Best offshore setup for Crypto exchange entity KYC (Binance)

[foreverdoomed]

Hello, Binance is banned in my country and I want to be able to trade nonetheless. You can open institutional account there as entity and I was wondering what's the easiest/fastest/cheapest Jurisdiction for this? BVI, seychelles? I've read BVI has some new constraints that it didnt have years ago

Also, to pass the entity KYC you're required to upload Proof of Wealth and Proof of Funds for the company and I dont fully understand what that means, do I have to open a bank account along with the company? Because most of my funds are in crypto and not in a bank account so if you know a firm that can help with this it's a plus

Thank you

 

[daniels27]

Maybe no setup. Just a wallet address? And for the 10% that pay, a Swiss, Liechtenstein or Caribbean company.

 

[foreverdoomed]

Wdym just a wallet? To be able to trade on Binance you either KYC as retail (cant since banned here) either as a company
I'm trying to achieve the latter, hence I need to open a company in a non banned jurisdiction

 

[TheCryptoAnt]

foreverdoomed said:
You can open institutional account there as entity and I was wondering what's the easiest/fastest/cheapest Jurisdiction for this? BVI, seychelles? I've read BVI has some new constraints that it didnt have years ago
Click to expand...

Binance will onboard any structure really so far its not from a sanctioned country.
I'd go with somewhere with no accounting requirements if I was you; Seychells, SVG, Belize, etc...

Now, banking this type of companies with crypto trading as their business activity is difficult (not impossible tho), and certainly not cheap but if you dont need a bank acc then its a perfect solution.

foreverdoomed said:
Also, to pass the entity KYC you're required to upload Proof of Wealth and Proof of Funds for the company and I dont fully understand what that means
Click to expand...

Proof of Wealth = Where does the money come from? (Services provided by the company? Shareholder(s) capital injection? Investor(s) round?, etc)
Proof of Funds = Where the money at? (Wallet / Bank acc / etc)

foreverdoomed said:
do I have to open a bank account along with the company? Because most of my funds are in crypto and not in a bank account so
Click to expand...

Not necessary.

foreverdoomed said:
if you know a firm that can help with this it's a plus
Click to expand...

Use the search function, you will be able to find recommended CSPs for all the above jurisdictions.

foreverdoomed said:
Thank you
Click to expand...

yw 😎

 

[Choosing7269]

TheCryptoAnt said:
Binance will onboard any structure really so far its not from a sanctioned country.
I'd go with somewhere with no accounting requirements if I was you; Seychells, SVG, Belize, etc...
Click to expand...

Let's say if we incorporate in one of the jurisdictions you mentioned, will the exchanges also ask for the Beneficial Owner's KYC? If yes, then will they report to our country of residence about this account, or they don't care? (I'm from India)

 

[foreverdoomed]

TheCryptoAnt said:
Binance will onboard any structure really so far its not from a sanctioned country.
I'd go with somewhere with no accounting requirements if I was you; Seychells, SVG, Belize, etc...

Now, banking this type of companies with crypto trading as their business activity is difficult (not impossible tho), and certainly not cheap but if you dont need a bank acc then its a perfect solution.



Proof of Wealth = Where does the money come from? (Services provided by the company? Shareholder(s) capital injection? Investor(s) round?, etc)
Proof of Funds = Where the money at? (Wallet / Bank acc / etc)



Not necessary.



Use the search function, you will be able to find recommended CSPs for all the above jurisdictions.



yw 😎
Click to expand...

Bank account would be nice but is indeed not a priority right now so I'll look into those jurisdictions. So I assume you can give binance your trading history (from personal account) as proof of wealth, and your binance account statement as proof of Funds?

Appreciate the assitance!

 

[foreverdoomed]

Also, how do you deal with the proof-of-adress for the "Operating Address" since you dont actually have an office there?

 

[TheCryptoAnt]

Choosing7269 said:
Let's say if we incorporate in one of the jurisdictions you mentioned, will the exchanges also ask for the Beneficial Owner's KYC?
Click to expand...

Of course

Choosing7269 said:
If yes, then will they report to our country of residence about this account, or they don't care? (I'm from India)
Click to expand...

crypto exchanges have no reporting obligations (for now), although MiCA is coming to the EU soon.
Not sure if India has any regulations RE this, but its very easy to have another residency in place so you get reported elsewhere (if needed)

foreverdoomed said:
Bank account would be nice but is indeed not a priority right now so I'll look into those jurisdictions. So I assume you can give binance your trading history (from personal account) as proof of wealth, and your binance account statement as proof of Funds?

Appreciate the assitance!
Click to expand...

yeah, if you made the bag* at Binance then its perfect cause they can verify it themselves.

foreverdoomed said:
Also, how do you deal with the proof-of-adress for the "Operating Address" since you dont actually have an office there?
Click to expand...

https://jspaint.app/

Last edited: Apr 24, 2024

 

[foreverdoomed]

TheCryptoAnt said:
Of course



crypto exchanges have no reporting obligations (for now), although MiCA is coming to the EU soon.
Not sure if India has any regulations RE this, but its very easy to have another residency in place so you get reported elsewhere (if needed)



yeah, if you made the bad at Binance then its perfect cause they can verify it themselves.



https://jspaint.app/
Click to expand...

ahhah got it; thank you will try it out!

 

[Oops7270]

foreverdoomed said:
Also, how do you deal with the proof-of-adress for the "Operating Address" since you dont actually have an office there?
Click to expand...

Hi, I have the same issue as you. Were you able to find out a way to fulfill this? Thanks!

 

[EliasIT]

foreverdoomed said:
Also, how do you deal with the proof-of-adress for the "Operating Address" since you dont actually have an office there?
Click to expand...

If you really want to establish a company with this activity and avoid future issues such as opening bank accounts and other financial services for your company, I would personally suggest setting up the company in a reputable country where the banks are cooperative, and where you can obtain all the documents you need to run a clean and stable business.

In this regard, I can only recommend Switzerland as the best destination. It's not cheap, God forbid, but it is stable, and you will never have problems presenting yourself as a company in Switzerland. In the realm of crypto, it is completely endorsed.

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My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[belarus]

I don't know but what about Cyprus and Estonia don't they allow for licensed crypto trading?