Cashing out large sums of cryptocurrency

[johnwooden]

I'm an early investor in cryptocurrency (2013) with transaction records dating way back.

I've since made tidy sums of money (>$1M USD) and have tried cashing out them through regulated exchanges (Hashkey) etc. and have gotten banks closed because of this ->

How does one get crypto back into the FIAT ecosystem namely HKD?
Would talking to a banks RM and telling them of my intention help?

I originally tried cashing out through p2p which as we all know doesn;t work for larger sums.

[johnwooden]

Hi friends,

I've had my virtual bank account closed due to receiving payments related to cryptocurrency P2P.
Will the other banks know if this and would it affect other bank openings? Do the other banks have some sort of interbank reporting system?

[shri]

With these amounts of money and potential of money laundering (actual / accidental / perceived) might actually be better for you to lawyer up and have them deal with it.

Unless you are with a private bank, the RM is usually a sales person who really should be walled away from the compliance and risk teams.

[Hkemail888]

Even with private banks they are often sales person.

[muzzdang]

You can apply for this card and spend the USDT. Or get the physical card for ATM withdrawal.

I would start with small amounts just to test


https://url.hk/i/en/2tb15

[shri]

Even with private banks they are often sales person.

Absolutely.. but given the smaller nature they may be able to communicate your issues and guide you just a little better, even if it is to give you the contacts of the right people. At least at boutique levels..

[Gollygordon]

I don't know about about specific HKD off-ramps these days, but HSBC should be fine.

Don't offramp all in one TX. Get a Premier account and do the transfers in daily 50-100k USD increments. Don't do it all at once. I did similar from Binance to HSBC HK a few years back and was fine.

[freeier]

daily 100k usd ? that's like even more triggerer of AML warnings..

[Gollygordon]

Was fine for me.

[LifeInHK]

Err... this "few years back"... was it before or after the mess with JPEX?
Please be aware that HSBC is not so fine anymore.
My friends are banking with HSBC and during this last few months, they have noticed that they are closing down any and all accounts that have any linkage to bitcoin or any crypto related matters. The bank staff quietly informed that in 2023, HKMA also issued orders to the all banks and financial institutions to hold them liable for part of the losses from crypto related frauds.
So basically they are also stuck. For them, their spouse are HSBC employee, so they got the honest answer.... which is HSBC will certainly close your accounts if the smell any crypto related transactions.
They have about 90k usd stuck in Binance.

https://www.hkma.gov.hk/eng/news-and...4/03/20240312/
https://www.hkma.gov.hk/eng/news-and...2/01/20220112/

I don't know about about specific HKD off-ramps these days, but HSBC should be fine.

Don't offramp all in one TX. Get a Premier account and do the transfers in daily 50-100k USD increments. Don't do it all at once. I did similar from Binance to HSBC HK a few years back and was fine.