EUR bank account / EMI account for B2B crypto-related transactions

[Willblack]

Hello, I'm looking for an EMI/bank account(s) for moving large sums (100k-400k EUR per week).

The funds will be received from crypto exchanges -> transferred to the account in question and then sent to multiple (5-20) companies.

The actual service I'm providing is obviously crypto exchange, however, I can provide any reason for the transfer and prove it if needed.

All transfers will be withing the EEA, so SEPA and only in EUR.
I can incorporate anywhere, whenever would be best for the bank/EMI.

I'm ok with sub 1.5k EUR setup fees, <1k EUR monthly fees, and <0.2% per transfer fees.

I know and use ADV, I'm currently onboarding with Globitex but I'd like to know any other providers which fit the abovementioned criteria.

I've looked into MT (too expensive, because of the balance fee), Bankera/Perversk (a bit too expensive if I use their "crypto exchange" account option.)

I have a high street bank account as well with an EU bank, however, I'm still not sure if they will be ok with this business model.

Any recommendations and personal contacts are welcome.

 

[Martin Everson]

Hello, I'm looking for an EMI/bank account(s) for moving large sums (100k-400k EUR per week).

The funds will be received from crypto exchanges -> transferred to the account in question and then sent to multiple (5-20) companies.

Forget it

The actual service I'm providing is obviously crypto exchange, however, I can provide any reason for the transfer and prove it if needed.

Forget it

I have a high street bank account as well with an EU bank, however, I'm still not sure if they will be ok with this business model.

Forget it


I guess your gonna have to wait for someone to post - "Hey I can help you. I got a direct contact to an EMI I work with that can handle those volumes no problem and send to all those companies just PM me".

 

[wexport]

(100k-400k EUR per week) - it will be difficult to receive those amounts ( emi/bank will ask for a lot of documents and maybe all the time block your funds )

 

[Perry8]

This will not work. It is that simple.

You see, people do not tend to suddenly show up with this amount of money. When they do, banks and EMIs get very sceptical.

This is how I would have solved this:
1) Get an EMI that accepts crypto and start to move small sums. You can increase the sums gradually over time. But, and this is important, you will probably never be able to move this type of sums thorugh this EMI.
2) Get a crypro license in Gibraltar. It takes some time and money, but if you do number 1) you will be able to pay for it. A Gibraltar crypto license - unlike the Estonian one - is accepted by banks (even high street banks). Now you have a legit, regualted and working business where you pay reasonable taxes. (The Malta license is not working either (none has been handed out), so don't bother).

 

[lory]

) you will be able to pay for it. A Gibraltar crypto license - unlike the Estonian one - is accepted by banks (even high street banks). Now you have a legit, regualted and working business where you pay reasonable taxes.

you look at insane costs to solve this problem right?

 

[Perry8]

you look at insane costs to solve this problem right?

It depends on the way you look at it.

Yes, the costs for setting up a regulated crypto exchange in Gibraltar is high and so are the upholding costs. So, obviously the costs are "insane" if you compare them to running an decentralised exchange with few people involved.

But, this way you build a business and an infrastructure that will allow you to safeguard the business over time. It will also increase the value of the business immensly.

The combination of an uncertain legal situation and heaps of funds is not appealing over time. If you have tried to set up an unregulated gambling company (in many jurisdictions gambling is not regulated) you will know that banking becomes the major problem, and so you end up applying for a Curacao license just to get banked.

It is nearly always possible to find a banking soution. But, the less you "fit in", the more you have to rely on the options with highest risk appetite. The problem is also that these are the once being shut down, running away with your money, or being scams from the beginning.

It is, of course, possible to get a license in less demanding jurisdictions - like Estonia - and it will get easier to get bank accounts. But probably no high street bank will touch your business.