I recently tried to withdraw from Kraken Bitcoin Exchange as I have done many times in the past but have been denied. I contacted support and they told me they need more information before they can approve a USD transfer. I also tried to buy bitcoin and withdraw via bitcoin but that was denied as well. I have about 10k on the exchange between ETH, BTC, and USD.
It is my understanding that online poker in the U.S. is still in the grey area legally (I play on the unregulated sites) and it is against their T.O.S. to use their services for anything illegal gambling related. My main concern is confiscation if I provide the source of the funds. If anyone has advice, I would really appreciate it. Thanks.
This is the email they sent me.
SynapsePay has informed us that before they will allow any more USD deposits/withdrawals they've asked us to obtain some additional information from you.
Specifically, we must request that you provide proof of the source of these funds. Due to the nature of bitcoin we often have to request this information from our users, we would just like to know a little bit more about you.
What do you do for a living and/or what did you do to earn these funds? If the funds are employment earnings, please attach a pay stub or bank statement showing your wages being deposited to your bank. If the funds are from some other activity please provide some proof of that instead.
A tax return is also a viable option. If you are submitting a bank statement as proof of funds just be sure that any payroll deposits are clearly marked as such or else the bank statement itself will not be considered proof of the source of the funds.
We are sorry for the intrusion. Compliance policies dictate that we must collect this info. Once collected, it will be sent to SynapsePay to review and approve. The good news is all future deposits/withdrawals will be seamless once your account is fully approved.
Normal KYC. Just answer questions. Be a bit stupid they don't care what you answer as long as you have answered. source? savings. purpose? make money! One exchange even asked my what my trading strategy was lol, I answered "buy low sell high".
i would start flooding them with paper work. like just start sending them random documents and no text
One time i asked gdax to increase my withdrawal limits on USD, and they came back to me with stupid questions about why and ****.
I just uploaded them all the ****ing btc i ever bough on their platform and other reputable exchanges. I just kept emailing them documents, without actually answering a question until the end where i said
"if i sold all these btc i legally sourced, the vast majority through your platform, all under verified accounts, how many days would it take me to withdraw my usd under my current limits?". also it did not occur to me, but in 2013 i declared some gains on btc and im sure they wouldve been happy as hell to see that. I guess im the 1/800 in that article.
