Banking for Crypto OTC broker

[juul2]

Hello all

We are in the process of setting up a crypto otc agency broker in the UK and are looking for banking

Structure:
UK company
UK director

All UK customers that will complete KYC and Source Of Funds, average transaction size of 10k GBP, maximum ~100k

We will need to receive and send GBP transfers to/from customers (Preferably Faster Payments)
Also need to send/receive to/from a handful of established exchanges

We have applied with Bank Frick although I think that may be overkill for the time being

Any ideas?

 

[sonato]

Where do you live? If you are a in the UK you want to speak with some of the big street banks there like Barclays or HSBC Bank they may be willing to help you after the US Federal Regulator has approved banks to use Stablecoins.

 

[FinTech Avenger]

sonato said:
Where do you live? If you are a in the UK you want to speak with some of the big street banks there like Barclays or HSBC Bank they may be willing to help you after the US Federal Regulator has approved banks to use Stablecoins.
Click to expand...

I'm afraid there is no rational link between US FRS position on cryptos/stablecoins position and UK high street banks risk appetite. Even Coinbase got de-riskified by Barclays, and they hold an EMI license there.

juul2 said:
Hello all

We are in the process of setting up a crypto otc agency broker in the UK and are looking for banking

Structure:
UK company
UK director

All UK customers that will complete KYC and Source Of Funds, average transaction size of 10k GBP, maximum ~100k

We will need to receive and send GBP transfers to/from customers (Preferably Faster Payments)
Also need to send/receive to/from a handful of established exchanges

We have applied with Bank Frick although I think that may be overkill for the time being

Any ideas?
Click to expand...

I'd be happy to help you - there are UK EMI's that do onboard cryptocurrency-related businesses. Will message you shortly.

 

[sonato]

OP please don't forget to post back here if you get setup properly!

 

[otccryptoguy]

How can i setup a business like coinsfera. Ive spoken to so many people about it but no clear answer. I have lots of clients in the UK who want to pay cash for crypto. I can comply with AML KYC no problem. Just struggling to find a way to get the cash from the UK back to the foreign crypto friendly account.