Is it possible that my local bank knows that a particular transaction is from Crypto trading?

[King Belieal]

I normally use my bank account for crypto peer to peer exchange where the money that I am supposed to be paid from a crypto trade is deposited in my local bank account.

But my bank sent me a warning this evening that any accounts discovered to be trading crypto would be frozen.

Is it possible that my bank knows that my bank can detect a particular deposit into my account is from a crypto trading transaction?

 

[Suba]

Of course, if you use a crypto exchange for p2p trading, the bank will know where your money comes from, but if we first use other platforms such as PayPal, Payoneer etc., it will be difficult for the bank to trace it, especially if our money has been mixed with non-crypto transactions.

 

[Webster]

Of course, if you use a crypto exchange for p2p trading, the bank will know where your money comes from, but if we first use other platforms such as PayPal, Payoneer etc., it will be difficult for the bank to trace it, especially if our money has been mixed with non-crypto transactions.

That last bit can raise red flags within banks because, while they've probably seen transactions involving third-party financial services (like PayPal) over time they can spot suspicious transactions and (especially here in the U.S.) will file SAR's (Suspicious Activity Reports) in a heartbeat if not to cover themselves.

Suspicious Activity Reports (SAR) | OCC

Under the Bank Secrecy Act (BSA), financial institutions are required to assist U.S. government agencies in detecting and preventing money laundering.

www.occ.treas.gov

 

[magnus2022]

I normally use my bank account for crypto peer to peer exchange where the money that I am supposed to be paid from a crypto trade is deposited in my local bank account.

But my bank sent me a warning this evening that any accounts discovered to be trading crypto would be frozen.

Is it possible that my bank knows that my bank can detect a particular deposit into my account is from a crypto trading transaction?

I don't the bank will know that your transaction is from cryptocurrency. P2P is construe in such a way that the sender will use his normal account in Nigeria to deposit the money to your account. The only likelihood that they will discover is if the sender account have been marked for cryptocurrency transactions. The best alternative is to create PSP online account to receive fund.

 

[King Belieal]

I don't the bank will know that your transaction is from cryptocurrency. P2P is construe in such a way that the sender will use his normal account in Nigeria to deposit the money to your account. The only likelihood that they will discover is if the sender account have been marked for cryptocurrency transactions. The best alternative is to create PSP online account to receive fund.

What is PSP? I know that all those threats won't be implemented because there is no set rule to know that a certain naira deposited in my account is from crypto trading. I think they should stop all this attack on crypto.