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Is this illegal?

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by COINS NEWS 50 Views

I've been considering forming a U.S. LLC, using it to open business bank accounts, then using those accounts to store funds obtained from customers.

However, as a citizen and resident of Iraq, I face two pertinent issues:

  1. The volatility of such business bank accounts considering my citizenship and residence.

  2. The unreliable nature of Iraqi bank accounts.

Thus, I'm neither comfortable with storing my profits in my LLC-linked business bank accounts, nor transferring them to Iraqi banks. As a result, a solution I've mulled over is converting all funds to crypto and storing them in my non-custodial wallets, which provides the ultimate form of decentralization and security.

Let's assume I'll use a crypto-friendly bank account for my LLC. The problem is (1) banks might simply shut down my business account after realizing I merely funnel profits through it and eventually transfer all funds outside it (to crypto), and (2) large conversions of fiat into crypto could easily raise questions - and I hardly think "I'm more comfortable with crypto" is a valid justification.

Am I simply overthinking this or are my doubts well-placed?

submitted by /u/Original_Pea_6201
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