EQIBank - First Licensed Offshore Fiat/Crypto Bank

[Sols]

The difference between having no license and having a Dominican offshore banking license is almost immeasurable. I take a Dominican banking license more seriously than SADR and Anjouan, but that's about it. Having a Dominican license is either neutral or negative.

I would base confidence in Eqibank on other factors, such as quality of correspondence relationships, fee structure, responsiveness, viability of products, long-term stability, and so on.

 

[ilke]

The difference between having no license and having a Dominican offshore banking license is almost immeasurable. I take a Dominican banking license more seriously than SADR and Anjouan, but that's about it. Having a Dominican license is either neutral or negative.

I would base confidence in Eqibank on other factors, such as quality of correspondence relationships, fee structure, responsiveness, viability of products, long-term stability, and so on.

Well, at least unlike Anjouan or Mwali, a Dominican offshore banking license is actually a legally existent license.

But, a Domican license does not really bring any abilities and it's practically less able to do things than a Small EMI or PI (Keep in mind PIs can't even issue IBANs).

Can a Dominican offshore bank issue bank accounts that are accepted? No.
Can a Dominican offshore bank issue IBANs through a European partner? Potentially. But what European bank (or even EMI) would in their right minds' rather allow a Dominican bank to issue bank accounts to unreliable offshore companies owned by Russians instead of even a European PI.

At least a Puerto Rican bank, although basically a glorified EMI, can issue USD accounts. Still more than Dominica and with half the share capital.

EQIBank is not very reliable, and pretty secretive. The website lists SEPA and SWIFT, but they informed me that their only correspondent is DBS in SG, the same as earlier in this thread. I was curious whether DBS even lets them issue dedicated accounts, since people earlier in this thread got the account of a Singaporean shell (probably belonging to EQIBank) with their company only in the reference. Eli, the only support member in the livechat, has not responded to this question, despite me sending it 3 times and him being online every single day.

Migom, the site of which is still up, has been delisted from the Dominican financial authority for some time now. With EQI's history and similar (or worse) connections to Russia, I wouldn't be too surprised if it follows.

The only available fee is the $1,000 non-refundable onboarding fee. For the rest, you are meant to sent them an email.

It doesn't seem to have any specific product. Just an offshore bank without any specific details.

 

[Piano]

Well, at least unlike Anjouan or Mwali, a Dominican offshore banking license is actually a legally existent license.

But, a Domican license does not really bring any abilities and it's practically less able to do things than a Small EMI or PI (Keep in mind PIs can't even issue IBANs).

Can a Dominican offshore bank issue bank accounts that are accepted? No.
Can a Dominican offshore bank issue IBANs through a European partner? Potentially. But what European bank (or even EMI) would in their right minds' rather allow a Dominican bank to issue bank accounts to unreliable offshore companies owned by Russians instead of even a European PI.

At least a Puerto Rican bank, although basically a glorified EMI, can issue USD accounts. Still more than Dominica and with half the share capital.

EQIBank is not very reliable, and pretty secretive. The website lists SEPA and SWIFT, but they informed me that their only correspondent is DBS in SG, the same as earlier in this thread. I was curious whether DBS even lets them issue dedicated accounts, since people earlier in this thread got the account of a Singaporean shell (probably belonging to EQIBank) with their company only in the reference. Eli, the only support member in the livechat, has not responded to this question, despite me sending it 3 times and him being online every single day.

Migom, the site of which is still up, has been delisted from the Dominican financial authority for some time now. With EQI's history and similar (or worse) connections to Russia, I wouldn't be too surprised if it follows.

The only available fee is the $1,000 non-refundable onboarding fee. For the rest, you are meant to sent them an email.

It doesn't seem to have any specific product. Just an offshore bank without any specific details.

in which Puerto Rican banks would you put money ?

 

[ilke]

in which Puerto Rican banks would you put money ?

I wouldn't hold much money in Puerto Rico. An EU-licensed EMI is probably safer.

 

[pepemolas]

Well, at least unlike Anjouan or Mwali, a Dominican offshore banking license is actually a legally existent license.

But, a Domican license does not really bring any abilities and it's practically less able to do things than a Small EMI or PI (Keep in mind PIs can't even issue IBANs).

Can a Dominican offshore bank issue bank accounts that are accepted? No.
Can a Dominican offshore bank issue IBANs through a European partner? Potentially. But what European bank (or even EMI) would in their right minds' rather allow a Dominican bank to issue bank accounts to unreliable offshore companies owned by Russians instead of even a European PI.

At least a Puerto Rican bank, although basically a glorified EMI, can issue USD accounts. Still more than Dominica and with half the share capital.

EQIBank is not very reliable, and pretty secretive. The website lists SEPA and SWIFT, but they informed me that their only correspondent is DBS in SG, the same as earlier in this thread. I was curious whether DBS even lets them issue dedicated accounts, since people earlier in this thread got the account of a Singaporean shell (probably belonging to EQIBank) with their company only in the reference. Eli, the only support member in the livechat, has not responded to this question, despite me sending it 3 times and him being online every single day.

Migom, the site of which is still up, has been delisted from the Dominican financial authority for some time now. With EQI's history and similar (or worse) connections to Russia, I wouldn't be too surprised if it follows.

The only available fee is the $1,000 non-refundable onboarding fee. For the rest, you are meant to sent them an email.

It doesn't seem to have any specific product. Just an offshore bank without any specific details.

