Bitcoin Withdrawal question...

Question

First off, really appreciate all of the insight and advice many of you provide on this forum.  So, for those that take the time to respond to questions... thank you!Now, I fairly recently deposited into my Bookmaker account vis Coinbase.  Fortunately, I have managed to grow my account enough that I would like to move some money back to my bank.  My question is this... will I run into many issues with with either Coinbase or my bank by moving about $10k?  I could spread out my withdrawals if it is necessary, but does anybody have any idea as to what is a good amount to move without raising red flags?  Also, I know some have recommended setting up a bitcoin account with Blockchain and transferring money through them from the Sportsbook before moving it to Coinbase and then eventually on to my bank... is that to limit any questions from Coinbase or my bank?Lastly, has anyone had any experience withdrawing from Bookmaker via Bitcoin?  Coinbase?Again, I appreciate any genuine advice. Thanks!!

SOTA30 · Answer

First off, really appreciate all of the insight and advice many of you provide on this forum.  So, for those that take the time to respond to questions... thank you!Now, I fairly recently deposited into my Bookmaker account vis Coinbase.  Fortunately, I have managed to grow my account enough that I would like to move some money back to my bank.  My question is this... will I run into many issues with with either Coinbase or my bank by moving about $10k?  I could spread out my withdrawals if it is necessary, but does anybody have any idea as to what is a good amount to move without raising red flags?  Also, I know some have recommended setting up a bitcoin account with Blockchain and transferring money through them from the Sportsbook before moving it to Coinbase and then eventually on to my bank... is that to limit any questions from Coinbase or my bank?Lastly, has anyone had any experience withdrawing from Bookmaker via Bitcoin?  Coinbase?Again, I appreciate any genuine advice. Thanks!!

SOTA30 · Answer

Also.... Does it make a difference that I transferred money from Coinbase to Bookmaker for a deposit, but would I benefit from withdrawing to Blockchain and then to Coinbase before moving the money to my bank?Or, is that even an option since I did not deposit using Blockchain?  Not sure if it matters.

Chaucer29 · Answer

Absolutely set up a wallet with Blockchain and request a payout paid to your Blockchain wallet. You can then transfer your bitcoin to Coinbase, place a sell order and transfer to your bank account. When Bookmaker processes the payout the bitcoin will be in your wallet immediately. When you send from Blockchain it will also be in Coinbase immediately in a pending status for roughly 30 minutes, then you can sell and transfer. I have had no issues and love this method for payouts.

binka34 · Answer

don&#x27;t do anything over 10kbreak them up in a few days

rarafromphilly · Answer

right or a few weeks even.

Chaucer29 · Answer

10K SAR rules typically apply to cash and check deposits. Bitcoin escrow companies are not considered money transmitters by the US Government, so this rule does not apply

binka34 · Answer

from my understanding any transaction over 10k needs to reportedisn&#x27;t that the Patriot Act?

Chaucer29 · Answer

The Patriot Act plays a role, but reporting requirements fall under the Bank Secrecy Act.

With all this being said, many electronic transfers are exempt from SAR's. Realistically, any bank or depository institution could file a report for $500 if they truly believed the funds were derived from an illegal source. The question then becomes is there enough manpower to review every transaction to determine its source.

binka34 · Answer

ah good stuffthanks

Bitcoin Withdrawal question...

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