Us bank which doesn't mind ACH transfers to binance/Ftx?

[prototypevenom]

Hi, I have a LLC in wyoming, I have consulting business where we buy stocks, gold, commodities and crypto for folks in India. Mercury, Brex, etc have rejected my application. Any success as an remote bank which is crypto friendly?

 

[Willblack]

I'm also interested in such a setup, if anybody knows.

 

[VESTANON]

@prototypevenom

The mix of an LLC, current jurisdiction of activity, would be quite undesirable to most EMIs.

priority steps should be, by setting up a more neutral/more desirable entity, get a fully verified setup which you control, amongst a few factors to be considered.

a suggestion of CEX.IO might suffice but again revamping a few steps would get you up and started.

 

[prototypevenom]

So instead of going out and saying we want to do crypto arbitrage/trading we should go an more acceptable route such as Stocks/Ecommerce and find a way to route the transaction to crypto?

So instead of going out and saying we want to do crypto arbitrage/trading we should go an more acceptable route such as Stocks/Ecommerce and find a way to route the transaction to crypto?

@VESTANON

 

[yeongsu]

Your LLC has a license or uses a broker platform to purchase stocks/crypto?

 

[prototypevenom]

Your LLC has a license or uses a broker platform to purchase stocks/crypto?

No we don't.

I know people who are doing things like attaching Brex account to stripe > adding funds via credit card and sending transfers to exchanges.
This is not sustainable.

 

[yeongsu]

@startfleetio @Gediminas maybe these guys can help.

 

[VESTANON]

So instead of going out and saying we want to do crypto arbitrage/trading we should go an more acceptable route such as Stocks/Ecommerce and find a way to route the transaction to crypto?


@VESTANON

Yes Ecommerce would be more tolerable from most EMIs..
EMIs avoid loosing licenses and fines..Top Tier EMIs like
Gemini
Kraken
Binance( had to establish Binance US, strictly for US citizens)
the pressure from crypto Watchdogs and the license board,regulatory bodies are all real..

 

[prototypevenom]

Yes Ecommerce would be more tolerable from most EMIs..
EMIs avoid loosing licenses and fines..Top Tier EMIs like
Gemini
Kraken
Binance( had to establish Binance US, strictly for US citizens)
the pressure from crypto Watchdogs and the license board,regulatory bodies are all real..

But dealing with high amounts makes it risky if they shut us down for doing crypto. I can see these different routes currently:

1) trade stocks and possibly cashout in crypto accounts
2) do e-commerce and use the profits through p2p (which is kinda difficult to get good prices)
2) route the transactions through something like privacy.com
3) use bank setup which agrees us to buy crypto directly
4) buy something virtual and sell for crypto 1:1 (very difficult to find such a thing)

 

[VESTANON]

No. 3 should be the best scenario, using physical bank as purchasing is done direct on ramp, via Debit or VCC..A few banks Have High limit card catering to online purchases

NO. 2 possibilities of obtaining Good prices via P2P is highly dependent on the EMI used, The specific currency Traded via P2P, Physical Banking acct attached to EMI..

Negate one time high amounts, Funds should flow into EMI From bank attached in Portions and overtime you build up the total transaction, one time high limit TRX=Risking of Funds.

 

[prototypevenom]

No. 3 should be the best scenario, using physical bank as purchasing is done direct on ramp, via Debit or VCC..A few banks Have High limit card catering to online purchases

NO. 2 possibilities of obtaining Good prices via P2P is highly dependent on the EMI used, The specific currency Traded via P2P, Physical Banking acct attached to EMI..

Negate one time high amounts, Funds should flow into EMI From bank attached in Portions and overtime you build up the total transaction, one time high limit TRX=Risking of Funds.

No. 3 should be the best scenario, using physical bank as purchasing is done direct on ramp, via Debit or VCC..A few banks Have High limit card catering to online purchases

You mean opening a bank account and using Ramp - Corporate cards and finance automation that scales with you to generate cards to buy crypto?

I agree to the last point, one big txn is a recipe for disaster.


Update: I talked to mercury, they said it's okay to this with our funds but not with customer's funds. Any physical banks that allow this?

 

[VESTANON]

No. 3 should be the best scenario, using physical bank as purchasing is done direct on ramp, via Debit or VCC..A few banks Have High limit card catering to online purchases

You mean opening a bank account and using Ramp - Corporate cards and finance automation that scales with you to generate cards to buy crypto?

I agree to the last point, one big txn is a recipe for disaster.


Update: I talked to mercury, they said it's okay to this with our funds but not with customer's funds. Any physical banks that allow this?

physical banks would be offshore banks, the offshore bank would be biz acct with your current trading Name, clients make in payments of Fiat equivalent, into the offshore bank accts as purchases for products/ services delivered.

the offshore bank acct is attached to an Emi, fiat funds received are used to purchase the specific crypto required..
EMI acct should be a biz EMI acct, in same name as Offshore biz bank acct attached...

send me a DM, cant reveal specifics, as most info on thread is reserved for the Mentor Group.