Is cashing out large amounts from Kraken to revolut a problem?

[Octagon]

Hello



I've used to cashout from Kraken and Mercury in USA with no problem



but now, I'm considering cashing out EUROs from Kraken to Revolut



both kraken and revolut are business accounts the same name.



I've done few grands with no problem but I'm going over 50k€-100k€ monthly

Most money coming to kraken are from other exchanges.





Would this raise any risk?

 

[W Fish]

If the value of the transactions is out of the ordinary for your Revolut account, then questions about SOF are probable.

 

[Fring]

I think the biggest problem will be revolut and not so much the transfers between exchanges. I would reach out beforehand and ask them.

 

[Octagon]

W Fish said:






If the value of the transactions is out of the ordinary for your Revolut account, then questions about SOF are probable.

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and How can I prepare proper SOF for this. Most of my first money will come from p2p transactions on binance, then move from binance to kraken.

 

[Octagon]

r202407 said:






I think the biggest problem will be revolut and not so much the transfers between exchanges. I would reach out beforehand and ask them.

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If you reach to revolut, they will always tell you everything is fine and we will contant you if we need any doc in the future.

 

[W Fish]

Octagon said:






and How can I prepare proper SOF for this. Most of my first money will come from p2p transactions on binance, then move from binance to kraken.

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I would not prepare anything. If everything is legit, it is easy enough to download and provide everything they ask for. In case they do.

 

[CyprusLawyer101]

We can do the conversion and transfers from an OTC Desk of our control to an EMI account to bw opened for you/your company in Cyprus which has previously recieved similar transactions; normally without any issues

 

[Martin Everson]

Octagon said:






Most of my first money will come from p2p transactions on binance, then move from binance to kraken.

Click to expand...



Does not sound good and reads like your trying to conceal source. Not saying you are but if you tell a compliance officer this then good luck. If you have SOF for the p2p transactions and good reasons for doing this then move forward with no fear.



However if you not willing to risk losing your Revolut account then look to off ramp elsewhere.

 

[Octagon]

CyprusLawyer101 said:






We can do the conversion and transfers from an OTC Desk of our control to an EMI account to bw opened for you/your company in Cyprus which has previously recieved similar transactions; normally without any issues

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I don't understand ur offer, you are selling a company with emi or you are helping by incorporating a new company

 

[Octagon]

Martin Everson said:






Does not sound good and reads like your trying to conceal source. Not saying you are but if you tell a compliance officer this then good luck. If you have SOF for the p2p transactions and good reasons for doing this then move forward with no fear.



However if you not willing to risk losing your Revolut account then look to off ramp elsewhere.

Click to expand...

in my country, we don't have any way to buy crypto other than p2p, that's how I convert cash into crypto.. this is the start of the money flow

 

[burden]

Octagon said:






in my country, we don't have any way to buy crypto other than p2p, that's how I convert cash into crypto.. this is the start of the money flow

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You may explain that to Revolut if they asking, it is the amount you try to transfer that will rise questions.

 

[CyprusLawyer101]

Octagon said:






I don't understand ur offer, you are selling a company with emi or you are helping by incorporating a new company

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Well, what I am saying is, that we can support you in opening a bank account with this particular EMI which can accept and had in the past accepted, incomings from a particular crypto OTC desk with which we can also link you up for your conversions. If you need to set up a company for this we can also provide this service, or if you wish to use an already existing company we should still be able to work it out with the OTC desk and the EMI. I hope its clear.

 

[Martin Everson]

Octagon said:






in my country, we don't have any way to buy crypto other than p2p, that's how I convert cash into crypto.. this is the start of the money flow

Click to expand...



Understood. But you need paperwork and also don't tell this to a compliance officer or goodbye to your account.



What is your country?