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Cryptocurrencies and their market makers

Cryptocurrencies and their market makers
Jul 15, 2025 4:18:18 PM
This message was posted by a user wishing to remain anonymous

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We currently rely on our existing AML tools to monitor this activity for our regular customers.  They would be captured in ACH volume deviations, wire flips, large cash transactions etc.   Most of the identifiable crypto activity is small transactions by individuals on the exchanges, and we don't consider this suspicious.  We have not seen anything that would suggest large amounts of cash being converted to crypto, or any large crypto transactions being converted to fiat.  

 

Additionally, there is some skepticism regarding crypto volumes.

 

The known crypto customers are another story.   We are basically reviewing every transaction and making sure we understand the source and destination of each one.

 

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Original Message:
Sent: 04-17-2018 10:19
From: Alvin Stolen
Subject: Cryptocurrencies and their market makers

At a recent conference I was directed to check out this web site: https://coinmarketcap.com 

 

This site evidences the current number of cryptocurrencies, which today add up to 1574 and  In the neighborhood of $15B in value changes hands in each 24 hour period.  I can say with some certainty that our, and possibly your, customers are exchanging cash for cryptocurrencies via their bank accounts (debit card and ACH) on a daily basis. The dollar volumes surprised us when we researched the matter.  I'd be very curious to learn what monitoring and/or controls your bank has put into place relative to the exchange of cash into a cryptocurrency and vice versa?  Thank you.  Kit Stolen

 

Kit Stolen

President & CEO

Providence Bank

573-447-8711

 

 

 

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