I still have a number of Bitcoins that I want to start selling this summer. I bought them a while ago via a Swiss cantonal bank → Coinbase → hardware wallet. I did sell a few in the past in the reverse way (sold on Coinbase, sent the proceeds to my cantonal bank) and it triggered quite an intense KYC/ML check. I passed everything of course but it was a bit of a hassle.
Question – is there an easier way to do that by choosing a different Swiss bank/provider? Like are there any banks that are more crypto friendly if it comes to the fiat offramp? One thing that I like about the current setup is that I bought all my bitcoins via my bank, so it’s a clear case for them.
I worry that if I were to use something like Bitcoinsuisse that my cantonal bank would still want to see proof of funds if I receive a larger fiat sum.
You may want look for a progressive bank, tell them your story, get their agreement and deal with all the KYC/AML hassle once and for all. Stick to that arrangement for the foreseeable future. Some banks might be better suited than others to handle Crypto compliance stuff amd serve as a ramp-off to fiat money (Bank Frick, Sygnum)
interesting, you think they don’t really care? That was a bit my suspicion that my cantonal bank is a bit overeager, on the other hand every bank has to do some ML checks, no? I am of course also fully KYCd on Coinbase, it was more about source of funds.
Did transfer once 10k from Coinbase to UBS and got the very next day a call from UBS security… He wanted to know what that is, how much is there and why I transfer this money around… Since then I transfer it to Swissquote, never any issues.
Heard horror stories about Revolut in the past, so don’t necessarily recommend this, but fwiw I’ve withdrawn ~10k several times into Revolut from Coinbase & Kraken, and then did a transfer to Neon, never with any issues, had the money available within half an hour.
Update – I now reached a point where my local kantonalbank wants to have an external audit with my crypto investments before they accept more inflows from token sales. The case is actually quite simple I think, and I am not worried about a check, I might have just hit a number limit (we’re talking larger numbers here).
Question, does anyone know what exactly the audit looks like, and how I should go best about it? The bank told me I need to pay for the audit, and if the result is green then I can proceed with the money transfers. It’s a bit of a black box what / how this audit would happen (I assume I give them all transaction info and fiat inflows - I really only bought and sold on Coinbase, and nothing crazy, it was mostly buy and hold and a bit of buying selling and buying over the years). They actually send me a link to three startups and they all look very small and random. It’s nothing like Sygnum or the like.
I know that somebody recommended me to sell via Swissquote, however the bank said that they still need to do the checks, it can not be delegated to another bank / broker. My gut feeling is that it’s lees about the crypto part, but rather that they really need to change the origin of larger sums.
I once listened to a podcast (can’t remember which one) with the Relai founder as a guest. He talked about such problems (not in detail) and said that this is also a service of Relai: Helping to convert bitcoins with high value into fiat currencies. Will certainly cost something … but probably cheaper and easyer than an audit with your bank. Maybe you might want to ask there.
thanks! I am also looking at other compliance offboarding solutions. The more I look the more I realize that this is a bigger problem for large crypto holders.
I now successfully completed a compliance check with an external crypto due diligence company (don’t want to say the name here, but there a few). They check all sorts of AML/KYC criteria including all transactions, wallets ctc, and then in my case ok’ed the case to my Swiss bank. I haven’t sold much yet, but I am able now to send bigger sums (>1m) from crypto sales.
Apparently only if the amounts would go up another order of magnitude.
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