Opening business accounts on crypto exchanges. AML documentation and procedures.
- Thread starter carlosbl
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Yes, and the KYC is normal. They are following more or less the same due diligence procedures as a bank and other financial institutions.
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This is the probably the answer to your question.
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This is the probably the answer to your question.
If you don't have those AML procedures, then explain that you don't and explain why. Sounds like a misunderstanding. If you aren't engaged in any kind of regulated activities or don't require to have AML/KYC as a business, then you need to inform the exchange accordingly.
If you're for example just using the exchange to exchange crypto payments from customers and converting to fiat, you would normally not be expected to have internal AML procedures.
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This is the probably the answer to your question.
If you're for example just using the exchange to exchange crypto payments from customers and converting to fiat, you would normally not be expected to have internal AML procedures.
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This is the probably the answer to your question.
If you are trading your own funds then explain that it's purely for personal trading. If you are trading on behalf of customers and take deposit then you will have a nightmare.
You can get standard AML KYC procedure template online and tailor to your business.
You can get standard AML KYC procedure template online and tailor to your business.
Is that you managing client funds or you getting paid in crypto for services ?
I would try an asian exchange if i were you, they might be more receptive to hk laws and regulations and less strict on bs aml/ctf laws.
Damn i would have expected binance to be a bit loose on all that.
What is your country of tax residency ? Could be related.
What about okex ?
Yea thats why, a hk company with a UBO in EUSSR tax hell country is likely to be instantly labelled as tax evader with a mega red flag that requires additional screening.
Perhaps try a swiss crypto exchange, they usually offer both chf and eur and might be slightly less annoying with aml/ctf stuff.
I would try swissquote, bitcoinsuisse, bity ...
swissquote is a big security broker that offers trading a few big crypto and with a bank license so could be tight but I would say worth it, expansive fees though.
I have to check swissborg that is quite new, they are making noises apparently as a crypto to fiat gateway... but not sure if it work for businesses.
swissquote is a big security broker that offers trading a few big crypto and with a bank license so could be tight but I would say worth it, expansive fees though.
I have to check swissborg that is quite new, they are making noises apparently as a crypto to fiat gateway... but not sure if it work for businesses.
May I ask what set up you ended up going with? I'm looking into setting up company in HK to trade my own funds. Concerned about which bank I should use to fund into crypto exchanges.
Which bank have you been using to deposit fiat into crypto exchanges (Binance, Kraken, etc) successfully?
Last edited: May 16, 2021
Which bank have you been using to deposit fiat into crypto exchanges (Binance, Kraken, etc) successfully?
Last edited: May 16, 2021
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