Best business bank account / emi for UK based crypto startup?

[JackAlabama]

Hello community

What is the best UK based bank or EMI which accepts a UK based startup dealing in cryptocurrency?
The company will use third party monies to invest them with certain DeFi products.

Are there any good and cryptofriendly EMIs or banks in the UK including Jersey, Isle of Man and Guernsey?

I am also willing to look at other places than the UK.
Thanks

 

[CaptK]

Without an investment license in the UK, no bank/EMI will touch you.

 

[JackAlabama]

CaptK said:
Without an investment license in the UK, no bank/EMI will touch you.
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Ok. Obtaining such a license screams for a lot of additional upfront funding.

Do you know any country which would be ok to operate this without this investment license needed?

 

[Sols]

JackAlabama said:
Ok. Obtaining such a license screams for a lot of additional upfront funding.
Click to expand...

Then get the funding or see if you can find someone who can let you use their license under some sort of sub-license or white label arrangement.

JackAlabama said:
Do you know any country which would be ok to operate this without this investment license needed?
Click to expand...

You can find such places, but it won't make finding banking any easier. If you show up with for example an SVG company, the bank will just ask you for your FCA/FSA approval.

A few years ago, it was quite easy to place unlicensed investment/forex brokers with some EMIs if you presented an SVG company and EU subsidiary. Most of those channels have closed down after regulatory scrutiny ramped up.

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This is the probably the answer to your question.

 

[JackAlabama]

Sols said:
Then get the funding or see if you can find someone who can let you use their license under some sort of sub-license or white label arrangement.


You can find such places, but it won't make finding banking any easier. If you show up with for example an SVG company, the bank will just ask you for your FCA/FSA approval.

A few years ago, it was quite easy to place unlicensed investment/forex brokers with some EMIs if you presented an SVG company and EU subsidiary. Most of those channels have closed down after regulatory scrutiny ramped up.
Click to expand...

Thanks for your feedback. I was already looking into related things some short years ago, just to see it has now become almost impossible to start something new in that space without forking out a large wad upfront.