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Bank / EMI to deal with crypto and 3rd party funds?

Nicholas Van Orton

Nicholas Van Orton

Active Member
Oct 25, 2018
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#1
Hello gents,

I've already contacted @Gediminas about this, and have started talks with Bankera, but would appreciate if there are other alternatives you may know that might help in my case.

I have a company in the EEA area, catering to GCC/Asia investors. Most of them can't access the crypto market because of the banking relationships and so on. So the plan is to act on their behalf through our company account, having their funds come in as loans.

The EMI/banks we currently use aren't crypto friendly or happy with GCC transfers, so before I start fighting with them in order to find a solution, I'd like to know if there are any good alternatives out there for this.

I've thought of CIM Banque/Dukascopy in Switzerland and the aforementioned Bankera, but can't think of any other.

Can you shed some light and help?

Much appreciated.

NVO
 
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#3
You need the EMI to keep your money or just to receive it and send it to your local bank account ?
 
#5
Nicholas Van Orton said:
Hello gents,

I've already contacted @Gediminas about this, and have started talks with Bankera, but would appreciate if there are other alternatives you may know that might help in my case.

I have a company in the EEA area, catering to GCC/Asia investors. Most of them can't access the crypto market because of the banking relationships and so on. So the plan is to act on their behalf through our company account, having their funds come in as loans.

The EMI/banks we currently use aren't crypto friendly or happy with GCC transfers, so before I start fighting with them in order to find a solution, I'd like to know if there are any good alternatives out there for this.

I've thought of CIM Banque/Dukascopy in Switzerland and the aforementioned Bankera, but can't think of any other.

Can you shed some light and help?

Much appreciated.

NVO
Click to expand...
I am in the exact same position as you, my company purchases crypto on behalf of third party and we then send the crypto to their nominated wallet- banking has been a major
Issue!
In the process of opening a kraken business account awaiting response after sending loads of documentation & policies.
So far I have tried CashAA - but their fees are astronomical 200e per month!
Bank Fricck- still waiting
Coxipay - still waiting
BcB bank - £5000 app fee and £2000 per month!!
In the process of applying for bankera
If there’s any other you guys are aware of that are quicker or simpler business bank accounts to apply for please do let us know.
I have noticed a pattern though all cryptocurrency specialised banks seem to be situated In Lithuania, backed by the central Lithuanian bank.
 
#8
Timo said:
you must test it self sorry
icard.com

Thank you
Click to expand...
icard.com has a max limit of €50k on any plans (as they told me in their chat)...I have over $2MM in pending requests to buy BTC and more lining up...any comments are definitely welcome now...

@Martin Everson - what do you think of going the 'loan' route to receive the money in your own current account and then move to one of the big crypto exchanges? would that work?

NVO
 
#9
Nicholas Van Orton said:
@Martin Everson - what do you think of going the 'loan' route to receive the money in your own current account and then move to one of the big crypto exchanges? would that work?
Click to expand...

Well how would you describe the funds to the crypto exchange when they ask for the source for such large amounts? Would you say its a loan from multiple clients outside the EU to them? They will almost certainly not have the risk appetite for such a client as yourself unless the crypto exchange is shady. It's a huge red flag to a compliance officer and most are aware of this method of moving illict funds already.
 
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#11
Nicholas Van Orton said:
icard.com has a max limit of €50k on any plans (as they told me in their chat)...I have over $2MM in pending requests to buy BTC and more lining up...any comments are definitely welcome now...

@Martin Everson - what do you think of going the 'loan' route to receive the money in your own current account and then move to one of the big crypto exchanges? would that work?

NVO
Click to expand...
Thanks but 50k limit is way too less.checked icard and they defo not for me. So I’ll just wait to see what cashaa, bank frink, bankers say.
Have you suggested a purchase order from your clients? Unless individuals, you can always prove the funds are from a company for purchase to crypto from your company- if you can supply to the exchange/bank a Purchase order/invoice that should be sufficient as proof of where funds have come from. If it’s private individuals then there may be issues proving where the funds have arrived from. Best of luck mate
 
#13
Nicholas Van Orton said:
Question for those in the know: can you recommend a reliable/regulated broker that will accept fiat and convert it into USDT? @CaptK @nomad999

Thanks!

NVO
Click to expand...
Hi Buddy there won't be any brokers that will allow 3rd party payments.

I won't be back in Dubai untill after the UK take the UAE off the red list. If your clients are happy to pay you. My manager in the UAE can facilitate the sale of Crypto on a face to face basis.

Give me a call if we can work something out.
 
#14
CaptK said:
Hi Buddy there won't be any brokers that will allow 3rd party payments.

