Withdrawal limits


#1

I’m getting a very uncomfortable feeling about withdrawal limits on exchanges.

Coinbase limits are $250,000/day,
Bittrex limits are the value of 100 Bitcoins (about $400,000), and
Kraken says $500,000 but has an annual limit of $6,000,000.

Long term, if Cardano succeeds as we all hope it will, people need to be aware that you may not be able to withdraw all of your fiat quickly.

Earlier on this website, someone answered my question about limits by saying Kraken could provide $10,000,000 given about a week to complete the transaction. But, when I chatted with Kraken, they would not confirm this. They said would ‘work with me’.

After selling crypto, how does Charles withdraw large amounts of fiat in a short amount of time?


#2

I think if you are talking about those kinds of amounts you move up to another level of relationship. Possibly OTC territory. I would recommend using several exchanges. Probably start moving cash out to establish a track record etc. Possibly moving into stable coins so you can cash it out in a more measured way. Unfortunately at this time exchanges are a bottleneck.


#3
  • As far as known Charles didn’t sold his possessions in ADA
  • He basically made this space, he seems a wizard and in that sense for sure he knows more and those exchanges knows him too therefore I don’t think he has this problem
  • the most important thing, for such amounts I do not trust a centralised entity as exchanges

The true purpose of a crypto is that any holder of a true “coin”( serious project ) is one day will be no meaning to exchange the crypto per fiat


#4

And your right about Kraken I think if I remember well, the BTC from trustees ( mtgox mess ) was exchanged per fiat by kraken and the amount was even bigger