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 when large sums are deposited into a personal account. Whether it's tens of millions or even smaller amounts, such as a few hundred thousand dollars, banks might flag the transaction as suspicious. In that case, they may contact you to verify the origin of the funds. If there are any issues, the bank could freeze your account and possibly refer the case to regulatory authorities.
Itâs not just massive sums that trigger reviewsâsometimes even smaller transfers can prompt a call from the bank to ensure everything is legitimate. To avoid account freezes, many cryptocurrency traders use strategies like not using their main or salary accounts for crypto transactions, as frozen accounts could impact things like mortgage payments or credit scores. Some traders avoid major banks altogether, as these tend to have stricter monitoring systems. Instead, they might purchase financial products with the proceeds from crypto sales before converting them into cash, in an effort to avoid extra scrutiny from the banks.
Ultimately, the goal is to manage withdrawals without drawing unnecessary attention. The hope is that everyone in the crypto space can thrive, meet their financial goals, and stay ahead of potential risks.
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