Anyone with a Kraken crypto account knows that the fiat on and off ramp for USD includes only 2 options - having an account at Etana Custody or at Bank Frick.
I wired 300K to my crypto account via Etana and got the following email a week later:
Thank you for being an Etana customer. As a regulated company, we are required to review our customers' activity periodically. As such, please provide details of the following:
I sold my condo 18 months ago and got much more than 300K. Sending them the paper trail from the proceeds of the sale to the 300K is not enough. They need to know my entire financial status.
Is this bc Etana is a US company? or bc the transaction was in USD? Or bc it is crypto? Or bc Kraken is a US company?
I want to say To hell with them....I am actively looking for an alternative to off ramp any profits I make. I can convert to CAD and withdraw by EFT (electronic funds transfer).
Does anyone have experience with Bank Frick?
I wrote to them a year ago: for a private banking setup, they told me one needs 500K-1M Euros (in either crypto or cash) but of course they wil hold custody of your crypto and their choice of cryptos (other than BTC and ETH) are literally the worst cryptos imaginable - all overvalued projects with no clear use-case or future. I never bothered to check their custody fees. I would never keep my money in 95% of the s*itcoins they restrict their clients to. But they are in a good jurisdiction (Liechtenstein) and one could hold just cash and some BTC/ETH (which I believe will appreciate over the next few years).
Should I go through the hassle of proving my entire net worth to the regulators or tell Etana to go pleasure themselves with a cactus and a piece of sandpaper.....
I wired 300K to my crypto account via Etana and got the following email a week later:
Thank you for being an Etana customer. As a regulated company, we are required to review our customers' activity periodically. As such, please provide details of the following:
- Please confirm your current annual income (USD).
- Please confirm your current net worth (USD). Please provide details of the assets/calculations you are using to determine your net worth.
- Describe the source of funds/wealth for your transactions.
- If employed, validate your current employment status including the name of your employer and your position (LinkedIn or websites confirming your position can be accepted).
- Provide a bank statement from your approved funding account (XYZ bank account ending in **** and **** as well as for ABC bank int'l account ending in **** and **** ) in PDF format for the last 90 days.
- Indicate your intended activity going forward. The number of transactions you intend to make per month, and the total dollar amount.
- Provide a screenshot/statement of your current holdings with the exchange(s) related to your linked account.
- Please provide a ledger from your exchange showing your activity for the last 90 days.
I sold my condo 18 months ago and got much more than 300K. Sending them the paper trail from the proceeds of the sale to the 300K is not enough. They need to know my entire financial status.
Is this bc Etana is a US company? or bc the transaction was in USD? Or bc it is crypto? Or bc Kraken is a US company?
I want to say To hell with them....I am actively looking for an alternative to off ramp any profits I make. I can convert to CAD and withdraw by EFT (electronic funds transfer).
Does anyone have experience with Bank Frick?
I wrote to them a year ago: for a private banking setup, they told me one needs 500K-1M Euros (in either crypto or cash) but of course they wil hold custody of your crypto and their choice of cryptos (other than BTC and ETH) are literally the worst cryptos imaginable - all overvalued projects with no clear use-case or future. I never bothered to check their custody fees. I would never keep my money in 95% of the s*itcoins they restrict their clients to. But they are in a good jurisdiction (Liechtenstein) and one could hold just cash and some BTC/ETH (which I believe will appreciate over the next few years).
Should I go through the hassle of proving my entire net worth to the regulators or tell Etana to go pleasure themselves with a cactus and a piece of sandpaper.....
