How did you justify purchasing crypto if the account is for property management?
Our valued sponsor
Purchasing Crypto With Mercury
- Thread starter prepaiddays
- Start date
the legal basis for this is justified by the first sale doctrine concept. We have purchased the individual copies of the games from the publisher's authorized retailer or the publisher directly so we own the license to each copy sold and are legally allowed to sell them.
Didn't have to justify anything... Specified that as the primary activity and after registering an account with a crypto exchange, we just linked the bank account to the exchange. You should be able to do this as well but if you'd like for me to handle this for you, feel free to drop an inquiry here - https://www.digitalcryptosolutions.com/index?section=contact_
It's definitely fully legal we have full time legal counsel that took a close look at this and it's also not a practice that's looked down upon by publishers as our larger partner who has done this for over 10 years has never even been contacted by publishers.
Do you think wiring to a crypto company that also does card payout services like Spritz.finance and isn't solely an exchange could be an option for us here or do you believe that would also cause red flags without them having express knowledge of the transfers that we plan to take place to these crypto companies like Kraken or Spritz?
The opinion of your own employee doesn’t make something legal.
What others do doesn’t make something legal.
That's very true that what others are able to do doesn't make something legal but this particular form of reselling where there is no copying involved is entirely legal.
https://www.justice.gov/archives/jm...54-copyright-infringement-first-sale-doctrine
I see what you're saying, It sounds like your overall recommendation is to get express permission or send to another bank account under the company's name?
You need to clarify the legality of your business, otherwise all banks will reject you, unless they don’t fully understand what you are doing (in which case they will close/freeze your account at some point).
The alternative is to mask it. Check the Mentor Group for further information.
I’m not advocating money laundering and I’m not defending the concept of copyright, I’m just telling you how banks and the judiciary think.
I totally understand from your point of view and I always explain the business in detail to bankers. I can also clarify we've also received several legal opinion letters after reviews of the business from a large outside law firm and have included this in our package for the banks to no avail. We also are able to get several banks and PSPs to process debit/credit for us just not a DDA account that can send to crypto exchanges. Do you think it may be better to try a federal credit union since banks seem to be uncomfortable with the risk involved with what we're doing or is there a better brick and mortar for me to try to open with?
As it stands now banks see your business like this: copyright infringement proceedings laundered through them with crypto.
What else can we provide them other than a legal opinion letter from a large law firm? Upon a quick look a few of the games(all the games I checked) we sell does explicitly allow resale and has some language similar to this in the EULA: "transfer the Software Product (complete with all components and documentation) and the benefit of this EULA to another person PROVIDED such person has agreed to accept the terms of this EULA and you contemporaneously transfer any permitted copies of the Software Product you may have made to that person or destroy all copies of the Software Product not transferred. If any transferee does not accept such terms then this EULA shall automatically terminate. Upon such transfer, you undertake to delete this Software Product from your hard drive and the licence granted to you under this EULA shall automatically and immediately terminate."
Good. Then attach the opinion from the large law firm to the detailed description of your business, chart flow of the transactions and dd of shareholders and executives and you should be good with any bank that is not openly crypto unfriendly.
Like which banks? I ask because we have attached all this information with our package as well as dozens of pages of compliance policy and procedure documents to no avail. With Mercury the application goes through their portal so I didn't have a chance to provide additional documents but I can do this with their support team?
BMO, WF and dozens of others in the U.S. Arrange meetings at local branches and make the business look attractive for them. You should leave something on the table in terms of their not cheap products and a decent balance.
We have tried dozens of banks and after hearing the business description or receiving the documents they usually speak with compliance and come back with a declined response. Although we have not tried BMO so I will likely be at one of their branches first thing monday morning. Are there any other specific banks you know of that would allow Transactions to exchanges? Are you telling these banks that you are going to send wires to exchanges or are you just doing it after the account is opened? (with brick and mortar banks)
Latest Threads
-
AML Compliance - Pass once then all clear OR have to pass each time I move the same money?
- Started by fluffypanda
- Replies: 2
-
-
-
-
Current solutions for SEPA account with US LLC- Started by disagree
- Replies: 13
