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Question Cyprus crypto casino owners: what EMI do you recommend for American non-residents?

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M0rpheus

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#1
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We've reviewed Meet Easy Online Banking For Digital Business | ConnectPay

Monthly minimum fees for a corporate account's too high. $750/mo.

Our guy told us many EU banks don't want to offer corporate accounts for casinos; the ones that do only do SEPA not SWIFT.

We need an EMI in the Eurozone that can send SWIFT transactions to American non-EU residents.
 
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#3
Sols said:
What is the relationship between the casino and the Americans? Are the Americans players, owners, or suppliers?

Did ConnectPay accept you, and the only reason you didn't proceed was the monthly fee?

Where are you licensed?
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Curacao = casino
Cyprus = shareholder of casino
Americans = shareholders of Cyprus

In the process of being licensed in Curacao

ConnectPay accepted us, the corporate minimum monthly is just too high. Americans are non-EU residents.
 
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#4
M0rpheus said:
ConnectPay accepted us, the corporate minimum monthly is just too high. Americans are non-EU residents.
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HOLD... You did not open an account for an ONLINE CRYPTO CASINO because of a $750/monthly charge? WOW!

Yes, it is extreme but you will soon find out the industry you are in will cost you multiples of this fee on basically much less important services you will will require in the very near future. You should be paying this with a smile. (assuming service is good, I have no experience with them)

You should do some more DD on your new industry IMO.
 
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#5
AlbanyJames said:
HOLD... You did not open an account for an ONLINE CRYPTO CASINO because of a $750/monthly charge? WOW!

Yes, it is extreme but you will soon find out the industry you are in will cost you multiples of this fee on basically much less important services you will will require in the very near future. You should be paying this with a smile. (assuming service is good, I have no experience with them)

You should do some more DD on your new industry IMO.
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Actually, this is what I'm here for. Comments like these to map the field.
 
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#6
If they can give you SWIFT, just go with ConnectPay. Assuming you have a reasonable business, the monthly fee shouldn't be an issue. 9,000 per year in fixed fees for a SWIFT enabled account for an online gambling business is a pretty good deal.

ConnectPay is one of the biggest EMIs in Lithuania and has an excellent reputation and track record in the gambling industry. Consider yourself luck you were approved.

Your profile, as described here, is a big juicy checklist of reasons for compliance teams to reject your application.
 
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#7
Sols said:
ConnectPay is one of the biggest EMIs in Lithuania
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With all due respect for Lithuania, why should anyone trust Lithuanian regulators? In fact, it’s pretty easy to setup a good long con there. (Source: the Lithuanian lawyer, former public prosecutor, who helped me with recovering money from a local EMI)
Sols said:
Your profile, as described here, is a big juicy checklist of reasons for compliance teams to reject your application.
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Very true. If you go with ConnectPay, remember not to leave a big balance there and try to have one or two backups ready.
 
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#8
JohnnyDoe said:
With all due respect for Lithuania, why should anyone trust Lithuanian regulators? In fact, it’s pretty easy to setup a good long con there. (Source: the Lithuanian lawyer, former public prosecutor, who helped me with recovering money from a local EMI)
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Please show me where I said to "trust Lithuanian regulators".

Actually, don't. I don't feel like having another debate about the merits and ins and outs of financial service regulations. Your stance is understood and crystal clear.
 
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#9
Sols said:
If they can give you SWIFT, just go with ConnectPay. Assuming you have a reasonable business, the monthly fee shouldn't be an issue. 9,000 per year in fixed fees for a SWIFT enabled account for an online gambling business is a pretty good deal.

ConnectPay is one of the biggest EMIs in Lithuania and has an excellent reputation and track record in the gambling industry. Consider yourself luck you were approved.

Your profile, as described here, is a big juicy checklist of reasons for compliance teams to reject your application.
Click to expand...
Do you recommend 1 account for the Cypriot entity or 2 accounts for both Curacao and Cyprus with ConnectPay?
 
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#12
As I agree at 200% that backup(s) is/are really recommended, just my 2 cents: Sepaga (Cypriot EMI) and Finductive (Maltese EMI) – so not in Lithuania – also claim that they are gambling friendly and there are rumours that it is true. But re: Sepaga I can say nothing more that I know that it exists, re: Finductive I can say that per my experience / interaction with them there are working friendly people but that's all (I do not have an account with them). Re: pricing, I think that it can be less expensive than ConnectPay but not substantially.

M0rpheus said:
Think it's worth it to start with 2 accounts off rip?

or

Starting with the Cyprus account, and 6 months later, adding the Curacao entity?
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How will you operate (even on-line) casino not having a bank account? Not evertyhing can be paid with crypto...
 
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#13
Forester said:
As I agree at 200% that backup(s) is/are really recommended, just my 2 cents: Sepaga (Cypriot EMI) and Finductive (Maltese EMI) – so not in Lithuania – also claim that they are gambling friendly and there are rumours that it is true. But re: Sepaga I can say nothing more that I know that it exists, re: Finductive I can say that per my experience / interaction with them there are working friendly people but that's all (I do not have an account with them). Re: pricing, I think that it can be less expensive than ConnectPay but not substantially.


How will you operate (even on-line) casino not having a bank account? Not evertyhing can be paid with crypto...
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Google searched Sepaga, saw that it's connected to Dominic Melo, same guy behind Valoris lol.
Maybe we can use a payment processor to withdraw the funds as crypto, send it to a payment processor, and get the fiat to the Cyprus corporate acc. Thx for the input regardless.
 
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#14
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#15
Forester said:
Just wondering – who is Dominic Melo and what is Valoris? (But it is not essential...)
(Not to be in misunderstaning: Above I meant Electronic Money Institution | SEPAGA)
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1654374011212.webp



https://twitter.com/x/status/1401970211939491843
 
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#16
Oh, well. Thanks.
 
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#17
Sols said:
Take all the accounts you can get.
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This ^^^^^^^ read, it, re-read it, re-re-re-read it and live by it. Especially in your line of work. DD and risk management combined you should be able to protect yourself adequately. Remember, you *WILL LOSE* funds eventually somewhere down the line in your industry so prepare for it and chalk it up as a cost of doing business. Just protect yourself so you don't get crippled when it does happen.
 
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#18
AlbanyJames said:
This ^^^^^^^ read, it, re-read it, re-re-re-read it and live by it. Especially in your line of work. DD and risk management combined you should be able to protect yourself adequately. Remember, you *WILL LOSE* funds eventually somewhere down the line in your industry so prepare for it and chalk it up as a cost of doing business. Just protect yourself so you don't get crippled when it does happen.
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Losing funds eventually referring to sheisty EMI’s running off with the $ right?
 
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#19
In gambling business it can be anywhere Bank/EMI/Processor. Run your risk management properly. Stablecoins are a great option in your case with your own self custody. If you can live with the counter party risk of USDT it's probably the best fit for you.

(and yes BTC self custody would be the best long term treasury if you believe in the Saylor narrative)
 
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#20
M0rpheus said:
We've reviewed Meet Easy Online Banking For Digital Business | ConnectPay

Monthly minimum fees for a corporate account's too high. $750/mo.

Our guy told us many EU banks don't want to offer corporate accounts for casinos; the ones that do only do SEPA not SWIFT.

We need an EMI in the Eurozone that can send SWIFT transactions to American non-EU residents.
Click to expand...
How is this working out for you?
 
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