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Opening business accounts on crypto exchanges. AML documentation and procedures.

carlosbl

carlosbl

Member Plus
Oct 25, 2020
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www.qinvia.com
#1
Hi to all,

Has anyone experience opening corporate accounts on crypto exchanges (Binance, Kraken, Coinbase)?

I'm trying to open them for a Hong Kong company, and they ask for a hell of AML/CFT related documentation and procedures.

Thanks in advance.
 
#4
If you don't have those AML procedures, then explain that you don't and explain why. Sounds like a misunderstanding. If you aren't engaged in any kind of regulated activities or don't require to have AML/KYC as a business, then you need to inform the exchange accordingly.

If you're for example just using the exchange to exchange crypto payments from customers and converting to fiat, you would normally not be expected to have internal AML procedures.
 
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#5
The problem I guess is the company activity: quant trading. I guess it makes some alarms on, and they are asking me a hell of AML documentation and procedures.
I have tried to argument that my business activity do not require to have KYC, but no way.
 
#6
If you are trading your own funds then explain that it's purely for personal trading. If you are trading on behalf of customers and take deposit then you will have a nightmare.

You can get standard AML KYC procedure template online and tailor to your business.
 
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#7
carlosbl said:
The problem I guess is the company activity: quant trading. I guess it makes some alarms on, and they are asking me a hell of AML documentation and procedures.
I have tried to argument that my business activity do not require to have KYC, but no way.
Click to expand...
Is that you managing client funds or you getting paid in crypto for services ?

I would try an asian exchange if i were you, they might be more receptive to hk laws and regulations and less strict on bs aml/ctf laws.
 
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#14
carlosbl said:
Right now, Spain.
Its EUR fiat channel partner denies it.
Click to expand...
Yea thats why, a hk company with a UBO in EUSSR tax hell country is likely to be instantly labelled as tax evader with a mega red flag that requires additional screening.

Perhaps try a swiss crypto exchange, they usually offer both chf and eur and might be slightly less annoying with aml/ctf stuff.
 
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#16
I would try swissquote, bitcoinsuisse, bity ...
swissquote is a big security broker that offers trading a few big crypto and with a bank license so could be tight but I would say worth it, expansive fees though.

I have to check swissborg that is quite new, they are making noises apparently as a crypto to fiat gateway... but not sure if it work for businesses.
 
#17
May I ask what set up you ended up going with? I'm looking into setting up company in HK to trade my own funds. Concerned about which bank I should use to fund into crypto exchanges.

Which bank have you been using to deposit fiat into crypto exchanges (Binance, Kraken, etc) successfully?
 
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