EQIBank - First Licensed Offshore Fiat/Crypto Bank

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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negon

hannibal the cannibal
BANNED MEMBER
Entrepreneur
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.
 

Martin Everson

Offshore Consultant
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.
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
 

Suzy Emerald

Trusted Member
Business Angel
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.
 

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.
 

Martin Everson

Offshore Consultant
Business Angel
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.
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.
 

Samuel Newman

Offshore Desk expert
Business Angel
Mentor Group
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.
have tried to contact them by email regarding new accounts
no reply for 4 business days already
 

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.
 

Suzy Emerald

Trusted Member
Business Angel
jason blick is the CEO according to their website. The Julia you mention can be Julia Blick (his sister?) and is creative director at the 'bank'
 

negon

hannibal the cannibal
BANNED MEMBER
Entrepreneur
Well that's interesting, people can start a bank there without any guarantees, backed up capital or anything else!
 

MrTony

Trusted Member
Business Angel
Pick "9. Interoceanic Bank of the Caribbean Inc" and you'll be there
But Interoceanic Bank of the Caribbean Inc which mentioned in licensed institution list is not legal entity EQIBank Limited (EQIBank Limited, 24 Hillsborough Street Suite II, Roseau Dominica), which mentioned in terms and conditions.

In my opinion, you are right - at this moment I will stay away from them, but also will be watching for them. Maybe they are only at the beginning of their way.
 

Martin Everson

Offshore Consultant
Business Angel
Great investigation at @squiddy. I regret I ever started this post or came across the news letter :(.

But Interoceanic Bank of the Caribbean Inc which mentioned in licensed institution list is not legal entity EQIBank Limited (EQIBank Limited, 24 Hillsborough Street Suite II, Roseau Dominica), which mentioned in terms and conditions.
If you go Interoceanic banks domain it does redirect you to EQIBank website.
www.interoceanicbank.com

However report on Interoceanic Bank in Dominica expose it as a brass plate bank. Look at picture of their office (below link) and nice brass plate :eek:. They say Interoceanic Bank was operated by a Russian organized crime gang. Looks like EQIBank may have bought the bank as a shell bank from the Russian mafia...good lord.....just run and don't look back. This just looks like some techies acquired a dirty shell bank in Dominica from Russian Mafia for a couple of quid, stole KYC docs from Paxumbank and now pretending they are a real bank. As Squiddy exposed this is some low budget operation in the way the whole IT stuff is managed. Would you really want to deal with such a bank? HELL NO!!!!!

ALERT ON DODGY BRASS PLATE BANK IN DOMINICA OFFERING "INVESTMENTS"
 
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