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krabi

krabi

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Jul 16, 2018
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#1
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Hello everyone.
I have company in Estonia, got as well Cryptocurrency Exchange Licence.
Got KYC and AML company contract too.
I cannot get a BANK account anywhere .
Estonian LVH - "internal risk policy" - can't get account there
MrTango - I don't know if I can trust to put there bigger amount of money ?

what are my options?
please , anyone had similar problem ?
Thanks
 
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#2
Give Mistertango a try. I don't think joke banks like LHV are any better than an EMI like MisterTango. Unless your after the 100k euro EU deposit protection. Wherever you go you will always have problems with banks simply refusing to accept third-party funds for crypto whether you have a crypto license or not. The license makes very little difference in reality it is all about the risk factor, where clients are based, currency,KYC etc etc.
 
#3
hmm, maybe different way.
I got an investor willing to invest more than 100k in to the project.
dont't trust MrTango as there is 100k protection.
is it better option to create New investment company which would supply the money for the project if needed?
 
#4
krabi said:
Hello everyone.
I have company in Estonia, got as well Cryptocurrency Exchange Licence.
Got KYC and AML company contract too.
I cannot get a BANK account anywhere .
Estonian LVH - "internal risk policy" - can't get account there
MrTango - I don't know if I can trust to put there bigger amount of money ?

what are my options?
please , anyone had similar problem ?
Thanks
Click to expand...
Where did you get the license from, Latvia? I would also like to know if you entered into a business of crypto to fiat?
 
#6
Once again, you need a holistic approach for all this.

If you do not live in Estonia, but open an Estonian company, and apply for an Estonian Crypto license, all alarm bells will go off at the compliance department of a bank. When planning this, a bank account (banking in general as you will not survive with only 1 bank!) is vital you is should make it a cornerstone in your business plan.

What structure will be most acceptable to the few banks that accept crypto. And you should build from there.

That might not be the most tax optimal solution. But no business means no income ....

Check out the banks for the larger exchanges that accept EUR (bitstamp etc) and find their banking credentials and ask for a *personal* appointment with a account executive. Ask for their requirements and use those as your bulding blocks or setting up your corporate structure.
 
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#10
Gunter said:
That mean you have to be resident in Slovenia to get a bank account there and to do crypto business?
Click to expand...

No this means that even as you have a large wel recognised, fully compliant and licensed crypto-exchange, there is hardy any bank that will open an account for you, except a bank in the country where you have a history. Where you speak the same language.

When starting a crypto business, tax optimising is only a very small cog. Privacy/nominees/offshore etc you can forget about, as this will push any application for a bank account into the 'danger' zone for banks, so this will result in a 'njet'.
 
#11
Which means you can forget about to enter this business unless you have a few millions and take a flight to Swiss to secure your banking needs!
 
#12
I am also interested. Why isn't it possible to open the account in Estonia for a new local company with crypto-license? I know that some banks require local partners in Estonia, but not residency.
 
#15
So what's up OP did you find a bank supporting your super cheap Estonian licensed company? or did you faced too much trouble and had to find a different jurisdiction which required deep pockets?
 
#16
Estonian TBB refused to open the account. They do not support this activity so far, regardless of lisences. If anyone has found an alternative solution, please let know.
 
#17
You will not find an EU Bank that will accept this biz. Avoid all Digital Banks..

With some serious money and turnover/proper investors, and with a discreet introducer there is hope maybe Andorra/Liechtenstein, of course with a serious fee too.
 
#18
I also contacted Danske bank, SEB and Citadele, but they refused. However, one of the bank managers told me that LHV should open the account for cryptoexchange.
 
#20
Ansbacher (Bahamas) Limited
 
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