<p>Anyone can readily see by my previous questions that I have virtually no idea what I'm doing. Be that as it may, it seems very realistic that I may become a bitcoin (multi?)millionaire within the next 12-36 months. I am rapidly headed in that direction with no further action necessary on my part.</p>

<p>If I get to that point, I'm not going to wait around to see if I can become a billionaire. I'm going to get out at a level I can buy a house and retire.</p>

<p>However, I am not prepared for all this. I know even less about being rich than I do about bitcoin. And one of my questions is becoming </p>

<ol>
<li>How is my bank going to react to massive amounts of deposits in a short period of time? (For example, $100,000+ a month as I liquidate my crypto)</li>
<li>What can I do to keep my bank from some type of adverse reaction: freezing my account or launching an investigation or worse?</li>
</ol>

<p>I will have records from the exchanges (including local bitcoins) of every sale documenting it's a crypto-currency sale as opposed to some kind of proceeds from criminal activity. And I will set aside the 15% for capital gains needed to give the IRS.</p>

<p>I don't consider myself a paranoid person; however, the owner of my bank is the man who called bitcoin a fraud.</p>

<p><strong>Update</strong></p>

<p>Lo and behold, what I fear is not imaginary. It actually happened to at least one guy. See this <a href="https://www.reddit.com/r/Bitcoin/comments/224mu4/chase_closed_my_personal_account_and_is_holding/" rel="nofollow noreferrer">reddit</a> article. Like him, almost all my transactions are to / from Chase and Coinbase. And here's another guy, same thing:</p>

<p><a href="https://i.sstatic.net/i6omf.png" rel="nofollow noreferrer"><img src="https://i.sstatic.net/i6omf.png" alt="enter image description here"></a></p>

<p><strong>Update 2</strong></p>

<p>I called Chase and I was very blunt about my intentions. I realize their Customer Support Department is probably the least in the know with regards to what the Fraud Prevention Department would or wouldn't do in a given situation. But they told me, if I started making large deposits frequently, they would pull me aside and, and offer me an upgraded set of accounts. He told me it's no different than being successful with an E*Trade account. I am also gradually working to get my Coinbase limits increased by progressively making larger and larger transactions on their site. So, when I'm ready to sell I can sell and withdraw more in a given period of time.</p>

CC BY-SA 3.0
2017-11-04T16:07:08.117Z
I'm voting to close this question as off-topic because you should consult a financial advisor at your local jurisdiction
rny
CC BY-SA 3.0
2017-11-04T17:42:42.970Z
The one thing *not* to do is to try to adjust the amounts or timing of your transactions to minimize scrutiny or reporting.  That is a crime in itself ("structuring", [31 USC 5324 (a) (3)](https://www.law.cornell.edu/uscode/text/31/5324)), even if the transactions themselves are perfectly legitimate.
Nate Eldredge
CC BY-SA 3.0
2017-11-05T01:12:27.810Z
To cover your bases, you might like to get an account with a different bank just in case your current one gives you trouble?
Highly Irregular
CC BY-SA 3.0
2017-11-07T17:29:28.313Z
@HighlyIrregular, I appreciate your suggestion, but my goal is to prevent the trouble from occurring in the first place, not run away from it, so I would like to know what all I can do with my bank in advance or during the sales to prevent issues.
toddmo
CC BY-SA 3.0
2017-11-07T19:47:19.077Z
This question may be better asked on the Money StackExchange site (https://money.stackexchange.com) where they have a bitcoin tag.
William Breathitt Gray
<banks><financial-regulations>
Exit Strategy: How to communicate / configure my fiat bank when selling large amounts of crypto in a short period of time
toddmo
# Exit Strategy: How to communicate / configure my fiat bank when selling large amounts of crypto in a short period of time

(Asked by: username_0 on 2017-11-04)

Anyone can readily see by my previous questions that I have virtually no idea what I'm doing. Be that as it may, it seems very realistic that I may become a bitcoin (multi?)millionaire within the next 12-36 months. I am rapidly headed in that direction with no further action necessary on my part.

If I get to that point, I'm not going to wait around to see if I can become a billionaire. I'm going to get out at a level I can buy a house and retire.

However, I am not prepared for all this. I know even less about being rich than I do about bitcoin. And one of my questions is becoming

1. How is my bank going to react to massive amounts of deposits in a short period of time? (For example, $100,000+ a month as I liquidate my crypto)
2. What can I do to keep my bank from some type of adverse reaction: freezing my account or launching an investigation or worse?

I will have records from the exchanges (including local bitcoins) of every sale documenting it's a crypto-currency sale as opposed to some kind of proceeds from criminal activity. And I will set aside the 15% for capital gains needed to give the IRS.

I don't consider myself a paranoid person; however, the owner of my bank is the man who called bitcoin a fraud.

**Update**

Lo and behold, what I fear is not imaginary. It actually happened to at least one guy. See this [reddit](https://www.reddit.com/r/Bitcoin/comments/224mu4/chase_closed_my_personal_account_and_is_holding/) article. Like him, almost all my transactions are to / from Chase and Coinbase. And here's another guy, same thing:

[![enter image description here](https://i.sstatic.net/i6omf.png)](https://i.sstatic.net/i6omf.png)

**Update 2**

I called Chase and I was very blunt about my intentions. I realize their Customer Support Department is probably the least in the know with regards to what the Fraud Prevention Department would or wouldn't do in a given situation. But they told me, if I started making large deposits frequently, they would pull me aside and, and offer me an upgraded set of accounts. He told me it's no different than being successful with an E\*Trade account. I am also gradually working to get my Coinbase limits increased by progressively making larger and larger transactions on their site. So, when I'm ready to sell I can sell and withdraw more in a given period of time.

**Tags:** banks, financial-regulations

> **Comments:**
> **username_1**: I'm voting to close this question as off-topic because you should consult a financial advisor at your local jurisdiction  
> **username_2**: The one thing *not* to do is to try to adjust the amounts or timing of your transactions to minimize scrutiny or reporting.  That is a crime in itself ("structuring", [31 USC 5324 (a) (3)](https://www.law.cornell.edu/uscode/text/31/5324)), even if the transactions themselves are perfectly legitimate.  
> **username_3**: To cover your bases, you might like to get an account with a different bank just in case your current one gives you trouble?  
> **username_0**: @HighlyIrregular, I appreciate your suggestion, but my goal is to prevent the trouble from occurring in the first place, not run away from it, so I would like to know what all I can do with my bank in advance or during the sales to prevent issues.  
> **username_4**: This question may be better asked on the Money StackExchange site (https://money.stackexchange.com) where they have a bitcoin tag.  

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## 0 answers

