They stated their bank partners don't allow them to bank MSBs registered with FinCEN in the United States. Any idea about what amounts could be safe to send from Mercury to Kraken or other small exchanges?
Do you think 5 business days straight purchasing 5-10k from Kraken or another regulated US Exchange with a new account would be fine? I'll have to reach out to BMO for my other crypto related business then, do you know if they typically require $250,000-500,000 deposit for crypto related accounts?
It depends on the context. If you have 50k on the account and never used Kraken before, yes. You will be asked questions, how will you answer?
They look at this on a case by case basis, I’m not aware of any specific requirements but your account should appear profitable enough for them to accept it.
I would let them know that we're purchasing crypto to invest because of crypto being in a bull market right now.
This makes sense but…
…not 5 days after opening the account and without having had any business transaction.
Thank you for your assistance here it's extremely helpful as we don't have any experience with Mercury. Do you think it would be safer to send the funds that are deposited from business revenue(from First Data and other US processors) to a personal account in the UBO's name or to an IT company for development services?
I’m not sure what kind of company you operate, but you can’t randomly move funds like that. Do you have an accountant?
We do have a CFO but they only have experience with buying crypto with accounts that were already approved for purchasing crypto so this is new territory for us. Our CFO was the one that recommended we purchase the development services from the tech company and then request the tech company to refund us in crypto.
Ask your cfo to talk with Mercury. If you don’t have anything to hide it pays off being candid.
So you recommend asking Mercury directly if it would be okay for us to temporarily purchase crypto or transfer out to a personal account to pay our customers for their game keys?
I recommend that you prepare an accurate description of your business and on the money flow, including some charts and projections. I have not understood what you do and why you need crypto, so you can be sure that Mercury won’t either if you tell them the same things.
When you say gaming you mean casino right? We deal with video games codes like playstation and Xbox games. We don't deal with any gambling or casino or have any clients that do. We do have those documents already prepared, in your experience should we speak with their customer service or do we need to reach a specific team like strategic partnerships?
In our experience any banks that will allow you to send crypto require a large deposit and multiple month setup time that we unfortunately don't have enough time for at this time. Do you know any banks which allow crypto transfers from business accounts which can be opened within a few business days?If Mercury can't meet your requirements, why stay with them? There are other banks that will not give you such a hard time with sending funds to/from exchanges. And if it's absolutely necessary to keep Mercury, use another bank as an intermediary. Just be sure to register your new bank account under the same name as your Mercury account, and you should have no problems sending fiat between Mercury and the other bank.