I won't be back in Dubai untill after the UK take the UAE off the red list. If your clients are happy to pay you. My manager in the UAE can facilitate the sale of Crypto on a face to face basis.

Give me a call if we can work something out.
Click to expand...
Thanks for the quick reply. Actually, I'm considering that the client goes directly to a broker that accepts his funds (fiat) and buys USDT with them, and we just share the commission, without the risk/hassle of 3rd party processing. What do you say? Would this work? If yes, let's talk.

NVO
 
#15
Nicholas Van Orton said:
Thanks for the quick reply. Actually, I'm considering that the client goes directly to a broker that accepts his funds (fiat) and buys USDT with them, and we just share the commission, without the risk/hassle of 3rd party processing. What do you say? Would this work? If yes, let's talk.

NVO
Click to expand...
Yes that can work.
Are the buyer's in the UAE?
 
#16
Nicholas Van Orton said:
Question for those in the know: can you recommend a reliable/regulated broker that will accept fiat and convert it into USDT? @CaptK @nomad999

Thanks!

NVO
Click to expand...
I would favor kraken.com over them all, one of the most trustworthy crypto exchange and regulated in the US. they accept most of everyone worldwide and are known for not blindly complying to the regulators. they have very good banking partners I believe.
https://kraken.com
in Asia FTX exchange is getting big now, I would consider it. there is also Genesis Block which is a major otc trading desk in Honk Hong I believe to be reliable. both are now owned by the same company or same people if I am not mistaken.
https://ftx.comhttps://genesisblockhk.com/
Binance is also trustworthy, particularly good option for asian countries. but the fiat onramp might not be the best.
https://www.binance.com.
might check the swiss crypto exchange also, but they support USDC not USDT.
https://bitcoinsuisse.com
swissborg is starting to make noise and accept some Asian countries.
https://swissborg.com/
in any case you will have to do advance kyc and give information on the source of funds with potentially having to provide proofs depending on the jurisdiction and amount, my guess is the asian/swiss exchanges are more relax in this regards.
overall as long as the funds comes from a bank account in the same name as the account holder I believe that's mostly what matter.
 
#18
nomad999 said:
I would favor kraken.com over them all, one of the most trustworthy crypto exchange and regulated in the US. they accept most of everyone worldwide and are known for not blindly complying to the regulators. they have very good banking partners I believe.
https://kraken.com
in Asia FTX exchange is getting big now, I would consider it. there is also Genesis Block which is a major otc trading desk in Honk Hong I believe to be reliable. both are now owned by the same company or same people if I am not mistaken.
https://ftx.comhttps://genesisblockhk.com/
Binance is also trustworthy, particularly good option for asian countries. but the fiat onramp might not be the best.
https://www.binance.com.
might check the swiss crypto exchange also, but they support USDC not USDT.
https://bitcoinsuisse.com
swissborg is starting to make noise and accept some Asian countries.
https://swissborg.com/
in any case you will have to do advance kyc and give information on the source of funds with potentially having to provide proofs depending on the jurisdiction and amount, my guess is the asian/swiss exchanges are more relax in this regards.
overall as long as the funds comes from a bank account in the same name as the account holder I believe that's mostly what matter.
Click to expand...
Thanks for that! What do you think of Mt Pelerin - www.mtpelerin.com in Switzerland? They seem to be a well established broker and might serve the purpose as well. Bear in mind we're looking for brokers, not exchanges, and split the conversion commission on a large sum with them.

NVO
 
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#19
Nicholas Van Orton said:
Thanks for that! What do you think of Mt Pelerin - www.mtpelerin.com in Switzerland? They seem to be a well established broker and might serve the purpose as well. Bear in mind we're looking for brokers, not exchanges, and split the conversion commission on a large sum with them.

NVO
Click to expand...
ok my bad, I don't think i distinguish very well between brokers and exchanges ...
Kraken does have an important OTC desk, maybe something there ...

Mt Pelerin seems very interesting but its a startup and not yet fully regulated apparently. would tend to trust them if only because they are based in Geneva, and they have some big names backing them it seems and well connected with swiss banking which is a big advantage over the competition. I'll keep this one under the radar.
 
#20
the transfer of funds from the people you trade for in the form of loans are problematic and would cause an alarm for almost any bank. What you are doing and the way you are doing it is a regulated endeavour in most parts of the world i.e. you need to get a license for it.

You could either issue redemption shares to the persons you trade for , however this would raise certain additional complexities , or a more expensive solution but which would solve most of your problems would be registering some mini alternative investment fund and trade from there.

Hope this helps.

Good luck!
Lawyer101
 
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