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EQIBank - First Licensed Offshore Fiat/Crypto Bank

Discussion in 'Offshore Bank Accounts' started by Martin Everson, Oct 11, 2018 at 15:05.

  1. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Whose gonna be first to test this bank ns2. 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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    Samuel Newman and negon like this.
  2. negon

    negon Offshore Agent Mentor Group Business Angel

    Why don't you simply test it to find out if it is something one can work with? Thanks anyway for your information from what I read it seems indeed to be a valid bank.
     
  3. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    It would be too expensive to test when you consider their fee structure :(. 1,000 Euro for a test aint worth it especially when I have been out of crypto for a while now. However I know we have many crypto people on here who have been searching for a crypto friendly banking solution.thu&¤#

    FEES | EQIBank
     
  4. Suzy Emerald

    Suzy Emerald Member Entrepreneur

    The application form download link on their site is linked wrongly to a W8-BEN-E form. And no mail address to tell them that.
     
  5. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Thats true. Homepage at bottom has email address i.e [email protected]
     
  6. Suzy Emerald

    Suzy Emerald Member Entrepreneur

    Thanks @Martin Everson , not sure how I could have missed that. Notified them of the wrong download link.
     
  7. Samuel Newman

    Samuel Newman Offshore Desk expert Mentor Group Business Angel

    @Martin Everson
    Thank you fro the information provided
    I am going to try them
     
  8. Mayne Reid

    Mayne Reid New Member

    I noticed that application forms of EQIBank are exactly the same as the application documents of Paxum Bank. Absolutely same files, only heads are different.
     
  9. MrTony

    MrTony Trusted Member Business Angel

  10. Dubsize

    Dubsize Member Entrepreneur

    Who the F*** is going to put money in the commonwealth of Dominica ?
     
  11. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Your absolutely right....WTF eek¤%&. This maybe a scam or they are sharing middle and backoffice operations with Paxum in which case EQIbank is just a kind of white label bank. More worrying is as @MrTony says where are they on the government list of banks. Have they been given the nod my regulators? have they jumped the gun in claiming they are licensed? or is this a complete scam.:(.

    Tread with caution and avoid EQIBank for now unless someone can test and prove it is all above board.
     
  12. Samuel Newman

    Samuel Newman Offshore Desk expert Mentor Group Business Angel

    have tried to contact them by email regarding new accounts
    no reply for 4 business days already
     
  13. squiddy

    squiddy New Member

  14. squiddy

    squiddy New Member

    There is something wrong with them. I performed a few checks and here are my findings:
    • web server is located is Scottsdale (Arizona) in GoDaddy datacenter. Looks like new Dominica offshore crypto related bank uses server located in US and operated by one of the cheapest hosting provider.
    • there are more domains pointing to "bank" IP address (160.153.43.7): brentgleesonspeaker.com, eqieurope.com, ip-160-153-43-7.ip.secureserver.net, managego.com, mystoneridgeapts.com, welovewatches.com, www.candorcap.com. Bank is using shared web server??
    • domain "equibank.com" is registered to US natural person, not the bank or any other form of legal person: Registrant Name: Jason Blick, Registrant Street: 909 Palm Ave, Registrant Street: Apt 203, Registrant City: West Hollywood, Registrant State/Province: CA, Registrant Postal Code: 90069, Registrant Country: US, Registrant Phone: +1.7865208823, Registrant Email: [email protected]
    • they use Domain Validation type of SSL certificate (issued by GoDaddy). That kind of certificate confirms nothing but control over email address the domain is registered to. Getting one is just a matter of minutes, and you need no more than $10. All banks I know use Extended Validation certificates only.
    • "eqibank.com" does not even its own email server. MX record for the domain points to Microsoft Outlook (216.32.181.106) and that means they are probably using free Outlook email with "@eqibank.com" aliases.
    • there is no link to e-banking. I don't believe they would provide one after registration.
    • they use 3rd party service to let users download application forms. Looks like they cannot afford 13 MB of free space on their own server ;)
    • they do not describe AML/KYC rules which are mandatory for all financial entities worldwide. They do not even mention FATCA or CRS. That's more than strange!
    • I was unable to find their SWIFT code, IBAN syntax or even name on banks list etc.
    I have no ultimate prove they are scam but above list is enough for me to reject them. In my opinion they just gather detailed information about people and related companies - names, passport details, documents scans etc.
    I'd recommend everyone to stay away from them and wait for legality confirmation from entities you trust.