If you earn tens of millions of dollars from cryptocurrency, it's likely that your bank will investigate the source of your funds when you try to withdraw them. Banks typically conduct anti-money laundering (AML) checks for large deposits into personal accounts. Whether it's tens of millions or even smaller amounts, like several hundred thousand dollars, banks may flag these transactions as suspicious and could contact you to verify the source of the funds. If there are issues, the bank can freeze your account and may refer the case to regulatory authorities.
It's not just large amounts that trigger scrutiny—sometimes even smaller transfers can prompt a call from the bank to ensure everything is legitimate. To avoid account freezes, many crypto traders use strategies such as not utilizing their main or salary accounts for crypto transactions, since a frozen account can affect things like mortgage payments or credit scores. Some traders even steer clear of large banks altogether due to their stricter monitoring systems. Instead, they might purchase financial products with proceeds from crypto sales before converting them to cash, in an effort to avoid extra scrutiny.
Ultimately, the goal is to manage withdrawals without attracting unwanted attention. The hope is that everyone in the crypto world can thrive, achieve their financial goals, and stay ahead of potential risks. Feel free to share your experiences in the comments, and don’t forget to follow and like.
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