Re: Bank asking to provide additional details regarding my activity
⭐ Merited by The Pharmacist (3)
Hi there,
I am trading Bitcoin on LocalBitcoins and similar websites. My bank just sent me an email asking me to provide some details regarding the transactions in my account:
- Please explain the origin of the funds received from *Name Surname* (what goods/services the funds have been paid to the account for) and provide relevant documentation (contracts, invoices)
- Explain what kind of relationships you have with *Name Surname*
- what business activity I am engaged in
- From *date* you have sent *amount* to Kraken, Payward Ltd. Please explain the purpose of such transactions.
People send me money to my bank account, I send them their coins. What kind of explanation should I provide to these questions to ensure the sustainability of my account? Especially for the first question; we do not have any contracts, and the only documentation I can get is the invoices from the exchange. Should I be completely open with them or should I try to hide that I am selling cryptocurrency? Maybe there are someone who have had similar experience?
I hope in your country trading bitcoin is legal,if yes then you can download the invoices/references from localbitcoin for each trade you done until now and submit them to your bank.I am trading Bitcoin on LocalBitcoins and similar websites. My bank just sent me an email asking me to provide some details regarding the transactions in my account:
- Please explain the origin of the funds received from *Name Surname* (what goods/services the funds have been paid to the account for) and provide relevant documentation (contracts, invoices)
- Explain what kind of relationships you have with *Name Surname*
- what business activity I am engaged in
- From *date* you have sent *amount* to Kraken, Payward Ltd. Please explain the purpose of such transactions.
People send me money to my bank account, I send them their coins. What kind of explanation should I provide to these questions to ensure the sustainability of my account? Especially for the first question; we do not have any contracts, and the only documentation I can get is the invoices from the exchange. Should I be completely open with them or should I try to hide that I am selling cryptocurrency? Maybe there are someone who have had similar experience?
If you are living in illegal region then you might be in serious problem now,better take legal precautionary before going into the jail
see below image to know what zone you are in,
source: https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm