Dubai bank account for crypto business

[mebuq]

I'm trying to create a company in Dubai for crypto trading (license for a crypto trading business, something that is now offered by the DMCC). I need to select a bank where the business account will reside.
The DMCC explicitly mention in their documentation that "we do not guarantee the creation of a bank account". I guess it's because of the known hostility that banks have to crypto. I still need to try. What I'd like to figure out is which banks are more likely to grant a bank account for my business? I'll use this account for transfers to/from exchanges such as binance and kraken.

I have an account in Binance and my banks are UAE banks and my transfers were very smooth, they were not small amounts. I never had a problem.

 

[myself]

I have an account in Binance and my banks are UAE banks and my transfers were very smooth, they were not small amounts. I never had a problem.

Is it a business or personal account? Which banks exactly?

 

[mebuq]

Is it a business or personal account? Which banks exactly?

personal but transactions 6 figures

 

[Marc Rich]

Hi, I might have a solution for you. I will send you a PM

 

[alphadesertfox]

Have a look into RAK bank too. I know that's who BitOasis use as their legacy banking partner (unless it's changed in the past few years). I would definitely recommend having multiple business and personal bank accounts in Dubai though. And make sure you get one that will do cross-border AED to AED transfers so that you can use FX brokers for getting money out the country otherwise you're stuck with the Bank you're at and their FX fees.

 

[myself]

Have a look into RAK bank too. I know that's who BitOasis use as their legacy banking partner (unless it's changed in the past few years). I would definitely recommend having multiple business and personal bank accounts in Dubai though. And make sure you get one that will do cross-border AED to AED transfers so that you can use FX brokers for getting money out the country otherwise you're stuck with the Bank you're at and their FX fees.

Thanks for sharing!

 

[bk9]

Hey, keep us posted plz, I've been thinking to do the same via DMCC since cashing out crypto in Egypt is pain in the a*s

 

[bk9]

Just to add, I've reached out to DMCC, here's their rates

 

[fbsworld]

I'm trying to create a company in Dubai for crypto trading (license for a crypto trading business, something that is now offered by the DMCC). I need to select a bank where the business account will reside.
The DMCC explicitly mention in their documentation that "we do not guarantee the creation of a bank account". I guess it's because of the known hostility that banks have to crypto. I still need to try. What I'd like to figure out is which banks are more likely to grant a bank account for my business? I'll use this account for transfers to/from exchanges such as binance and kraken.

FYI, there is a online conference organized by DMCC on 22 sept. 2021 11:00 AM - DMCC Crypto Centre – how to apply for a licence: Welcome! You are invited to join a webinar: DMCC Crypto Centre – how to apply for a licence. After registering, you will receive a confirmation email about joining the webinar.

 

[fbsworld]

FYI also concerning opening a bank account for a crypto business in the UAE, there is still no regulation from the Central Bank, see UAE has not legalised crypto-currencies, says Central Bank

 

[uplana]

Have you tried Finductive in Malta?

will they accept UAE companies as clients?

 

[bk9]

Any one tried to set up LLC in usa via stripe Atlas or firstbase, then we could withdraw through FTX (leading us exchange) if it works it'll be better deal than Dubai. Any thoughts?

 

[Martin Everson]

will they accept UAE companies as clients?

Never asked recently.

 

[Nojozap]

Hi, I might have a solution for you. I will send you a PM

Hi, could you send me PM too?

 

[Fred]

The Commercial Bank of Dubai actually announced that they will provide accounts to crypto business in Dubai. There's where I think I should try first.
https://www.unlock-bc.com/news/2021...pto-businesses-in-dmcc-with-banking-services/

After weeks of going back and forth we can confirm that this article is FAKE news.

The official news that can be found on the official Commercial Bank of Dubai Website is that they from now on are open to onboard DMCC Freezone Companies because CBD before was not opening for any Freezone Company Bank Accounts unless you are an existing Client of them with 7 figures under management.

See here this is the official announcement:

https://www.cbd.ae/wholesale/about-...ide-banking-services-to-their-license-holders

 

[myself]

After weeks of going back and forth we can confirm that this article is FAKE news.

The official news that can be found on the official Commercial Bank of Dubai Website is that they from now on are open to onboard DMCC Freezone Companies because CBD before was not opening for any Freezone Company Bank Accounts unless you are an existing Client of them with 7 figures under management.

See here this is the official announcement:

https://www.cbd.ae/wholesale/about-...ide-banking-services-to-their-license-holders

Thanks for the effort! Do you think this partnership excludes crypto businesses though? The default is that it does I guess.

 

[myself]

After weeks of going back and forth we can confirm that this article is FAKE news.

The official news that can be found on the official Commercial Bank of Dubai Website is that they from now on are open to onboard DMCC Freezone Companies because CBD before was not opening for any Freezone Company Bank Accounts unless you are an existing Client of them with 7 figures under management.

See here this is the official announcement:

https://www.cbd.ae/wholesale/about-...ide-banking-services-to-their-license-holders

I took another look into the article from UNLOCK I initially shared and I think it does not contradict with the official cbd announcement. The UNLOCK article just infers that crypto will also benefit from the agreement. The article also says:

UNLOCK spoke to Commercial Bank of Dubai COO Mr. Stefen Kimmel who replied, “As part of the partnership with DMCC we will be looking at providing business accounts to all DMCC licensed companies, including cryptocurrency companies falling within the criteria.”

Did you hear anything from cbd which denies this?

 

[Fred]

Thanks for the effort! Do you think this partnership excludes crypto businesses though? The default is that it does I guess.

Of course it excludes Crypto.

Did you hear anything from cbd which denies this?

Yes - speaking with 5 different Private Banker and RM's of CBD.

The conclusion is just misleading in the posted blog article - it's sad that people based on this article will waste money for a DMCC license with the false imagine of getting the Crypto license then banked with CBD.

Just my 2 cents based on my experience from being everyday in the field fighting for every clients bank account.

 

[WoodLord88]

I took another look into the article from UNLOCK I initially shared and I think it does not contradict with the official cbd announcement. The UNLOCK article just infers that crypto will also benefit from the agreement. The article also says:

UNLOCK spoke to Commercial Bank of Dubai COO Mr. Stefen Kimmel who replied, “As part of the partnership with DMCC we will be looking at providing business accounts to all DMCC licensed companies, including cryptocurrency companies falling within the criteria.”

Did you hear anything from cbd which denies this?

Keep us updated if you actually go through with the DMCC crypto licence and manage to get a bank account in Dubai, ty.

 

[cryptonite]

Did you manage to open a bank account after getting the DMCC license? There are companies that assist in account opening in Dubai, like Virtuzone. They charge 3000 AED if successful, 500 if unsuccessful. Usually the process is smoother when the client is introduced through these firms.