May I ask what is the problem in having the company only in the reference? I mean it literally shows that the SWIFT account is not yours but from EQI but what would be the day to day problems of this? Do you know if crypto exchanges let you deposit/withdraw to company accounts that do not have the same beneficiary name?

 

[kalikex]

Whose gonna be first to test this bank . I am not affiliated in anyway with this bank. I just got it via my news feed and thought I would share.

https://www.bizjournals.com/prnewswire/press_releases/2018/10/10/enUK201810105946

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GEORGE TOWN, Grand Cayman, October 11, 2018 /PRNewswire/ --

Today marks the launch of EQIBank , the world's first licenced and regulated bank for national currencies, crypto and digital assets. For the first time, customers can manage traditional and crypto assets within a single banking relationship, while accessing a comprehensive suite of services including trading, custody, lending, clearing and settlement.

Founded by former HSBC, Credit Suisse, Bank of New York and UBS bankers, EQIBank holds a full, unrestricted offshore banking license in CARICOM and is regulated by the Financial Services Unit[1] and Eastern Caribbean Central Bank. Open to private individuals, institutional investors and corporates, EQIBank is taking customer applications ahead of launching accounts and its EQIBank Exchange in December 2018.

" There is a lot of market speculation about the delivery of a new generation of bank - one that can bridge the worlds of crypto and national currencies. However EQIBank is the only licenced, regulated bank that is operational and ready to receive applications for accounts," said Jason Blick, CEO, EQIBank. "Securing a banking licence is a rare occurrence; regulators receive hundreds of applications every year but between 2010 and 2015 only 3 new banks opened in the US[2]. This is why we are so proud to have been granted a full banking license and look forward to bringing progressive banking services across the globe."

Banking is Broken
Cryptocurrency and emerging digital assets are redefining the way banks need to operate. In today's financial ecosystem, investors are hindered by the complexity of multiple separate relationships with banks, cryptocurrency exchanges, lenders, custodians, wallet and vault providers. This typically involves up to 13 different touchpoints, creating an inherently risky and expensive process. EQIBank was designed with the aim of simplifying and future-proofing banking infrastructure by replacing these fragmented relationships with one secure, stable and cost-efficient bank.

"Banking is broken. We hear this consistently throughout the market - whether we're talking to high net worth individuals or financial institutions. People want to invest in new, emerging asset classes, but they can't because the industry simply hasn't evolved to make it possible. The process is too complex, too expensive and too insecure. We launched EQIBank to solve these problems, redefining the boundaries of banking," said Blick.

Banking Evolved
EQIBank is the first licenced bank to deliver on the potential of blockchain. It incorporates distributed ledger technology, providing clients with an advanced digital platform for all of their traditional, digital and crypto assets. It provides the most comprehensive financial services ecosystem in the world for anyone looking for a smart, seamless banking experience.

• Banking - In addition to current and savings accounts for private clients and corporates, EQIBank offers card services and lending accounts
• Exchange - EQIBank is the first licensed bank in the world with an in-house cryptocurrency exchange. Moving forward, EQIBank will also offer banking services to partner exchanges
• Lending - In addition to traditional loans from its own balance sheet, EQIBank will also offer P2P loans secured on cryptocurrency and digital assets
• Custody - EQIBank is one of the first banks in the world to offer custody and vaulting service for crypto and digital assets. These are secured to full banking standards
• Insured Wallets - EQIBank's wallets will be insured and integrated with EQI's online banking infrastructure, offering transaction alerts, risk-screening and fraud protection
• Settlement - EQIBank offers seamless internal settlement between fiat and cryptocurrency

EQIBank is an offshore bank and offers banking with no direct taxation. It will be joined by EQIBank Europe and EQIBank Asia, both of which launch in 2019.

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one thing i am unable to understand why this bank account take fees for application and if application reject your money gone pure looting business

 

[ilke]

May I ask what is the problem in having the company only in the reference? I mean it literally shows that the SWIFT account is not yours but from EQI but what would be the day to day problems of this? Do you know if crypto exchanges let you deposit/withdraw to company accounts that do not have the same beneficiary name?

Proper crypto exchanges usually do not. Kraken accepts deposits solely from your company's account as far as I know. I don't use other exchanges.

About the SWIFT account not being yours, I work with large companies like Google Ireland and Magnite, which I just can't in my right mind request to change their payments system and start sending payments to a random Singaporean shell with my company name and random numbers in the reference.

 

[Martin Everson]

one thing i am unable to understand why this bank account take fees for application and if application reject your money gone pure looting business

Official reason might be to cover compliance costs. But simple answer is that it's easy money. Anyone can buy a banking license and then charge i.e $1,000 for account opening and then not even look at docs but just reject the application two weeks later. Get two account openings a day thats like over $40k a month for doing nothing. Not a bad business model if you ask me .

 

[Sols]

Official reason might be to cover compliance costs. But simple answer is that it's easy money. Anyone can buy a banking license and then charge i.e $1,000 for account opening and then not even look at docs but just reject the application two weeks later. Get two account openings a day thats like over $40k a month for doing nothing. Not a bad business model if you ask me .

Hey, you don't even need a license. Just look at all the people falling for the Anjouan, Mwali/Mohéli, and SADR scams.

 

[Martin Everson]

Hey, you don't even need a license. Just look at all the people falling for the Anjouan, Mwali/Mohéli, and SADR scams.

That's true sadly