Crypto payments & banking

[hungryPanda]

Hi guys,

I launched my Software llc recently located in EU. My company builds and distributes a crypto defi trading software (no license required, we don't handle user funds). Payments will happen through crypto and I was wondering if you know of any bank that can support my company. I am open to use a crypto payment gateway if this can help me get banking. I was thinking of revolut and wise but I feel it's borderline if they will accept me. By the way this is a small bussiness 100-300k (anually) so banks like bank frick will probably reject me.

Appreciate any help 🙂

 

[uplana]

You could open a Wise account for your business, check with them if they accept your business model. Once you have that account you can move money from there to your local bank account. Works well.

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[wellington]

hungryPanda said:
Hi guys,

I launched my Software llc recently located in EU. My company builds and distributes a crypto defi trading software (no license required, we don't handle user funds). Payments will happen through crypto and I was wondering if you know of any bank that can support my company. I am open to use a crypto payment gateway if this can help me get banking. I was thinking of revolut and wise but I feel it's borderline if they will accept me. By the way this is a small bussiness 100-300k (anually) so banks like bank frick will probably reject me.

Appreciate any help 🙂
Click to expand...

You are essentially a software company, wouldn't even mention crypto because its not relevant as you don't handle the end user funds, and you are not involved in the operation of the technology - SAS (software as service).

Frick is closing down its crypto arm FYI (too much laundering concern).

 

[CyprusLawyer101]

wellington said:
You are essentially a software company, wouldn't even mention crypto because its not relevant as you don't handle the end user funds, and you are not involved in the operation of the technology - SAS (software as service).

Frick is closing down its crypto arm FYI (too much laundering concern).
Click to expand...

True, you could approach a not necessarily friendly bank for your operation and once you want to convert crypto you can do it at an OTC desk and probably have the funds enter a private banking account.

 

[hungryPanda]

uplana said:
You could open a Wise account for your business, check with them if they accept your business model. Once you have that account you can move money from there to your local bank account. Works well.
Click to expand...

Wouldn't I get in trouble when I convert crypto to fiat in a cex and then send to wise ? I don't really want to hold any crypto, so the plan is to convert crypto to fiat frequently.

wellington said:
You are essentially a software company, wouldn't even mention crypto because its not relevant as you don't handle the end user funds, and you are not involved in the operation of the technology - SAS (software as service).

Frick is closing down its crypto arm FYI (too much laundering concern).
Click to expand...

Well yes but I will have the issue mentioned above, crypto to fiat will be from a cex and this will cause trouble.

CyprusLawyer101 said:
True, you could approach a not necessarily friendly bank for your operation and once you want to convert crypto you can do it at an OTC desk and probably have the funds enter a private banking account.
Click to expand...

Any OTC desks to suggest. What if the bank asks for SOF though.

Last edited: Feb 26, 2023

 

[hungryPanda]

Ok, revolut and wise don't really appreciate the business model. Anyone knows of an emi that won't have an issue with this?

 

[pfser]

Try bankera, vialet or nexpay

 

[CyprusLawyer101]

hungryPanda said:
Wouldn't I get in trouble when I convert crypto to fiat in a cex and then send to wise ? I don't really want to hold any crypto, so the plan is to convert crypto to fiat frequently.


Well yes but I will have the issue mentioned above, crypto to fiat will be from a cex and this will cause trouble.


Any OTC desks to suggest. What if the bank asks for SOF though.
Click to expand...

Check Mt Pelerin

 

[uplana]

hungryPanda said:
Wouldn't I get in trouble when I convert crypto to fiat in a cex and then send to wise ? I don't really want to hold any crypto, so the plan is to convert crypto to fiat frequently.
Click to expand...

actually you can send from kraken to Wise without any troubles or to break any of their rules.

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[tesp]

hungryPanda said:
Hi guys,

I launched my Software llc recently located in EU. My company builds and distributes a crypto defi trading software (no license required, we don't handle user funds). Payments will happen through crypto and I was wondering if you know of any bank that can support my company. I am open to use a crypto payment gateway if this can help me get banking. I was thinking of revolut and wise but I feel it's borderline if they will accept me. By the way this is a small bussiness 100-300k (anually) so banks like bank frick will probably reject me.

