How do people actually cash out there crypto-poker winnings?
I have often wondered how professionals and people who bink large scores actually move their money from their crypto wallets to their bank accounts. Even if they want to keep it in crypto, they would still need a way to spend it. All of the crypto debit cards and exchanges (at least that I know of as an American) have strict KYC and source-of-funds procedures. Additionally, pretty much every bank is going to be extremely suspicious of large deposits coming from crypto exchanges (and therefore question/freeze). Are things easier for non-Americans in this regard?
This has always seemed to me to be an extremely underdiscussed issue. The whole process is just sort of glossed over everywhere--"site>wallet>exchange>bank"--or crypto debit cards--but the very real and probably reality that the exchange, bank, and debit company will freeze your funds and refuse your business if you disclose (or fail to disclose) the origins of the funds is never fully discussed or even mentioned.
It really makes me question the point of even playing on ACR, CoinPoker, and other offshore sites if you will never even be able to use any of your winnings. Am I just missing something or overthinking?
4 Replies
If your playing as a professional going treat everything within the law. That's include doing all the taxes. Only when the funds pipeline from Crypto to Fiat is where government will have access to the information. As with most Poker players, they may invest part of their funds in HODL crpyto or take advantage of staking their token to earn interest. In saying so, there many loophole you can move funds from crypto to fiat or even gift cards. Just got have right connection.
Some countries have very easy situation with usdt while others do not.
DYOR.
Non-American here and yeah it's a totally different world. My exchange treats poker income like any other crypto and my bank has never asked a question. For US players I know a few regs who just keep a rolling USDT balance and convert small amounts to fiat gradually through Coinbase rather than pulling one big number that triggers anything. The irony is the sites marketing themselves as crypto-friendly are essentially creating a two-tier system where non-Americans can actually spend their winnings and Americans are stuck in a compliance loop just to cash out what they legitimately won.
I play on coin and get money instantly and have never had a problem I use an intermediary wallet before I go to cash app or Coinbase. But crypto is the fastest and easiest wd and deposit mechanism I've used for over 8 years if u need help or info just message
