As some people have said in this thread, be careful about transferring coins from a gambling site to a US exchange. Most of them contract Chainalysis to spot transactions from known illegal (in the US) sites and addresses.
As a matter of a fact I know someone who had their Coinbase account banned because they transferred BTC from an online poker site to Coinbase, even using a tumbler.
That being said, gambling and illegal coins notwithstanding, I would recommend either Coinbase or Gemini (both are FDIC-insured).
Topic: what bitcoin wallets allow transfer to personal bank accounts in USD (Read 457 times)
July 23, 2019, 03:10:46 PM
LeGauloix somebody also suggested Kraken on twoplustwo's forums. Can you comment on whether it can be used as the only middle wallet/exchange between ACR and a bank account?
ACR -> Kraken -> bank account (US or foreign)
or would one still need a wallet ahead of it like Electrum? ACR-> Electrum -> Kraken -> bank account
From the TOS of Kraken:
Quote
Use our Services to pay for, support or otherwise engage in any illegal gambling activities; fraud; money-laundering; or terrorist activities; or other illegal activities;
I think that really any gambling site without a license = illegal gambling activities, although i'm not quite sure. So you might just be able to use ACR deposits just fine, as i guess they have a license?Doesn't state anywhere that ALL gambling deposits are frowned upon.
If not, or if in doubt:
It might perhaps be smart to ACR -> Mixer -> Electrum/Kraken -> Bank account to remove any trace of the transaction originating from a gambling site.
July 23, 2019, 02:49:15 PM
Possibly the most trusted & well known way to accomplish what you’re asking -
https://www.coinbase.com/
https://www.coinbase.com/
Horrible advice. OP will get his account locked and who knows what will be his nightmare for maybe get back his coins. Everyone knows Coinbase doesn't allow everything related to gambling.
OP you should use an exchange (not a wallet) like Bitstamp, Kraken, you will get the cheapest fees compared to Spectrocoin/Coinbase sites.
I thought coinbase was an exchange too. Isnt that the case? and would bitstamp and kraken allow transactions/transfers initiated from a gambling site? what about gemini?
Somebody suggested doing ACR-> electrum -> coinbase-> bank account. seems like an effective way to avoid transffers coming directly from a gambling site to coinbase.
Coinbase is more a wallet than an exchange, at least it's how we consider it. If we talk about Coinbase Pro then yes it's an exchange.
And yes, at least I have never seen someone with a problem with Kraken/Bitstamp, nor I have seen written in the TOS they don't accept deposits coming from gambling (while Coinbase did)
Quote
ACR-> electrum -> coinbase-> bank account.
Sure but it takes time and waste of bit of moneyLeGauloix somebody also suggested Kraken on twoplustwo's forums. Can you comment on whether it can be used as the only middle wallet/exchange between ACR and a bank account?
ACR -> Kraken -> bank account (US or foreign)
or would one still need a wallet ahead of it like Electrum? ACR-> Electrum -> Kraken -> bank account
July 16, 2019, 06:44:45 PM
The reason for sending coins through Binance is to prevent them (Gemini, Coinbase, etc.) from seeing where your coins are from. They'll have no problem with coins sent from Binance's wallet.
well you first mentioned that the association with gambling sites can be detected even if the bitcoins are transferred through multiple hops? Is this just for coinbase?
Coinbase is known for it -- even when transferred through your own wallet first. I assume Gemini or any other compliance-minded exchange will probably do the same thing, but I can't confirm. It's best to err on the side of caution.
why wouldnt the source be detectable if coins come through binance? I am considering using electrum as a wallet in the middle before transferring to gemini. would that have the same effect as using binance?
No. Binance is a centralized exchange. If you withdraw from there, Coinbase/Gemini will recognize your outputs as coming from Binance's hot wallet and won't have any suspicions about gambling.
If you withdraw from the gambling site to your Electrum wallet, you're still holding outputs that clearly came from the gambling site. Coinbase/Gemini will immediately know where they came from after you deposit them.
July 16, 2019, 03:21:20 PM
I believe that the coinbase is the best one. I was working on it long time and always safe and fast.
July 16, 2019, 02:58:26 PM
Coinbase is the best one that allows you to withdraw bitcoin or ETH to USD straight to your bank account,the second one is Gemini or even luno,I heard some exchanges like binance allow withdrawal to bank accounts too
9. Frequently Asked Questions
Can I Withdraw Money from Binance?
You can only withdraw cryptocurrencies from Binance. There is no option to withdraw fiat currencies (i.e. USD, EUR, etc.)
From Binance Review - 5 Things to Know Before Signing Up (2019 Updated)
https://99bitcoins.com/bitcoin-exchanges/binance-review/
July 16, 2019, 01:41:48 PM
Note that all this will come with AML/KYC/tax rules the moment you want dollars instead of bitcoin. It will takes at least a week to set up the paperwork between your bank and the exchange. If you want to avoid all the rules then spend your bitcoin. You are only going to make the exchange rich by trading back and forth between crypto and fiat.
