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Keep Diversified and Doc Every thing
By no means depend on a single financial institution. Preserve accounts at 2-3 establishments for steady entry. The Juno collapse confirmed that even standard platforms can fail out of the blue. Maintain detailed data of all transactions, particularly giant transfers, as proof of reliable exercise.
Use banks for fiat rails solely (holding {dollars} with FDIC insurance coverage) whereas retaining crypto in your personal wallets. For holdings over $10,000, use {hardware} wallets (E.g., Ledger or Trezor). No financial institution closure can have an effect on the crypto you really personal. Withdraw trade earnings to self-custody commonly.
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Tax and Banking Relationships Matter
All US banks report back to the IRS. Use crypto tax software program (CoinLedger, Koinly, TaxBit) to correctly monitor value foundation. For top-volume customers, set up private banking relationships, and name your banker earlier than giant wires ($100K+) to forestall blocks.
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The “Too Large to Financial institution” Downside
Seven-figure transfers set off scrutiny even at crypto-friendly banks. Take into account spreading giant transactions throughout days or establishments. For portfolios over $5M, non-public banks (Goldman Sachs, Morgan Stanley) now provide digital asset providers for UHNW purchasers.
