Crypto ATM MSB in Canada

[levsky]

Hello folks,

I am the owner of a Crypto ATM MSB here in Canada, and we are fully compliant+registered with FINTRAC.

Our biggest challenge, as with many other MSBs, is in obtaining a bank account.

Now initially I was hoping to find a financial institution willing to process physical cash as well, and the ones we've seen so far are costly for starting businesses, so I'm looking elsewhere.

We've decided, my partner and I, to settle on getting an overseas bank account to get approval from our regulator in our province.

I'm casting a wide net to see who can help us. We're currently speaking with introducers as I understand they're called, but the more the merrier, so if you think you can help, please DM me or post here

(Yes, I have sent a message to OffShoreBankAccounts already)

Thank you

Last edited: Dec 28, 2022

 

[ImKing]

There are people around here who are introduceres like @CyprusLaw and @CyprusLawyer101 - If I'm not mistaken @Fred has also a good banking network.

What I don't understand is how you can use a bank in some other country when you are licensed in Canada for your business?

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[levsky]

ImKing said:
There are people around here who are introduceres like @CyprusLaw and @CyprusLawyer101 - If I'm not mistaken @Fred has also a good banking network.

What I don't understand is how you can use a bank in some other country when you are licensed in Canada for your business?
Click to expand...

Thanks for letting me know about these. I'll give them a shout.

As to your question, in all frankness, I don't know why they allow it, all I know is that they allow it because I've called in the support line for the regulator in my province and they explicitly said "it doesn't matter where your bank account is from as long as you have one and it's under your company's name, and it's not a sanctioned country"

I guess as long as we pay our taxes, the lord is happy

 

[ImKing]

levsky said:
I guess as long as we pay our taxes, the lord is happy
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Sadly not always the case. Sometimes the tax authorities are out for a hunt to statue an example 😡

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Do you want a total anonymous company with bank account? Get a step by step guide on how to do that here, it only requires mentor group gold.

 

[levsky]

ImKing said:
Sadly not always the case. Sometimes the tax authorities are out for a hunt to statue an example 😡
Click to expand...

True, especially in the crypto space, we are bound to see it more and more as they attempt to crackdown on it. I honestly didn't have any trouble registering my business with the Canadian government... remains to be seen if it's going to be as smooth down the road haha.

Private sector (banks) was another story though. Mention crypto and you're the antichrist.

 

[levsky]

Bumping this thread should anyone have an idea or know someone 🙂