Bank Account for Crypto Business

[gad0t]

Hello guys, first post here, and a question that’s been asked before but honestly I’m struggling to find answers.

Long story short, I trade cryptocurrencies and I am looking for a bank account that will allow that, long-term. Unfortunately, most high-street banks will and have closed my accounts for this activity. And I’m unable to open any business accounts.

I am from the UK, and have just been operating as a sole trader. Things have been going well, the only (massive) issue is that I am running out of bank accounts, and need one that I can use consistently and without issue for this purpose.

I’m ready to listen to any and all suggestions, and on hand to answer any questions. Thank you very much in advance.

 

[aniglo22]

Did you try Zen ?

 

[Legal]

Hello guys, first post here, and a question that’s been asked before but honestly I’m struggling to find answers.

Long story short, I trade cryptocurrencies and I am looking for a bank account that will allow that, long-term. Unfortunately, most high-street banks will and have closed my accounts for this activity. And I’m unable to open any business accounts.

I am from the UK, and have just been operating as a sole trader. Things have been going well, the only (massive) issue is that I am running out of bank accounts, and need one that I can use consistently and without issue for this purpose.

I’m ready to listen to any and all suggestions, and on hand to answer any questions. Thank you very much in advance.

You need personal or corporate bank?

 

[gad0t]

Did you try Zen ?

In fact I was in the process of doing so last year but they could only offer a EUR account so I kindly declined. However, that may now be an option so might go back to them.

Would there be any worries about holding a large sum of cash with them however?

You need personal or corporate bank?

Honestly I’m not sure. Corporate I guess? Basically, I have a decent turnover of crypto transactions daily/monthly but can only open personal accounts for that purpose and they are all soon closed.

 

[Legal]

What is nature of your business?

 

[ilke]

In fact I was in the process of doing so last year but they could only offer a EUR account so I kindly declined. However, that may now be an option so might go back to them.

It is normal. Zen has access to EUR SEPA through CENTROlink (Bank of Lithuania) but it needs correspondent banks to process other currencies. They will let you have EUR SEPA because there are not many restrictions to the nature of funds they can process there (correspondents will).

Would there be any worries about holding a large sum of cash with them however?

No, Zen is a large EMI, very reliable long term.

Honestly I’m not sure. Corporate I guess? Basically, I have a decent turnover of crypto transactions daily/monthly but can only open personal accounts for that purpose and they are all soon closed.

What is the scale of your earnings? You could open at Amina Bank or Bank Frick with crypto funds as long as you can bring higher 6-figures to the table, and preferably custody with them for lower fees.

Otherwise you can explore Verifo, Bankera, Nebeus, Revolut Bank. The first 3 are all crypto-friendly EMIs/EMD-agents. Revolut is crypto-friendly as well - and will be a bank account rather than an electronic money account in the UK in the coming months.

 

[TheCryptoAnt]

If you have a business that deals only in crypto trading try reaching out to Bankera, depending on the jurisdiction of your business they'll be able to onboard you.

For personal they service UK people too I think.
ZEN should be good too for some time.

 

[Legal]

From the listed options, what do you think, which one will onboard a company licensed in Czechia as VASP and who does p2p exchange on Binance. The company will sell/buy crypto on Binance p2p platform and will be receiving euros from clients to the account?

 

[ilke]

From the listed options, what do you think, which one will onboard a company licensed in Czechia as VASP and who does p2p exchange on Binance. The company will sell/buy crypto on Binance p2p platform and will be receiving euros from clients to the account?

This is dependent on quite a few factors.

If you have good enough AML and KYC standards, you can give Zen, Bankera, Verifo, IBSettle and Payswix a try.

If you have history and actual strong substance in the Czech Republic, there's a chance for Raiffeisen or Fio, but it is definitely pretty difficult.

 

[gad0t]

Thank you all very much for your input, it’s much appreciated!

I will give some of those a go, taking all the information into consideration.