

bla bla bla, financing terrorism, AML, bla bla bla
they are all the same

I think they usually ask for another bank account/IBAN to send you your balance via SEPA, before they close your account.

Unless they deem your money is a product of "illegal" activities (whatever that means)... in that case, they will seize it.

yes, I never used it as main account, only few euros there when they informed me about the closure

Did you get your money back somehow?

this happened about 2 years ago,
amounts received in revolut were always below 500 eur, I happened to have a very good month winning sports bets and was cashing the crypto out by p2p bank transfers.

no warning from the bank, they simply notified they were closing my account.
Could not see any other reason

That's the only thing I don't like from non-KYC exchanges. I'm afraid that I'll have to explain myself sometime in the future, as it's a matter of time to trade with someone who's considered a suspect.

Could you tell us the country and the amounts? I'm curious to know at which amounts they "raise alarms" as you say. If there isn't a privacy concern of course. I've been using Revolut as well.

You could use a crypto debit card (Binance, Coinbase, Wirex etc.) or p2p local exchange to withdraw and then there are ATM where you can deposit funds to your account with no questions asked. If you keep the amounts reasonable, that won't be a red flag for your bank.

But the truth is most don't like to see transfers coming in without any reason.

Receiving money from people with names not common in the country where your bank is can raise alarms (it happened to me).

I bought almost all of them with cash from an ATM at < 1000e.

I reside in a country where there is a high chance that no capital gains taxes are charged, however I'm not trying to evade taxes or anything of the sort.

I reside in the Netherlands.

You are right if these transfers are to one bank account. Above I wrote a list of payment systems. If you, your wife and other relatives register in these payment systems and receive 4-7 transfers per year, then perhaps such amounts will not be tracked by the tax authorities.

If we are talking about €1M is better to look for a tax advisor, there are ways to legalize it without paying practically nothing by creating a company in a third country that gives you a loan and things like that. I say it by hearsay but there are solutions for large capitals.

That would be a picture book example of money laundering so I wouldn't do that!   

But yeah, cashing out slowly in small increments is probably the way to go. Even if you raise some red flags there's noting strictly illegal about owning Non-KYC coins in the EU, so while it could be a hassle it shouldn't come with legal problems (unless you try to e.g. evade taxes or launder it as per the example above).

2. Set up a business which accepts Bitcoin then slowly mix the coin into your own turnover. (I am not sure about the legality of this one so maybe get legal advice.)

Hi,

Question about cashing in BTC in EU. (asking fresh advice after scouring through the forums)

I've been hodling a handful of BTC for almost 10 years, with a few shitcoin excursions in the early years.

Since then, just hodled quite conservatively.

Here's the complex part:

I bought almost all of them with cash from an ATM at < 1000e.

I have no receipts, no proof of purchase and I have mostly self-custodied them on a multiple hardware wallets since.

Funds have moved wallets multiple times and I don't have all the transactions in between then and now. I do have some records from old exchanges but not a complete history.


That said, I think I might be able to control my 'first' hardware wallet. As a privacy proponent I also mixed some the coins a few years ago.

So now I'm in a situation where I need to grudginly cash-in some of it to stay warm in the house.
I need to get the funds in a bank account so I can pay bills, so I am not looking for p2p cash deals.

My understanding is that a traditional bank will frown at this to say the least.

What are my options? Does anyone have any experience on how to go about this in a legitimate way?

If bank, what kind of proof do they need in this case?
How to go about 'proving ownership' or what is the procedure both with the bank and the tax folks?

Any legal, professional advice, resources, links or other information would be helpful. Based in EU.

Also if anyone knows any technical tools that could help me make sense of my transaction history in a secure way, would be great.

Thanks all,

In which country do you live in? 

First, would be nice to know where in EUR you're residing as local laws in many EU countries may differ.

I reside in the Netherlands.