Quote from: n0ne on October 06, 2019, 07:49:28 AM

Quote from: TORLOANS.COM on October 03, 2019, 06:54:50 PM

Quote from: karsyla on October 02, 2019, 05:03:08 PM

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?

Edited: the country I am located in, crypto is completely legal.

Did you receive fund from LBC buyers? if yes you should check all ID of your traders.

What you said is right, if the user is from bitcoin illegal country it might generate them legal issues. Better is to inform the bank that those transactions were from friends for some reason. I encountered the same issue years back while I withdrew a big fund from my bank account. Further I mentioned it as a loan sanctioned amount for building house. Further they released the fund.

I have faced same issues as well where my bank do ask me out on where those big transactions came from but luckily i do have some closest friends inside the bank
which do save me up and didnt ask further more.I just mentioned that it was some sort of loan payment and later on i do make up some dummy
business.Yes, it sounds illegal but you should be wise on how to protect yourself on possible issues later on.