I’m thinking of selling a fairly large amount (around 80k USDT) through Kraken and transferring it to my bank. The funds are basically from a loan I gave a friend, and he repaid me in USDT. The flow was Coinbase → my self-custody wallet → Kraken. I’m a new Kraken user, so I’m wondering if screenshots from the block explorer + my wallet, along with a simple explanation that it was a private transaction, would be enough for SoF. I’d rather not bother my friend for extra proof if possible. I’ve heard that CEXs can be pretty strict, so I’d appreciate any advice.
Would this be enough to prove the source of funds on Kraken?
byu/batman2234ben inCryptoMarkets
Posted by batman2234ben
1 Comment
It’s not a particularly large sum in CEX terms fwiw—it’s more so just a poor way (on your side) of having that loan repaid. If requested you will be liable to provide the burden of proof for AML, and essentially saying ‘trust me bro’ that it was a loan really doesn’t achieve anything. You should have formal documentation and invoicing for the loan regardless, because who the fuck loans someone 80k without any paper trail.