I have invested some money back in 2017 in bitcoin and I was thinking of cashing out some of the gains. Would Monzo be OK with deposits of GBP from respectable exchanges such as Coinbase that does its own KYC and has UK bank account? I can obviously proivide initial purchase transactions etc.I am jsut worried the accoutn might get closed without warning or abilit yto explain. ANyone tried this before?
We can’t tell. Most banks don’t like crypto these days so it really depends. If it’s your only account I’d be 100% wary, and also if it’s a big sum (anything other than low 4 figures I’d say)
Monzo also don’t tend to ask questions like proof of initial purchase but just act
Act now, ask questions later
More like act now, ask questions never
Look into getting the coin base debit card and spend using that in fiat money.
UK banks super don’t like crypto (draw whatever conspiracy theories you want from that)
Edit: it looks like Coinbase does allow p2p transactions. Take what I said with a pinch of salt
As far as I’m aware it shouldn’t be a problem. The problem banks have isn’t entirely on crypto, it’s with the risk of money laundering. This only becomes a problem with crypto through peer-to-peer transactions. AFAIK Coinbase doesn’t allow any p2p transactions, only trading directly with them, ergo no AML flags to flag. I don’t have any personal experience with this, so haven’t managed to confirm this myself, but I see no issue.
You can also withdraw funds from Coinbase to PayPal, it’s easy enough to link the 2 together. Given you can pay for a large amount of services via PayPal that’s always an option to have the money sat there after withdrawal.
I’ve transfered from Coinbase to Monzo a few times, so not hugely problematic
good idea, wonder if they have issues with larger sums though.
I am trying to reach someone at Monzo, how do I do this these days? no chat, just I have to phone them?
There is a chat if you search ‘contact us’ but it’s unlikely they’ll tell you anything useful as it could aid fraudsters to go under the radar in the future
Monzo won’t give you an answer that gives you any meaningful answer in regards to this. Any info they release could help fraudsters game the systems they have in place.
I doubt PayPal have many issues with it as is the USA you can have crypto wallets within PayPal itself, that’s just not ported over to the UK side of the business as yet.