I've seen where people attempting to pay with crypto through paypal and venmo got flagged and lost their money. I've never done anything crypto but I have some money in an interactive brokers account and I believe they have a crypto platform. Wondering if anyone has tried that to pay vendors and if that's just asking for legions upon legions of trouble? or might it work?
crypto through IBKR?
- Thread starter clayd
- Start date
peptideusername
Member
The reason they are getting their accounts closed is because they are sending to a vendor directly from the exchange wallet, instead of using a self-custodial wallet in between the exchange and the vendor. I reckon you'll end up getting flagged if you pay them directly from the crypto platform.
Always send to a custodial wallet first. It's so easy.
Always send to a custodial wallet first. It's so easy.
weird to me that as a KYC platform, you'd even have a crypto feature if you're going to flag transactions for money laundering. like isn't that basically the point of crypto?
peptideusername
Member
it's not the transaction that's flagged as troublesome, it's the wallet. So if you send crypto to the flagged wallet from the exchange account, you will get flagged too.
If you send the crypto to your own wallet first, then to the vendor's wallet, nothing gets flagged because your self-custodial wallet isn't marked as troublesome to the exchange.
It's just something you're going to have to accept if you don't want to get into the weeds of crypto procurement.
