Advice for big cash outs on US sites

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chimp555

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Hey all,

I recently had a pretty big score (high 5 figure) on an unregulated US facing site (where I live) and have used the bigger bankroll to run it up even further over the past few weeks. I've been withdrawing in high 4 figure increments in bitcoin with no problems from the site. I've been withdrawing to a wallet and then sending the coins to multiple exchanges to sell and withdraw to my bank account. However, today I received a notice from cex.io that they will not process any more activity from me until I fill out a form to verify the source of my funds and I'm fairly certain if I'm honest about the source being online poker then they will freeze my account. I still have some other options (Coinbase, etc) but I'm now getting uncomfortable that this will happen at other exchanges as well. Also, Cex.io had much much lower fees for selling the bitcoin.

Does anyone have any suggestions for the best exchanges to process 10K+ amounts of crypto with minimal resistance (and low fees, if possible). I plan on paying taxes and whatnot so I don't mind if it's "trackable" or not.

Thanks!
 
shane4050

shane4050

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Are you close to the border at all? might be easier to come into canada and do it if you have a family member or friend you can trust.
 
MattRyder

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Interesting dilemma. I would suggest that your best bet is to provide cex.io with the info that they want. They may cut you off, but their policy is to report illegal activity so it would be in your best interest to convince them that you are not money laundering.

https://cex.io/aml-kyc
 
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chimp555

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MattRyder said:
Interesting dilemma. I would suggest that your best bet is to provide cex.io with the info that they want. They may cut you off, but their policy is to report illegal activity so it would be in your best interest to convince them that you are not money laundering.

https://cex.io/aml-kyc
Click to expand...


Yea, you're probably right. They approved a withdrawal yesterday so I'll probably wait to make sure that one actually ends up in my bank account first haha.

But any suggestions on good places to sell BTC and withdraw to bank to use moving forward assuming that Cex.io isn't so pleased with the source of my funds?
 
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bigpappa325

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This is the very reason i haven't done any major depositing on any site. That and i don't trust the sites. Add this up I'm just waiting for online to get going in PA. :reddy:
 
Polytarp

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I second MattRyder's opinion. You may even have larger cashes in the future. Ask a legal professional (officially or not) what their opinion is. You don't want to give back your winning's due to some technicality you weren't aware of. Conversely, judge yourself accordingly because you will have a skunk scent forever after.
 
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rmcmullen2003

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chimp555 said:
Hey all,

I recently had a pretty big score (high 5 figure) on an unregulated US facing site (where I live) and have used the bigger bankroll to run it up even further over the past few weeks. I've been withdrawing in high 4 figure increments in bitcoin with no problems from the site. I've been withdrawing to a wallet and then sending the coins to multiple exchanges to sell and withdraw to my bank account. However, today I received a notice from cex.io that they will not process any more activity from me until I fill out a form to verify the source of my funds and I'm fairly certain if I'm honest about the source being online poker then they will freeze my account. I still have some other options (Coinbase, etc) but I'm now getting uncomfortable that this will happen at other exchanges as well. Also, Cex.io had much much lower fees for selling the bitcoin.

Does anyone have any suggestions for the best exchanges to process 10K+ amounts of crypto with minimal resistance (and low fees, if possible). I plan on paying taxes and whatnot so I don't mind if it's "trackable" or not.

Thanks!
Click to expand...


That is a nice problem to have though!! I would try coinbase or a bitcoin atm that you can sell btc at. I do not know if they do $10k withdrawls from atm but may be something worth looking into.
 
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chimp555

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Polytarp said:
Ask a legal professional (officially or not) what their opinion is. You don't want to give back your winning's due to some technicality you weren't aware of. Conversely, judge yourself accordingly because you will have a skunk scent forever after.
Click to expand...


Never heard of anyone having to give up their money in these instances, just issues w/ exchanges freezing accounts and not allowing any further activity on them. But I agree it's probably not good to be targeted as a potential money launderer.

Not sure I catch your drift with the skunk scent tho...
 
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chimp555

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rmcmullen2003 said:
That is a nice problem to have though!! I would try coinbase or a bitcoin atm that you can sell btc at. I do not know if they do $10k withdrawls from atm but may be something worth looking into.
Click to expand...


Bitcoin ATM's an interesting idea for at least a chunk of it, thanks!
 
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freestocks

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Awesome dilemma. I hope you continue to get your money.
 
shane4050

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In ontario we have lots of bitcoin atms around but they are mostly in shady convenience stores so im not sure but i believe the max withdraw is usually 500-1500.
 
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rmcmullen2003

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chimp555 said:
Bitcoin ATM's an interesting idea for at least a chunk of it, thanks!
Click to expand...


No problem. I would suggest going to the website of the atm manufacturer and most of them have a step by step video on how to use their machines. They are all different and some have more requirements. Also a lot vary in their fees also so that is probably the main thing that you should verify before hand and some of the fees vary by a significant amount to like 10% sometimes. With the large amounts your talking about that can be a huge difference. And one more thing.. Take a buddy with you or some other means of protection. I take my buddy SIG with me... SIG SAUER!
 
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TongueLashin

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Not in your lifetime

bigpappa325 said:
This is the very reason i haven't done any major depositing on any site. That and i don't trust the sites. Add this up I'm just waiting for online to get going in PA. :reddy:
Click to expand...

I hope nobody believes regulated poker is the solution. The pools are too small... There are only 3 fish in the barrel to shoot. The solution is move to Canada, sadly :/ God Bless America!
 
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fundiver199

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TongueLashin said:
I hope nobody believes regulated poker is the solution. The pools are too small... There are only 3 fish in the barrel to shoot. The solution is move to Canada, sadly :/ God Bless America!
Click to expand...

It would surely be different though if players from all 52 US states could play on the same site. Then the US is easily large enough to have its own player pool. For most other countries its a different story.
 
whowantwhat

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Just send all your bitcoin to my wallet, I will give u cash, I pinky swear ;)
 
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