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Finding a Bank for a Cyprus Cryptotrading company

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Dienekes

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Mar 15, 2021
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#1
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Hello everyone,

I read quite a lot of threads and I seem to have found the experts that could help me with my situation, which I believe might be more and more commong :)

My partner and I are crypto traders. I resides in EEA while he resides in Cyprus (where I used to live) and we have incorporated a Cyprus company that we use to trade cryptocurrencies exclusively on Binance and Kraken. Now, our business is not complicated as there are no clients, we are not an exchange. We are simply traders who happen to be quite successful, to the point where having to pay the Crypto to crypto trade makes me lose sleep at night as I could end up paying more taxes than I actually make money (if BTC crashes). My partner does not have the same worry as he is in Cyprus.

So after a lot of research, it seems to be very hard to find a good banking solution between the scammers and the legit banks that ask you for 1000 euros per month in fees.

We are looking for a 100% legit solution. We are more than willing to go through any KYC process, however hard they are as we have nothing to hide. Frankly, the only reason to look for a Bank solution is to be able to pay the Corporate taxes and potentially pay my taxes if we ever pay ourselves. Other than that, Alts and BTC remain on Binance where we keep trading it. Which also can be seen as a challenge for the Bank as we do not have any proper volume when it comes to transaction (again, we do not deal with any clients). We do not plan on cashing out before many years but a Bank is still needed for when we might do.

TL,DR: Do you know of any decent crypto friendly banking solutions, without exhorbiting fees, that would accept a crypto trading company incorporated in Cyprus, whose sole purpose is to trade Binance/Kraken.

Thanks for your lights!
 
#4
Okay. They asked me also for my trade volume but did not mention this fee to me because I trade minimum 5 million USD/month. I wondered that they did not mention any fee to me when I spoke to them. Seems they generate their money with small clients, because 10000€/year is a rip-off.

You can try Sygnum. They did not ask me for my trade volume but they charge 2000€ for the account opening.
 
#6
Dienekes said:
Hello everyone,

I read quite a lot of threads and I seem to have found the experts that could help me with my situation, which I believe might be more and more commong :)

My partner and I are crypto traders. I resides in EEA while he resides in Cyprus (where I used to live) and we have incorporated a Cyprus company that we use to trade cryptocurrencies exclusively on Binance and Kraken. Now, our business is not complicated as there are no clients, we are not an exchange. We are simply traders who happen to be quite successful, to the point where having to pay the Crypto to crypto trade makes me lose sleep at night as I could end up paying more taxes than I actually make money (if BTC crashes). My partner does not have the same worry as he is in Cyprus.

So after a lot of research, it seems to be very hard to find a good banking solution between the scammers and the legit banks that ask you for 1000 euros per month in fees.

We are looking for a 100% legit solution. We are more than willing to go through any KYC process, however hard they are as we have nothing to hide. Frankly, the only reason to look for a Bank solution is to be able to pay the Corporate taxes and potentially pay my taxes if we ever pay ourselves. Other than that, Alts and BTC remain on Binance where we keep trading it. Which also can be seen as a challenge for the Bank as we do not have any proper volume when it comes to transaction (again, we do not deal with any clients). We do not plan on cashing out before many years but a Bank is still needed for when we might do.

TL,DR: Do you know of any decent crypto friendly banking solutions, without exhorbiting fees, that would accept a crypto trading company incorporated in Cyprus, whose sole purpose is to trade Binance/Kraken.

Thanks for your lights!
Click to expand...
There are some good banking options in Gibraltar, and I would also recommend considering EMI options, as there are Cyprus EMIs that are crypto-friendly.
 
#8
Dienekes said:
So from what they were saying, having a 5 Million turnover would roughly equal to 10K euros in fees from your turnover. So just becareful if you go with them :)
Click to expand...
So you mean they asked for your turnover in the bank account?

They asked me for my trade volume on crypto exchanges only. not for the turnover in the bank account.
 
#18
CyprusLaw said:
Is the company registered in Cyprus? Can you give me some more details about activities?
Click to expand...
Hum, for some reasons I did not get a notice of your answer so sorry for the late answer!

Yes, the business is simply trading and investing on platforms such as Binance and Kraken. We do not have any clients nor are crypto exchange. We talked about it for a long time and finally pulled the trigger. I guess we are simply succesful traders trying to optimize taxes while remaining completely within the law.

Tbh, personally, I m even struggling to understand if the use of an Offshore company is even legal at this point. My friend says yes but there seems to be a big hush hush around it which makes it hard to understand if it is even permitted in places like Europe, and even more in Sweden :)
 
#19
Dienekes said:
Hum, for some reasons I did not get a notice of your answer so sorry for the late answer!

Yes, the business is simply trading and investing on platforms such as Binance and Kraken. We do not have any clients nor are crypto exchange. We talked about it for a long time and finally pulled the trigger. I guess we are simply succesful traders trying to optimize taxes while remaining completely within the law.

Tbh, personally, I m even struggling to understand if the use of an Offshore company is even legal at this point. My friend says yes but there seems to be a big hush hush around it which makes it hard to understand if it is even permitted in places like Europe, and even more in Sweden :)
Click to expand...
Hi, generally I note that the fact that something is not regulated/partially regulated does not make it illegal.

From the description provided you do not appear to fall under the 'crypto asset service provider' definition set by Cyprus AML Law and therefore, at a first instance, it will not be required for the company to register with the regulator as per AML Law in Cyprus.

The offshore company will work as long as it is structured properly, as a lot of times offshore companies do not achieve their purpose due to not being structured properly.

Have you already incorporated in Cyprus?
 
#20
This is there any recommendation on a suitable banking options? All the crypto friendly EMIs look dodgy
 
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