Question Running my Crypto Arbitrage business UK. What is a better set-up?

[Jenjen]

For the past 2 months, me and a few friends have been trading around with crypto and currency prices to make an average of 3% with our own money.

We do a lot of P2P in different countries and the money always ends up back with me in the UK. Which means I'm receiving about £80k in various UK banks.

Now this is where the problems start.. with personal accounts it's hit and miss, some of them lock my account and ask for proof of funds etc, I always get the accounts unlocked but it is time consuming and we lose money when this happens.

So the solution I thought would be a Business Bank account. Many don't like crypto exchanges so I tried Cashplus but the same problem lies with them.. regular freezing of accounts.

So what is an ideal solution to this?

What bank accounts could allow me these P2P transfers and private transfers of up to £80k per day?

Would a different set-up like registering an LTD, and having a corporate bank account, and being registered as a company on the crupto exchange negate these issues?

Thanks all in advance

 

[CaptK]

Arbitrage unfortunately is going to be difficult. No UK bank will accept the business plan without a license, you are doing it P2P so will be required to do KYC.

 

[Jenjen]

Arbitrage unfortunately is going to be difficult. No UK bank will accept the business plan without a license, you are doing it P2P so will be required to do KYC.

Any info on the required licenses? I'm willing to do KYC

 

[CaptK]

Crypto broker licence.

UK licence will take you 6-9 months to get.

Estonia one about 6 weeks.

If you get an Estonian one you can't actively market in the UK and you have to take enquiries via the website. Unless you set up a P2P platform with an escrow facility.

 

[Jenjen]

Crypto broker licence.

UK licence will take you 6-9 months to get.

Estonia one about 6 weeks.

If you get an Estonian one you can't actively market in the UK and you have to take enquiries via the website. Unless you set up a P2P platform with an escrow facility.

I'll look into the UK Crypto Broker License.. not sure how Estonia would help me in the current operation since we are receiving faster payments in bank account in the UK

 

[wideweb]

For the past 2 months, me and a few friends have been trading around with crypto and currency prices to make an average of 3% with our own money.

We do a lot of P2P in different countries and the money always ends up back with me in the UK. Which means I'm receiving about £80k in various UK banks.

Now this is where the problems start.. with personal accounts it's hit and miss, some of them lock my account and ask for proof of funds etc, I always get the accounts unlocked but it is time consuming and we lose money when this happens.

So the solution I thought would be a Business Bank account. Many don't like crypto exchanges so I tried Cashplus but the same problem lies with them.. regular freezing of accounts.

So what is an ideal solution to this?

What bank accounts could allow me these P2P transfers and private transfers of up to £80k per day?

Would a different set-up like registering an LTD, and having a corporate bank account, and being registered as a company on the crupto exchange negate these issues?

Thanks all in advance

Did you find a way to get the licence and a bank to use that will not block you?