Have you tried to speak with Lloyds and explain?
Hi there,
I have a significant sum of BTC that I would like to withdraw to my UK Lloyds account. I understand my taxation duties, however, I have read horror stories about accounts being locked due to being connected to crypto exchanges.
Moreover, I would like to buy a property with my savings, which will include the money derived from the BTC withdrawal, which leaves me unclear with regards to money laundering regulations.
Questions:
- If I proceed with a large withdrawal from a crypto exchange to my Lloyds account, am I incurring the risk of my account being closed? Is there anything I can do to avoid this? I have never done active trading (I have only deposited once from my bank to a crypto exchange) - none the less, would opening a business account help?
- I also have an italian bank account. If I were to sell BTC for EUR on a crypto exchange, transfer them tomy Italian account and then transfer the amount from the italian bank to the UK one using a service such as Transferwise, am I still incurring the risk of my UK account being locked? Will I also expose myself to money laundering regulations?
- Again, about money laundering. As I said previously, I only bought once a small amount of BTC via Kraken some time ago, and by active trading with other cryptos I have now a significant balance..what step should I take to prove to those that will check where the money I intend to use for my purchase came from? Show all the endless list of transactions I made across several exchanges?
I find myself stuck in this limbo, any tip would be hugely appreciated. If you know of any UK financial advisers that could help, pleas link them to me. I contacted already a few, but they could not help.
Thanks