Are you saying there will be tax implications to transferring USD from an exchange to a bank account? I am currently living in the middle east, will there be such implications on transfers to a bank account there? seems like gemini offers wire transfers for international accounts.
I have never used bitcoin before and don't have a way to spend it so I will need USD and there is no way to avoid the fees.
مرحبا ومرحبا بكم
The tax rules I was mentioning are for citizens of the USA. I am not sure what rules you have in your country, but you may owe some taxes. The exchange does not collect taxes, that is up to the user to figure out. Some countries have a heavy tax on crypto. Others, like Singapore, have no tax at all on crypto.
July 16, 2019, 12:05:54 AM
Coinbase is the best one that allows you to withdraw bitcoin or ETH to USD straight to your bank account,the second one is Gemini or even luno,I heard some exchanges like binance allow withdrawal to bank accounts too
July 15, 2019, 11:50:00 AM
ok so this flow should be possible?
ACR-> binance -> coinbase(or gemini) -> bank account
or do i still need another wallet in front of binance?
ACR-> binance -> coinbase(or gemini) -> bank account
or do i still need another wallet in front of binance?
I think that will probably work, though I have never done it.
July 15, 2019, 08:11:32 AM
well you first mentioned that the association with gambling sites can be detected even if the bitcoins are transferred through multiple hops? Is this just for coinbase? why wouldnt the source be detectable if coins come through binance? I am considering using electrum as a wallet in the middle before transferring to gemini. would that have the same effect as using binance?
Because in Exchanges (and not just Binance) you don't control your address. The funds you see in your account are just 1's and 0's in a database. When you request a withdrawal, the transaction won't be made from the address you deposited to, it will come from the different addresses that Binance controls and that will make it impossible for Coinbase to know.
ok so this flow should be possible?
ACR-> binance->coinbase(or gemini) -> bank account
or do i still need another wallet in front of binance?
July 14, 2019, 11:26:40 AM
well you first mentioned that the association with gambling sites can be detected even if the bitcoins are transferred through multiple hops? Is this just for coinbase? why wouldnt the source be detectable if coins come through binance? I am considering using electrum as a wallet in the middle before transferring to gemini. would that have the same effect as using binance?
Because in Exchanges (and not just Binance) you don't control your address. The funds you see in your account are just 1's and 0's in a database. When you request a withdrawal, the transaction won't be made from the address you deposited to, it will come from the different addresses that Binance controls and that will make it impossible for Coinbase to know.
July 14, 2019, 09:41:14 AM
This probably isn't enough. I've read about people transferring through their own wallets with multiple hops and still getting warned by Coinbase (or having their account closed) for association with gambling sites. This probably happens on Gemini as well, it's just that Gemini often refuses to disclose their reasons for terminating accounts.
One way around this is using a competent mixer or sending coins through an exchange like Binance that doesn't regulate transactions to/from gambling sites.
One way around this is using a competent mixer or sending coins through an exchange like Binance that doesn't regulate transactions to/from gambling sites.
Binance doesn't seem to allow withdrawals in USD. On another site people are saying they use Gemini with a wallet in the middle to good effect. Are you aware of them specifically having restrictions on transfers coming from gambling sites?
Yes, Gemini's terms prohibit transacting with gambling sites. This is because of US laws that prohibit businesses from transmitting money to/from gambling services on behalf of US residents. You may get away with it once or twice, but I would be careful. They may abruptly terminate your account without explanation -- not uncommon at Gemini.
The reason for sending coins through Binance is to prevent them (Gemini, Coinbase, etc.) from seeing where your coins are from. They'll have no problem with coins sent from Binance's wallet.
well you first mentioned that the association with gambling sites can be detected even if the bitcoins are transferred through multiple hops? Is this just for coinbase? why wouldnt the source be detectable if coins come through binance? I am considering using electrum as a wallet in the middle before transferring to gemini. would that have the same effect as using binance?
July 14, 2019, 07:51:26 AM
The best ones are coinbase and luno ,you can exchange your bitcoin,ethereum or bitcoin cash for dollar and it will be send straight to your bank account and mind you KYC is important for this
July 14, 2019, 02:12:42 AM
This probably isn't enough. I've read about people transferring through their own wallets with multiple hops and still getting warned by Coinbase (or having their account closed) for association with gambling sites. This probably happens on Gemini as well, it's just that Gemini often refuses to disclose their reasons for terminating accounts.
One way around this is using a competent mixer or sending coins through an exchange like Binance that doesn't regulate transactions to/from gambling sites.
One way around this is using a competent mixer or sending coins through an exchange like Binance that doesn't regulate transactions to/from gambling sites.
Binance doesn't seem to allow withdrawals in USD. On another site people are saying they use Gemini with a wallet in the middle to good effect. Are you aware of them specifically having restrictions on transfers coming from gambling sites?
