Wealthy Crypto Holders Rejected by Wealth Managers

Wealthy crypto holders are increasingly facing problems with traditional wealth managers and trust offices. These parties are hesitant to accept large amounts of cryptocurrency, primarily due to concerns about money laundering risks and the source of the funds. Some companies completely refuse customers if a large part of their wealth consists of crypto, while others require extensive checks before they are willing to accept the money. Financial institutions must be able to demonstrate where the wealth comes from, which can be complicated with crypto due to the movements between wallets and exchanges. In the Netherlands, investors also face additional questions from banks, as was the case with two Dutch customers of Saxo Bank, who saw their accounts closed after an investigation into their crypto activities. This shows that the problem is not only present for large fortunes but also for those building wealth with crypto.

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