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/biz/ - Business & Finance

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6637905 No.6637905 [Reply] [Original]

In the event you have dozens of BTC on a site like GDAX, what the fuck do you do to cash out?

Do you simply convert it to cash and then cash out to your bank? Does the bank stop the transaction? Do you get an accountant?

>> No.6638122

Convert it to Ltc and send it to your bank acc

>> No.6638231

>>6638122
Stop memeing

>> No.6638331

>>6637905
yea just convert it to cash and send to your bank

if you've been with the bank for a long time it shouldnt be a problem or get held by the bank, but if its a new account they might hold it for a period of time to verify its legit.

Personally I've not had any issues cashing out and I've done so multiple times in fairly sizable amounts.

>> No.6638335
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6638335

>>6637905
>does the bank stop the transaction
kek

>> No.6638581

>>6638335
Why's that funny?

>> No.6638754

>>6638581
The bank doesn't care where that money comes from unless the source has been banned by the government.
Talk with an accountant about how to minimize your taxes and how to make sure everything is clean legally. Otherwise you'll get fucked by your country's tax authorities.

>> No.6638857

>>6638754
So if I deposit 250k to a UK bank, it doesn't care so long as I pay taxes through an accountant after the deposit?

>> No.6638916

>>6638857
I think so but you really should talk to an accountant first.

>> No.6639069

>>6638857
No they would care

>> No.6639227

Everyone in this thread has given meme or vague answers

>> No.6639276
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6639276

>>6638754
If someone has "dozens" of btc and cashes out, the bank would report it to the feds
Fuck if someone cashes out 1 btc it's over the reporting threshold

>> No.6639286

>>6639227
I said talk to a tax accountant, you faggot. If you look for legal advice on a Mongolian fish gutting board you're the dumbest brainlet I've seen this year.

>> No.6639453

>>6639276
I only said they wouldn't stop the transaction and that he should make sure everything's clean legally. What he has to do in detail depends on his country.