Cyprus Ltd Crypto Trading looking for a banking option

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CryptoFriend

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Dec 6, 2020
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Hi everyone,

as the thread title suggests I have incoporated a cyprus Ltd and intent to trade crypto. It seems to be very difficult to find a suitable banking option. Can anyone recommend from expierience a bank or EMI that will be accepted by the crypto exchanges when a business account is requested?

Looking forward to you help!

best regards
CryptoFriend
 
CryptoFriend said:
CryptoFriend said:
Hi everyone,

as the thread title suggests I have incoporated a cyprus Ltd and intent to trade crypto. It seems to be very difficult to find a suitable banking option. Can anyone recommend from expierience a bank or EMI that will be accepted by the crypto exchanges when a business account is requested?

Looking forward to you help!

best regards
CryptoFriend
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Hi,

instead of sending money via crypto exchange try to work with some good OTC brokers as on/off ramp.
Advantage of good OTC desks are:
- sourcing quotes from different brokers
- cheaper fees mostly
- the money will be sent/received NOT from a classic Crypto Exchange like Binance or so and it may be more comfortable for some old school banks...

For a bank, without getting ra..d on the fees like Bank Frick and so do, try via Silvergate or Signature Bank.

Imho SEBA and Sygnum may not want to work with Cyprus.

Good luck.
 
CryptoFriend said:
CryptoFriend said:
Hi everyone,

as the thread title suggests I have incoporated a cyprus Ltd and intent to trade crypto. It seems to be very difficult to find a suitable banking option. Can anyone recommend from expierience a bank or EMI that will be accepted by the crypto exchanges when a business account is requested?

Looking forward to you help!

best regards
CryptoFriend
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Click to expand...
There are a couple of Cyprus EMIs that are willing to get crypto-related clients. Otherwise you would have to look in a foreign bank - as no Cyprus banks would accept this at the moment.

Happy to discuss more.
 
bab00n said:
bab00n said:
Which specific license are you referring to? There don't seem to be any licenses in Cyprus yet that would be suitable for a trading Ltd.
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You don't need a license for a crypto trading company.

A registration with the regulator is required if you offer services to third parties as a crypto asset service provider -i.e. crypto exchanges, custodians etc. This is not the case with a simple company set up for trading purposes
 
CyprusLaw said:
CyprusLaw said:
There are a couple of Cyprus EMIs that are willing to get crypto-related clients. Otherwise you would have to look in a foreign bank - as no Cyprus banks would accept this at the moment.

Happy to discuss more.
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I'm looking into this right now, would you be interested to help me?
I already incorporated a CY limited company and I have a local business account with CDB - but I don't feel confident to have my cryptocurrency-contractor income wired directly to them...
 
spepe said:
spepe said:
I'm looking into this right now, would you be interested to help me?
I already incorporated a CY limited company and I have a local business account with CDB - but I don't feel confident to have my cryptocurrency-contractor income wired directly to them...
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Don't withdraw crypto into a Cyprus bank, once they realize they will freeze your account
 
CyprusLaw said:
CyprusLaw said:
Don't withdraw crypto into a Cyprus bank, once they realize they will freeze your account
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Apparently, even receiving a wire transfer from a company that is doing blockchain poses some risks. Would you be interested to support my company to find the right EMI? I can't send you a PM
 
CyprusLaw said:
CyprusLaw said:
Don't withdraw crypto into a Cyprus bank, once they realize they will freeze your account
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Would it make sense to make a personal bank account here in cyprus to withdraw the dividends from the company?`Recieving the money from the limited bank account to my personal should work, since there is no crypto transaction right?
 
CryptoFriend said:
CryptoFriend said:
Would it make sense to make a personal bank account here in cyprus to withdraw the dividends from the company?`Recieving the money from the limited bank account to my personal should work, since there is no crypto transaction right?
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Where would the corporate bank account be? It could work depending on the structure.
 
Well whereever I can manage to get one, probably going to be Bankera or Connectpay, since Bank Frick needs a turnover of 5M CHF
 
CryptoFriend said:
CryptoFriend said:
Well whereever I can manage to get one, probably going to be Bankera or Connectpay, since Bank Frick needs a turnover of 5M CHF
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Connectpay doesn't deal with Crypto - only on the institutional level if you are having a Crypto License etc.

Beside of Bankera - Verifo is your best bet.

There are some more but limited to SEPA only - Verifo is your best bet if you require SWIFT as well.

Not surprised on the Bank Frick outcome - in the past they even quoted 10M CHF trunover and then again by far less - they have actually more inquiries they can even handle due to the Crypto boom.

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Fred said:
Fred said:
Connectpay doesn't deal with Crypto - only on the institutional level if you are having a Crypto License etc.

Beside of Bankera - Verifo is your best bet.

There are some more but limited to SEPA only - Verifo is your best bet if you require SWIFT as well.

Not surprised on the Bank Frick outcome - in the past they even quoted 10M CHF trunover and then again by far less - they have actually more inquiries they can even handle due to the Crypto boom.
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Thanks for the tipp! What would be the SEPA only option?
 
CryptoFriend said:
CryptoFriend said:
Thanks for the tipp! What would be the SEPA only option?
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Endless options - really.

GuruPay, Ibanera, MisterTango, AnyPayment, Wallter, GlobalnetInt, Interpaylink.

Just a few Lithuania ones out on top another 10-15 based in UK.

I don't recommend any single one of this and if you Google you will figure out that pretty much every one of them has/had regulatory issues as well as we're involved in some scams in the past.

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