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Stay Diversified and Document Everything
Never rely on a single bank. Maintain accounts at 2-3 institutions for continuous access. The Juno collapse showed that even popular platforms can fail suddenly. Keep detailed records of all transactions, especially large transfers, as proof of legitimate activity.
Use banks for fiat rails only (holding dollars with FDIC insurance) while keeping crypto in your own wallets. For holdings over $10,000, use hardware wallets (E.g., Ledger or Trezor). No bank closure can affect the crypto you truly own. Withdraw exchange profits to self-custody regularly.
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Tax and Banking Relationships Matter
All US banks report to the IRS. Use crypto tax software (CoinLedger, Koinly, TaxBit) to properly track cost basis. For high-volume users, establish personal banking relationships, and call your banker before large wires ($100K+) to prevent blocks.
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The “Too Big to Bank” Problem
Seven-figure transfers trigger scrutiny even at crypto-friendly banks. Consider spreading large transactions across days or institutions. For portfolios over $5M, private banks (Goldman Sachs, Morgan Stanley) now offer digital asset services for UHNW clients.
Source: https://coingape.com/crypto-friendly-banks-and-neobanks/
