Personal IBAN account for high volume trading

[davidjdiez]

Hi there, I'm having a profitable business by exchanging fiat to crypto for customers around the EU but I've stepped into problems with some banks due to high volume trading.
First I was trading from my Wirex account during a long time until they blocked my account with 900 eur. inside that I won't recover. Then I opened a N26 Business account which was blocked too, they closed account after receiving 4000 eur. into account and then transferred money after commision into Coinbase, so I've lost 400 eur. on this deal. As I've seen EMIs are not very friendly to high volumes and crypto trading and they can block your money everytime they consider. For the purpose of keep going with this business I need to know about some proper Open Banking service in the EU for trading up to 5000 per week through Coinbase or another with minimal risk. Thank you in advance.

 

[cardbit]

Hello,

You consider 5,000 a week a high volume trading? I sure that was not the reasone you got blocked

 

[cardbit]

Based on what you have described you got blocked because you have exchanged funds for the customer you have not identified. No bank will allow you to do this.

 

[davidjdiez]

Hello,

You consider 5,000 a week a high volume trading? I sure that was not the reasone you got blocked

Well, the volume increased up very strong at the end on Wirex. Was receiving up to 10000 a day during a single week so that's when they looked into my account and then blocked. On N26 just received 4000 and transferred around 3700 into Coinbase, then blocked. The reason could be that Wirex wasn't a registered business account and N26 due to non-crypto friendly bank same as Revolut, Transferwise and others. That's what I think.

 

[davidjdiez]

Based on what you have described you got blocked because you have exchanged funds for the customer you have not identified. No bank will allow you to do this.

Yes, I've got them all identified by ID card or passport or even a selfie but none of that banks asked about this. Just got blocked.

 

[EliasIT]

You deal with that issue the wrong way!

It has been mentioned on Offshorecorptalk a dozen times over the least 10 years!

If you consider to put 5K through any EMI or Bank you need to tell them you plan to send 10K if you plan 10K you say to them 20K

That's the only way you can avoid the trouble you are into in the future.

 

[davidjdiez]

You deal with that issue the wrong way!

It has been mentioned on Offshorecorptalk a dozen times over the least 10 years!

If you consider to put 5K through any EMI or Bank you need to tell them you plan to send 10K if you plan 10K you say to them 20K

That's the only way you can avoid the trouble you are into in the future.

I think that's some kind of AML trouble, they just find crypto-exchange activity suspicious.

 

[MrYellow]

I assume you have no trading license so it looks more like money laundering. Hardly any bank will accept you at all for a long while with your current business setup. You can get a license and then use some crypto friendly countries like Lithuania.

i can tell you also go to TW or BunQ but you will experience same issue everywhere. It works for a while then risk score make alarm and bye bye. Because your clients who are they ? Islamic terrorist , nazis, Mexican drug lords ?

you know the mature if your business keeps it unclear so no bank want touch you at all.