Yes, Gemini's terms prohibit transacting with gambling sites. This is because of US laws that prohibit businesses from transmitting money to/from gambling services on behalf of US residents. You may get away with it once or twice, but I would be careful. They may abruptly terminate your account without explanation -- not uncommon at Gemini.
The reason for sending coins through Binance is to prevent them (Gemini, Coinbase, etc.) from seeing where your coins are from. They'll have no problem with coins sent from Binance's wallet.
July 13, 2019, 04:20:56 AM
Note that all this will come with AML/KYC/tax rules the moment you want dollars instead of bitcoin. It will takes at least a week to set up the paperwork between your bank and the exchange. If you want to avoid all the rules then spend your bitcoin. You are only going to make the exchange rich by trading back and forth between crypto and fiat.
Are you saying there will be tax implications to transferring USD from an exchange to a bank account? I am currently living in the middle east, will there be such implications on transfers to a bank account there? seems like gemini offers wire transfers for international accounts.
I have never used bitcoin before and don't have a way to spend it so I will need USD and there is no way to avoid the fees.
July 13, 2019, 04:13:27 AM
What you're looking for is an exchange, and not a wallet.
I'm not into gambling so I can't tell you for sure but I've seen people getting their accounts locked in different exchanges for being involved in gambling activities.
If you want to be safe from that, maybe you should send the funds to your personal wallet first (Electrum for example) then from there, send to Coinbase/Gemini (both reputable).
I'm not into gambling so I can't tell you for sure but I've seen people getting their accounts locked in different exchanges for being involved in gambling activities.
If you want to be safe from that, maybe you should send the funds to your personal wallet first (Electrum for example) then from there, send to Coinbase/Gemini (both reputable).
This probably isn't enough. I've read about people transferring through their own wallets with multiple hops and still getting warned by Coinbase (or having their account closed) for association with gambling sites. This probably happens on Gemini as well, it's just that Gemini often refuses to disclose their reasons for terminating accounts.
One way around this is using a competent mixer or sending coins through an exchange like Binance that doesn't regulate transactions to/from gambling sites.
Binance doesn't seem to allow withdrawals in USD. On another site people are saying they use Gemini with a wallet in the middle to good effect. Are you aware of them specifically having restrictions on transfers coming from gambling sites?
July 12, 2019, 04:32:30 PM
What you're looking for is an exchange, and not a wallet.
I'm not into gambling so I can't tell you for sure but I've seen people getting their accounts locked in different exchanges for being involved in gambling activities.
If you want to be safe from that, maybe you should send the funds to your personal wallet first (Electrum for example) then from there, send to Coinbase/Gemini (both reputable).
I'm not into gambling so I can't tell you for sure but I've seen people getting their accounts locked in different exchanges for being involved in gambling activities.
If you want to be safe from that, maybe you should send the funds to your personal wallet first (Electrum for example) then from there, send to Coinbase/Gemini (both reputable).
This probably isn't enough. I've read about people transferring through their own wallets with multiple hops and still getting warned by Coinbase (or having their account closed) for association with gambling sites. This probably happens on Gemini as well, it's just that Gemini often refuses to disclose their reasons for terminating accounts.
One way around this is using a competent mixer or sending coins through an exchange like Binance that doesn't regulate transactions to/from gambling sites.
July 12, 2019, 04:14:24 PM
I am interested in transferring money out of a poker site to a bitcoin wallet and subsequently to my bank account (US or foreign). What wallets are best for this purpose?
I already inquired with spectrocoin and they mentioned they don't have the option to transfer to a US bank account.
what fees should i expect to incur for such a transfer?
I already inquired with spectrocoin and they mentioned they don't have the option to transfer to a US bank account.
what fees should i expect to incur for such a transfer?
maybe you can withdraw your bitcoin to electrum wallet then use localbitcoin to exchange your bitcoin via bank transfer?
July 12, 2019, 03:20:46 PM
Note that all this will come with AML/KYC/tax rules the moment you want dollars instead of bitcoin. It will takes at least a week to set up the paperwork between your bank and the exchange. If you want to avoid all the rules then spend your bitcoin. You are only going to make the exchange rich by trading back and forth between crypto and fiat.
July 12, 2019, 03:13:46 PM
I am interested in transferring money out of a poker site to a bitcoin wallet and subsequently to my bank account (US or foreign). What wallets are best for this purpose?
I already inquired with spectrocoin and they mentioned they don't have the option to transfer to a US bank account.
what fees should i expect to incur for such a transfer?
Try to find out information about USD PAX. They are already placed on Blockchain.com and have a very stable support in the face of the Treasury New York. Very new stablecoin. He's only six months old. I think that might be the answer to your question. I already inquired with spectrocoin and they mentioned they don't have the option to transfer to a US bank account.
what fees should i expect to incur for such a transfer?
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