Thank you for the heads up, I'm unfortunately ignorant to these things. What should I have done to withdraw?

Received 7/20

It's legal, nothing. Your only issue is if you don't report it. You could take the entire thing in one shot. World Pay USA is legal, too. They'd report it anyway.

Your concerns would be if you suddenly moved 50K from coinbase to your bank in 8K increments. Your activity could appear to be laundering or something illegal. Since it is bitcoin, it is largely hidden as to the source. In your case, the IRS, Treasury Dept would only have to ask World Pay what the money is from. They would say withdrawal from Global Poker and that would end that. They would wait for your 1040. Report it logically and they shrug and say pay your tax bill.

Requested 7/12
Approved 7/14
Received 7/16

They wont just block all of your cashouts they will freeze your bank account and take your money. it shows you are trying to avoid the 10k deposit that is sent to irs. When you go lower then the 10k that also red flags them and it makes it worse cause it shows your avoiding putting in 10k. They will freeze your account and take all your money for doing it. And don't do several cashouts at the same time. Do like 1 a month. geez. Your account is probably toast. You will definitely at the worst get an audit. And your very lucky if they don't freeze your bank account and take all of your money. https://www.washingtonpost.com/news/...general-finds/

Ya right his account is most likely toast. They don't wait for your taxes. They just freeze your account and take all of your money. You guys do know this is considered a crime right? They don't wait for tax time for stuff like this. You can't do it. You even do like 10 4k deposits in a month if it adds up over 10k and they see you doing this to try to avoid them being alerted for big deposits. If you over 10k to put in your account just do it over 10k. Don't ever try to beat the system.

Well, kind of have a little bit experience with this as a banker for 27 years. Im pretty familiar with how it all operates.

they definitely won't take his money lol. Even in a freeze he just wouldn't have access... just would have to explain where it was coming from. It's not great, and as Dewd says as long as he pays tax at end of year he should be fine

You were just a banker a guy making small salary collecting peoples deposits. That doesn't make you an expert on the irs. it red flags the IRS that you never worked for that i have friend that does work for them and warned me to never do it cause they will take everything. A banker knows nothing about how irs and fincen work if they think their funds are safe. Its a complete different division from the bank. If you are hiding big deposits from the federal reserve the irs will take your money cause its ILLEGAL to evade reporting requirements. Its called breaking the law. All you gotta do is click the link above. But go ahead prove me wrong do a bunch of big deposits under 10k and see if your entire bank account is not seized mr banker

Carole Hinder owned and operated a small restaurant called Mrs. Lady’s Mexican Food in Spirit Lake, Iowa for 38 years. Like some small restaurants, she required that all her customers pay in cash. As a result, she made frequent cash deposits in her local bank to avoid having to keep large amounts of cash at her business premises. Her deposits were always for less than $10,000. To her amazement, the IRS seized all the money in her checking account, totaling almost $33,000, claiming she had violated the federal anti-money laundering law. She had to go to court to get her money back btw. And this has happen to many people some don't get their money back unless they can prove why they did deposits under 10k without trying to evade the federal reserve.

Well, you're pretty close.

I ran a hedge fund, low 9 figures, had to adhere to all the KYC/AML laws of the US and about 10 other countries. I processed local and international wires daily. I dealt directly with the federal reserve district office in my location more than once due to the size of the wires and locations they were sent from, like Seychelles Islands as an example. Perhaps you consider $114,000,000 deposit or withdrawal small and I am not in your league. You may have even filed more Form 8300s than we did and even the far more detailed paperwork that is necessary in dealing with 144A paper. If so, good for you. You may even dwarf the 6 figures I made monthly and good for you if you did.

One thing I'm absolutely certain, you do not know more about banking than this small salaried employee taking little deposits. You can scroll up and find a bunch of people that had lost funds here from ACH errors and I helped them get it resolved by giving direct contact info to some of my small salaried connections, like....the FRB. Ask MaxJam how quick he got that resolved.

A for effort.....

Running a hedge fund has nothing to do with the IRS dealing with people evading doing big deposit that is 100% illegal to do. it doesn't matter if you made more money then warren buffet. The law is the law and if you break them the irs will break you. hedge funds are always in trouble with the irs btw trying to cut corners. It doesn't end well for them. https://www.bloomberg.com/news/artic...worth-billions

Another point you are missing is....Global is legal here hence a US processor legally able to process transactions that do not fall inside the UIGEA.

Where you are correct is if he evades the IRS. World Pay will process and file their side of the transaction. If the player gets slick, IRS will crush them. If they fully report, the IRS will take his tax money.

What do you mean where i am correct? Where am I wrong? What he is doing is illegal. He didn't know it was illegal. I am giving him a heads up on what has happened to other people on this issue and maybe a good idea to take some money out before his account is seized. Its his money he can trust mr banker or use better be safe then sorry strategy. But i would never underestimate the irs when it comes to stuff like this. If he can pull some money out I personally would just in case is all i am saying.

Pointless to takeover the thread with a back and forth

I'd never argue against the point you make about never underestimating the IRS. That is gospel

Not sure what this conspiracy theory about money being taken away for a few $7-$8K transfers is doing in this thread... it is not criminal to wire $8K to a bank account and an asset forfeiture for a legal transaction would not hold up in court. Banks reporting transactions over a certain monetary threshold do not make the transactions criminal. Let's move on.


Requested 7/22

Requested 7/17.
Approved 7/17.
Awaiting payment still.

can someone clairfy the skrill withdrawal rules for me? i just did my first big withdrawal involving skrill for around $10k, and only $2500 went to skrill, 7500 to bank checking. received both cleared fine. now a couple of days later i wanna withdraw $7k again, but skrill doesnt even show up as an option. is there a weekly amount/transaction limit for skrill or something?

Had 3 different redemptions approved at the end of last week and over the weekend. Still have not received payments. In the past redemptions approved over the weekend always came on Tuesday (it is now Thursday)

Edit: JK - here today Thursday. So a little longer than usual but still all good!

Recieved 07/23! Thanks.

Approved 7/23

Seriously can someone clarify how the "net balance to zero" and what do i have to do for me to be allowed to make a big withdrawal to skrill only? 1st withdrawal, withdrew $10k, split up, made me do $7500 to checking, $2500 to skrill. received monies.

Second withdrawal, i noticed by net balance to zero is $7500, and would only let me withdraw whatever amount over $7500 onto skrill again. $7500 into checking mandatory. So i did a $5k withdrawal to checking as my 2nd withdrawal, thinking that would drop my "net balance to zero " to $2500.

Meaning I thought once I did that, If i did a $7500 withdrawal for my 3rd withdrawal, i would be allowed to withdraw $5k onto skrill, and $2500 into checking. But no my net balance to zero is still at $7500 even after the $5k withdrawal onto checking. What do i have to do to be allowed to withdraw $5k transactions into skrill only?

i have definitely "played through" rake or whatever through lifetime more than i have deposited/purchased onto global which was only through checking, never skrill. Do i have to make a big $5k deposit onto global through skrill first or what?

Requested - 7/19
Approved - 7/19
Received - 7/23

You never deposited to Skrill? I think you're on to something with your last sentence.

i have withdrew TO skrill. i never deposited/bought sweeps cash through skrill EXCEPT except one time as a test, just bought $5 sweeps cash as a test first time linking my newskrill with global. all the other times i bought sweeps cash it was through checking.

Got all my redemptions, no frozen account, no problems. I'm actually donating 10% to my church and i'll be claiming it on taxes ( unfortunately ).