Offshore company with bank account for purchasing crypto and receiving wire transfer payments

[carlin]

Hi all,

I have dual US/Russian citizenship and need help setting up an offshore company/bank account that will deal with both crypto and wire transfer payments. Basically, I will be buying merchandise with crypto and getting paid via wire transfer once said merchandise is sold.

In order to do this I need to find a bank that will allow me to send weekly wire transfers to major crypto exchanges (Kraken, Binance), while also receiving wire transfers from companies as payment. The amount will be around 50k per week incoming/outgoing. I'm concerned about banks closing my account since this is an unorthodox way of transacting business. From what I've read on this forum UAE and Malta seem to be more welcoming towards businesses that transact in crypto. Any help as far as crypto friendly banks, jurisdictions, or any general advice on this matter is much appreciated!

 

[maxmoney]

carlin said:
on this forum UAE and Malta seem to be more welcoming towards businesses that transact in crypto
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true, but UAE is undergoing changes, but @Fred or @Gediminas may be able to clarify.

Also as Russian citizen you want to look into Cyprus maybe @CyprusLaw or Lawyer101 can clarify Cyprus and crypto in 2022 - some years back they banned crypto in Cyprus.

 

[CyprusLaw]

maxmoney said:
true, but UAE is undergoing changes, but @Fred or @Gediminas may be able to clarify.

Also as Russian citizen you want to look into Cyprus maybe @CyprusLaw or Lawyer101 can clarify Cyprus and crypto in 2022 - some years back they banned crypto in Cyprus.
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Cyprus is gradually becoming more and more crypto friendly. banks are still behind on this but other solutions can be arranged.

 

[AMD]

What solution would you suggest for a Cyprus company... a bank in Cyprus or a EMI ?

 

[CyprusLaw]

AMD said:
What solution would you suggest for a Cyprus company... a bank in Cyprus or a EMI ?
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Cyprus banks do not accept crypto-related activities, so it would have to be either a foreign bank/EMI. There are a couple of EMIs that may accept crypto-related clients but it depends on the risk profile on a case by case basis

 

[prototypevenom]

I have a US entity, I was thinking if we could purchase Crypto using p2p if directly exchanges are not allowed. Although the problem with this is higher prices, I think we can find some way to securely and in a cost-efficient manner do p2p trades

 

[AMD]

what about kraken, binance or Exodus - the latter don't even ask for any KYC ?