Cryptofriendly banks

[nomad999]

something important to understand i think, all bank use the swift and/or sepa system,⁠ therefore they are all bound by the same kyc/aml/ctf bulls**t, there is no crypto friendly⁤ banks per say, only some banks that might be less strict in applying the rules⁣ aka they will lean more toward doing minimum efforts than maximum efforts when screening people⁢ and businesses.
at the end it all comes down to your bank relationship and your︀ history with them.
this will be the case until crypto are widely regulated, might take︁ a while given its a direct threat to those bulls**t laws and the whole financial︂ systems.

if you have all the paperworks and you can provision your bank account in︃ the high 6 digits or low 7 digits, you will find plenty of banks very︄ easily, be ready to get fucked hard with fees though ...
if you are a︅ tiny little fish you are out of luck and have to deal with shady EMIs.︆

the reason you don't get any names in the open is because there is very︇ few way to achieve that without shady practices or blatlantly illegal stuff.

 

[VESTANON]

@nomad999 Well summed up....Getting a bank can be done, as you rightly stated high︇ fees involved, a cordial relationship involved that enables less stringent measures when executing....

Rightly said︈ Bank Names can never be given in the open,entities and individuals get involved only for︉ the big fish...others can make do with The EMIs and get frozen...cof%¤#

 

[Fred]

Well said.

It's annoying to argue with people that mention all the time Bank︇ Frick in Liechtenstein or Seba Bank in Switzerland as crypto friendly but don't have any︈ clue.

Beside of the fact that the above Banks are charging amounts to cash out︉ 7 or even 6 figure in crypto that are enough to setup 3 Dubai Companies︊ with residence visa - the KYC is simply a joke.

Had personal conversation with both︋ banks.

When I see our inquiries from people that are not comfortable paying 20€ for︌ a SWIFT transfer with a UAE retail bank - well have fun with private banks︍ in Switzerland and Liechtenstein that claim to be crypto friendly.

I agree with the mentioned︎ from you regarding shady EMI's but this money never can be really used to gain️ wealth as no reputable private bank like UBS or Barclays will ever touch this funds.‌ Even with the so called crypto friendly private bank Bank Frick many banks take a‍ closer look and want to see if the money is coming from crypto. It's the⁠ same like back in the days when Mistertango obviously had no AML - banks started⁤ to simply consider Mistertango as a Crypto Exchange. Same is nowadays with Bank Frick they⁣ will be simply considered like another Kraken from Banks outside so it doesn't make a⁢ difference if the money comes from Kraken or Bank Frick.

Simply setup a Dubai Company︀ with residence visa to setup local UAE retail bank accounts. Use some workaround that cover︁ the cashout as business earnings and pay you a monthly salary. From this point on︂ every bank is happy to inboard you as the source of funds is salary and︃ the business earnings can be proofed easy if you know how it's working. Most of︄ them are even located in the DIFC here in Dubai.

I mention Dubai because it︅ perfectly fits for significant money to cashout. In a country with 0% tax and no︆ accounting nobody will ask stupid questions if you pay 1m$ salary a month.

Make the︇ same in Georgia and watch how your account get blocked.

Like mentioned here
Post in︈ thread 'Best non CRS bank to cash out crypto THIS YEAR' Best non CRS bank︉ to cash out crypto THIS YEAR

Again I mention what I experienced in the praxis.︊ If you have a good feeling with overpaying private banks in Liechtenstein and Switzerland of︋ course go for it and let us know if you get through the KYC of︌ them during the current bull market - most likely we are in the next bear︍ market till they onboard you.

I even had a conversation with Falcon Private Bank in︎ Dubai that mentioned to be crypto friendly and once I proceeded with the application they️ simply stopped there operations and were sold.

 

[timonka]

How can it be regulated if it's decentralized?
China has failed to⁠ ban it, for instance.

 

[nomad999]

good questions, what is certain is crypto is not‍ going away as it is decentralized so from there the only outcome long term is⁠ acceptance from governments and therefore regulations. will be fun to see how this manifest in⁤ the end.

 

[rey skywalker]

dubai banks are not cripto friedly, if they catch you operate in cripto they close‌ the account at once , be carefull

 

[Nasters]

Yes it is true, but is︂ normal @Fred all time speaking about Dubait is his business, a little tired of always︃ listening to the same song.

 

[BrettonWoods]

Like most people said, just try to avoid EMIs. Most EMIs are useless, they can‌ freeze your account, block your transfers, put restrictions to your account overnight, etc. You will‍ face more problems with a so called Crypto Friendly EMI than with a real bank⁠ that doesn't even talk about Crypto.

