Merchant account to sell crypto via p2p platforms. Possible?

[OffshoreExpat]

Hello,

I've been trading on Localbitcoin for a while normally using personal account, however i‌ would like to set up a company (i'll add another question concerning this) to do‍ it professionally.

Business model is simple, i buy at a cheap price on Localbitcoin/paxful/binance p2p⁠ and i sell high on same platformsand directly on my website, however i would like⁤ to allow purchase using credit card at a premium price, since in some places there⁣ is a huge demand, however i don't know if there are merchant account providers that⁢ will accept this.

I know this is considered high risk, but i intend to add︀ KYC for every transaction with credit card.

I tried stripe and it worked for a︁ short time until they blocked my account, i did receive all my funds and nothing︂ bad happened, it was that simply my account was blocked.

Any idea if this is︃ possible? Ideally would be with a platform like stripe, in the sense that is extremely︄ easy to understand and user-friendly.

I appreciate all the comments

Cheers!

 

[PaulKruger]

You are going to get a hard time to find a payment processor that will‌ allow your to process cards for your business activity. Anyway, if you are looking inside‍ the mentor group there are some really sweet payment processors around which may be possible⁠ options for you.

Otherwise you will need to have plenty of money to convince a⁤ Swiss bank to help you with what you want to do. In other words you⁣ may setup a business in Switzerland for this purpose.

 

[Sols]

It's doable but you will need a license first, and you may find yourself restricted‌ to only some markets/countries. An Estonian license would probably be sufficient.

It won't be Stripe‍ doing the card processing. You'll need to find a PSP that is experienced and comfortable⁠ with crypto.

 

[OffshoreExpat]

Thanks for the reply. I has the idea⁤ that license is needed when dealing with 3rd party’s money. In my case i only⁣ trade my own money, do i still need license for that?

 

[cardbit]

Hello OffshoreExpat,

When you receive funds from other people its considered business, even though you‌ send them your own crypto.

Estonia is going throguh crackdown on their licenses, with potential‍ decision to revoke all existing ones, do not go there as the process will be⁠ as hard as obtaining an EMI license.

https://www.bloomberg.com/news/arti...ns-of-crypto-risk-as-sweeping-crackdown-looms