Swiss Crypto Bank SEBA Gets License to Operate in UAE Financial Center

[azb1]

SEBA Bank Secures Financial Services Permission from Abu Dhabi Global Market and Opens Office in Abu Dhabi

SEBA Bank Secures Financial Services Permission from Abu Dhabi Global Market and Opens Office in Abu Dhabi

SEBA Bank Secures Financial Services Permission from Abu Dhabi Global Market and Opens Office in Abu Dhabi

www.seba.swiss

 

[Martin Everson]

Great so they can now offer custody services for Shiba Inu to wealthy Gulf clients.

 

[Fred]

I met Chris late January in Abu Dhabi - they are swamped by Compliance Requirements actually and the Office was a Regus one back then.

Pricing is OK for high volume clients as they charge 500 CHF/monthly but have very competitive pricing for trading - for a Switzerland Crypto Bank at least.

However they are getting endless E-Mails from DMCC Crypto License Guys looking desperate for Banking there Crypto Start-Up of course they wanna onboard you with personal account having very low risk appetite and best you are just a HODL guy - so basically exactly what most people are not looking for.

 

[denniz07]

Does someone has an update about SEBA bank? I'm on board, but still not sure if it is a good idea to use them.
Here some points about custody

Unless agreed otherwise with the Client, SEBA is entitled to
hold Custody Assets, or have them held, in collective custody.
This does not apply to the custody of any assets that have to
be held separately by nature, by agreement between the
Client and SEBA, or for other reasons as considered relevant
by SEBA.
Custody Assets subject to drawing by lot may be held in
collective custody. Drawn lots are allocated among clients by
SEBA using a method which, to the extent reasonably
commercially possible, provides for materially the same
chance of inclusion in the secondary drawing as in the primary
drawing.

Not sure of collective custody is good. Maybe will just use the bank to convert some crypto to FIAT. Somehow not sure if they are good for keeping Stocks, ETF's and so on, altough the custody fees seems to be similar to private banks.
Anyway somehow had a better impression from Maerki-Baumann, but they are kind of slow to onboard.

 

[Martin Everson]

Custody Assets subject to drawing by lot may be held in
collective custody. Drawn lots are allocated among clients by SEBA using a method which, to the extent reasonably
commercially possible, provides for materially the same
chance of inclusion in the secondary drawing as in the primary drawing.

What on earth does this word soup mean?

Not sure of collective custody is good.

What are you looking to custody with them? In any case trust your gut instincts always. Nothing worse than regret.

 

[denniz07]

What are you looking to custody with them? In any case trust your gut instincts always. Nothing worse than regret.

Actually just wanted to buy very simple stuff like MSCI World ETF's or Fixed Income ETF's.
In the case that they got hacked or insolvent the investment should be safe.

Would maybe just use them only to cash out a bit and then transfer the money, but they wouldn't like that.

PS:
Regarding gut instinct. Exactly, you are right, somehow not sure about them. It is kind of "expensive" to open an account there. Would have to pay 2500 CHF anyway. Was in the rush to open bank accounts, since a lot of bank's tried to onboard me but then compliance refused. Maybe will just wait a bit more. Zuger Kantonalbank,promised to onboard me and SAXO as well. Guess they are a much safer bet for the longterm. But they are very very slow.

 

[Martin Everson]

In the case that they got hacked or insolvent the investment should be safe.

Have you seen their financial report? Do they publish it?

Would maybe just use them only to cash out a bit and then transfer the money, but they wouldn't like that.

You can find simpler on/off ramps if that is all you are using them for. Then pass on to stable banks with strong balance sheets to custody your stocks you buy.

Zuger Kantonalbank,promised to onboard me and SAXO as well. Guess they are a much safer bet for the longterm.

Yes they are.

 

[denniz07]

You can find simpler on/off ramps if that is all you are using them for. Then pass on to stable banks with strong balance sheets to custody your stocks you buy.

Exactly that is what I'm trying to do in the longterm. Guess not used to "a lot of " money and kind of counting the lost "interest rates" that I would get just by fixed term deposit, so that is the reason I tried to rush.

Guess the best way would be to relax and take things slowly.

Have you seen their financial report? Do they publish it?

Sure I think they publish it. The numbers are from 2021 and in any case I'm not an expert to judge it. Guess even if it looks super good, that doesn't mean much since we are here in crypto space. There has been a bit bad press about them from Lukas Hässig, although he might be biased.

Anyway would take it slow. Wait a bit to hear from the other banks. Maybe will then just tell them that I'm sorry, got a better offer and now will just pay you guys for the onboarding. Trying actually not to piss people off, since they ware recomended to me but still want to play it as safe as possible since can't just risk few millions.

 

[Fred]

From personal and clients experience I can recommend everyone looking at SEBA to look at Swissquote DIFC as well - much much cheaper and in combination with Kraken/Bitstamp and a Ledger the by far better choice even for Holding Companies.