Check what Kraken says about this.

Crypto-friendly banks?​

Ironically, most of the issues we've seen with funding have been with online-only "cloud" banks. In⁤ contrast, traditional banks with physical branches have generally worked fine with our clients.

If your⁣ bank doesn't like transfers to/from cryptocurrency exchanges for whatever reason, you can try opening an⁢ account with one of the banks we work with.

In your Kraken account, on the︀ deposit instructions page for each fiat funding method, you'll see the relevant funding provider's name︁ as part of the instructions. For example, for EUR SEPA deposits, we work with Fidor︂ bank.

Alternatively, if you have another bank in mind, our funding team can check its︃ Bank Identifier Code (BIC) to see if we've had any recent issues with it.

 

[Fred]

Guys it's annoying to discus things with you we do everyday in practice.

See attached the⁤ confirmation of Kraken itself.

Maybe this is even some information @Admin want to remark in⁣ the UAE banks list / info thread.

 

[Waldo Roni]

Send me‍ a DM too, please

 

[Praetorian]

Use main street banks and don't bother with EMIs unless you want a) Get robbed‌ or b) Get robbed legally under the guise of AML checks.

I never had issues‍ with main street banks as long as i had a proper explanation for the funds⁠ i intended to deposit. UBS and Barclays don't give a s**t past a certain point⁤ (10m + net worth, crypto is suddenly no longer suspicious there).

Bank Frick and SEBA⁣ are private banks in wealthy countries, attracting very wealthy clients. They come with ease of⁢ mind and ease of moving funds but that comes with very high fees. They are︀ not looking for deadbeats who won the lotto with crypto, they want real players and︁ corporations to bank with them.

Dubai is also an option i often see and frankly︂ one of the easiest/cheapest options. Move there for a year, cash everything out then relocate︃ somewhere else if Dubai isn't your thing. You should check with Emirates NBD, i can't︄ make promises as compliance there is always changing.

 

[Fred]

This!

Thanks for bringing your practical experience into play that just confirms my personal experience.

Cheers

 

[Gediminas]

You clearly have no clue how tax systems‍ work. Some countries require you to pay personal income tax for some years even if⁠ you relocate to another country.

That's why it is very important to know with⁢ whom you are dealing. EMI's are regulated institutions, so legit organizations can't rob anybody. It's︀ the same as a normal bank - both are regulated and supervised by the same︁ authorities.

On top of that, you forgot to mention that retail banks most likely won't︂ open an account for you or your business if you do not reside in this︃ country.

 

[Fred]

UAE - Company Setup grants you the residence Visa and....⁠ you know it.

Nice new banners by the way going into the right direction -⁤ forget about the Palms - something from the past.

 

[Gediminas]

Yeh, I was just speaking in⁠ general, because UAE is only a small part of the whole offshore industry.

I wouldn't⁤ write off the exotic jurisdictions, it's doing the job. And I hope UAE won't get⁣ blacklisted at some point, because it would become the same as BVI or similar. 🙂

 

[Praetorian]

I wasn't︀ telling the guy how to reduce his tax bill if that's what you're referring to.︁

Taxes will have to be paid regardless, there's no way to "cheat your way out︂ legally" unless you're a russian oligarch with deep pockets. Relocating might be convenient in many︃ cases still if that means you have access to better banking. In many countries, cashing︄ out crypto investments is just out of the question as the local banks will file︅ SARs on you or straight up close your accounts even if the funds are legitimate.︆

The only way to dodge tax with crypto is doing it the illegal way which︇ i frankly don't recommend.

And just about every EMI that fucked people over in the︈ last 3 years were "regulated". Any bozo can get a license in Lithuania or some︉ other dumpster with little oversight, start an EMI and take deposits from people with useless︊ shell companies that got rejected everywhere else and with little to no AML involved. Those︋ types of ventures never last long. Those other EMIs that are highly compliant still don't︌ rival traditional banks in terms of costs and reliability.

 

[rey skywalker]

to get emi today require at lest 1 up to 2 m assets, and at‌ least 3 years waiting list, do not think they will put at risk the licence‍ to cover your a*s

 

[Gediminas]

That's yesterdays‌ news. Things have changed and only a small number gets it.

 

[extremedox101]

i have developed a sort⁢ of friendship with a moth , for that reason a moth is created equal to︀ to regular butterfly. most definitely i will make general statements that approve moths like if︁ they were butterflies . when i rationalize the importance of moths . it will support︂ my objective for this closely related moth ,amen .

 

[fortunespeculator]

D

Do they open offshore business bank accounts or personal ones?