Which "company-bank account" combo is best for a crypto exchange business?

[beeyouessness]

A friend of mine has built a crypto exchange website and app which has been live for the past 6 months with nothing but positive feedback from customers. They are upgrading the platform and many investors have agreed to invest in the company in exchange for equity in the US company. The problem is that it's a US company based in Deleware and no bank will accept a crypto business. Even "crypto banks" don't associate with US companies. Now their only option is to incorporate the company offshore and use that company to open the bank account.

My question is, which "company-bank account" combo is best for a crypto exchange business?
for example, BVI company with a Signature bank account,
or, Seychelles company with a Silvergate bank account.

 

[John Spectre]

Do you have real examples where Silvergate or Signature onboard offshore companies?
It's a too risky combo as for me.
I think combo with EU company, from for example LV + Clear Junction Limited or crypto EMI have bigger chance for being alive

 

[Tr0nad0r]

Do Signature and Silvergate already rejected it?

Last edited: Jul 8, 2021

 

[Fulton Abraham Sanchez]

beeyouessness said:
A friend of mine has built a crypto exchange website and app which has been live for the past 6 months with nothing but positive feedback from customers. They are upgrading the platform and many investors have agreed to invest in the company in exchange for equity in the US company. The problem is that it's a US company based in Deleware and no bank will accept a crypto business. Even "crypto banks" don't associate with US companies. Now their only option is to incorporate the company offshore and use that company to open the bank account.

My question is, which "company-bank account" combo is best for a crypto exchange business?
for example, BVI company with a Signature bank account,
or, Seychelles company with a Silvergate bank account.
Click to expand...

I will say Nevis company plus Antigua bank account. We've done that for clients in other industries. Let me email the bank in Antigua to confirm.

 

[beeyouessness]

John Spectre said:
Do you have real examples where Silvergate or Signature onboard offshore companies?
It's a too risky combo as for me.
I think combo with EU company, from for example LV + Clear Junction Limited or crypto EMI have bigger chance for being alive
Click to expand...

I do not have any examples, I was hoping to find someone that does.

Tr0nad0r said:
Do Signature and Silvergate already rejected it?
Click to expand...

They reject US companies.

 

[beeyouessness]

Fulton Abraham Sanchez said:
I will say Nevis company plus Antigua bank account. We've done that for clients in other industries. Let me email the bank in Antigua to confirm.
Click to expand...

Yes please confirm with me when you find an answer, it would be greatly appreciated.

 

[resas83]

Fulton Abraham Sanchez said:
I will say Nevis company plus Antigua bank account. We've done that for clients in other industries. Let me email the bank in Antigua to confirm.
Click to expand...

That would be good to know. My buddy tried but no banks in Antigua would take his company. He ended up finding one in St. Kitts tho

 

[beeyouessness]

resas83 said:
That would be good to know. My buddy tried but no banks in Antigua would take his company. He ended up finding one in St. Kitts tho
Click to expand...

Is this for a crypto exchange? So a bank in St. Kitts opened an account for which jurisdiction?

It's so difficult to find info on this and companies charge you thousands with no guarantee that the bank will accept your application.

 

[DSCorp]

beeyouessness said:
I do not have any examples, I was hoping to find someone that does.


They reject US companies.
Click to expand...

I am curious to know the details, because we are also a Delaware incorporated company in the crypto space, they know that, and the onboarding with Signature has been smooth so far.

 

[csp dubai]

wich is the bank name in dominica? if is not a secret?

 

[csp dubai]

silvergate will onboard you if you have 10 m deposits no probelm

 

[JohnLocke]

csp dubai said:
silvergate will onboard you if you have 10 m deposits no probelm
Click to expand...

may be more then what average around here has to deposit 😉

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[beeyouessness]

DSCorp said:
I am curious to know the details, because we are also a Delaware incorporated company in the crypto space, they know that, and the onboarding with Signature has been smooth so far.
Click to expand...

So you already got accepted? You must have all the necessary licenses and are registered as an MSB with FINCEN, right?

 

[Fulton Abraham Sanchez]

beeyouessness said:
Yes please confirm with me when you find an answer, it would be greatly appreciated.
Click to expand...

Actually a bank in Dominica will have no issues to open an account for a crypto exchange. PM for more details.

 

[Tr0nad0r]

I guess the previous message was about Migom. On Migom website:

"E-money services powered by Transactive Systems UAB, a licensed Electronic Money Institution supervised by the Central Bank of the Republic of Lithuania. Registered number: 304705758. Registered office: Transactive Systems UAB, Verkių g. 25C, LT-08223, Vilnius, Lithuania. LEI code: 98450077475GDA053A75"

Since Migom is using Transactive (yes, a bank using an EMI) I guess you can talk to them directly instead of using Migom. Transactive is the provider of EUR accounts for Crypto.com as well, if they can provide services to a Dominican bank and to crypto exchanges I guess they accept high-risk businesses.