Appreciate any help 🙂
Click to expand...

hi! If you are still looking for a solution, PM me, I might be able to assist 🙂

 

[wellington]

uplana said:
actually you can send from kraken to Wise without any troubles or to break any of their rules.
Click to expand...

Or CEX.io (Though Revolut rejects CEX.io transactions).

Would recommend Revolut... for crypto (aside from CEX.IO as its a bank, so they do full AML in the background). So you shouldn't have issues down the line.

As mentioned stick to 'software as a service' building solutions for 'blockchain technology' in the tech field, steer away from 'crypto technology'' unless specifically asked and then explain/detail, as you are not a crypto company, you just service the tech side of the industry and get paid in crypto.

One area of concern would be taking funds from a company/person who then uses the technology to defraud - you could be on the hook for that...

 

[Forester]

hungryPanda said:
Ok, revolut and wise don't really appreciate the business model.
Click to expand...

No surprise for me ...

hungryPanda said:
Anyone knows of an emi that won't have an issue with this?
Click to expand...

Try Verifo and/or Intergiro. I might be able to help you with the latter, if necessary.

pfser said:
Try bankera, vialet or nexpay
Click to expand...

I personally would not trust Bankera for such a business case... (I cannot say anything re: vialet or nexpay as I am lacking an experience.)

CyprusLawyer101 said:
Check Mt Pelerin
Click to expand...

IMO a good idea. I am only afraid whether 100-300k anually is enough for them...

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[hungryPanda]

wellington said:
Or CEX.io (Though Revolut rejects CEX.io transactions).

Would recommend Revolut... for crypto (aside from CEX.IO as its a bank, so they do full AML in the background). So you shouldn't have issues down the line.

As mentioned stick to 'software as a service' building solutions for 'blockchain technology' in the tech field, steer away from 'crypto technology'' unless specifically asked and then explain/detail, as you are not a crypto company, you just service the tech side of the industry and get paid in crypto.

One area of concern would be taking funds from a company/person who then uses the technology to defraud - you could be on the hook for that...
Click to expand...

Can you ellaborate on the defraud part ? I will look into CEX.io. At the moment Revolut gives me weird signs, they first tell me its against the TOS, once I mention it is not then they take their time and say yes its ok for some exchanges but we will not say which exchanges. So its not my first option. Thanks for your advice regarding software company, I am stressing this out once you mentioned it here, it really helped 🙂

Forester said:
Try Verifo and/or Intergiro. I might be able to help you with the latter, if necessary.
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Intergiro said bussiness model is fine and I will try them. Let's see..

I am also looking into nebeus if anyone has any experience.

 

[Forester]

hungryPanda said:
Can you ellaborate on the defraud part ?
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I of course do not know what @wellington has exactly meant but I understand it as a warning that there can arise such a situation when some of your customers uses your software to defraud (or to perform any other ugly things). You are of course not directly responsible for that but it can damage your reputation seriously. And taking into account that various institutions (banks/EMIs and especially their regulators included) are rather hyper-sensitive to all crypto-related issues, the result is obvious ”“ you can have your account(s) frozen and bank relationship(s) terminated while in fact innocent...

hungryPanda said:
At the moment Revolut gives me weird signs, they first tell me its against the TOS, once I mention it is not then they take their time and say yes its ok for some exchanges but we will not say which exchanges. So its not my first option.
Click to expand...

I would not rely on Revolut for any serious business and for this special business case especially not.

hungryPanda said:
Intergiro said bussiness model is fine
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As I would expect 🙂 Have you tried Verifo?

hungryPanda said:
I am also looking into nebeus if anyone has any experience.
Click to expand...

I have no personal experience but from what I have heard, the initial experiences (they are relatively new on the market) were overall positive, now there are some mixed reactions re😛ricing. Nevertheless, some people that I consider competent are using them. If you search here at forum, you can learn more...

Forester said:
now there are some mixed reactions re😛ricing.
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OMG. There should stand “re: pricing”... not the smiley (I haven't noticed it, probably I typed it without space between : and p 🙂 )

Last edited: Mar 15, 2023
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...