Poor crypto experience with Bankera

[Sols]

Over the‍ span of a few years, Bank of Lithuania went from being an unheard of regulator⁠ in a low-profile EU member state to by now having issued , depending on how⁤ you count , around 500 licenses. The Bank of Lithuania doesn't have even a tenth⁣ of the staff necessary to effectively oversee its licensees, although it's getting better. There have⁢ been management problems within the Bank of Lithuania as well for many years.

ECB has︀ not been happy with Bank of Lithuania and Bank of Lithuania is passing this on︁ in the form of very tight controls to its licensees. But it's possible to operate︂ under strict financial regulatory controls and still do much better than Bankera.

 

[Lamb75]

Agreed about understaffing of bank of Lithuania, when they didn’t understand︂ a product they outsourced a third party to explain it to them (was the situation︃ beginning of 2019). They may still do so as the entire thing relies on competitivity.︄ Competitivity being a big problem in Lithuania this year with a 20% inflation rate and︅ relying on unsustainably low wages. I think it was also a mistake for Lithuania to︆ rely on Revolut to show the success of fintechs in Lithuania : it may succeed︇ in the end (CEO says it was profitable in 2021, may get a bank licence︈ in France - which would mean bank of France lost control of granting of licenses),︉ but his tendency to look like a spoiled brat (giving lessons to FCA about how︊ to work faster in the press…) is highly toxic. Who would want to deposit his︋ money at a company managed by such idiotic looking individual if given an alternative choice︌ ? Coming back to Bankera, it has a very special story together with Pervesk (the︍ holder of the licence), which reserves it to desperate cases (by the way, I don’t︎ really understand the companies who criticize Bankera for invoicing them 200 Euros to look at️ their case : if they are so desperate that they need to bank at Bankera,‌ what is 200 Euros when there is a chance to get an account ?)

 

[Konstanz]

I find it funny when people say Bankera or other EMI is slow processing documents,‌ ask lot of questions.
Why don't you all go to Deutsche bank and open accounts‍ for your Dubai companies etc?
The answer is very simple, no high street bank would⁠ open accounts for you. That is why you bank with EMI's.
So be prepared to⁤ pay more and have more questions - simple as that.

 

[Sols]

Do you see any posts in this thread about Dubai companies wanting mainstream bank accounts?⁢ Do you see anyone complaining about having to answer questions or provide documents?

The concern︀ raised here is specifically against the poor compliance with Bankera.

• Bankera asks questions, but doesn't︁ handle the answers in a manner comparable to many of its competitors.
  
• They ask for︂ unreasonable KYB on third-party businesses you transact with.
  
• They ask for account opening fees and︃ have a long, proven track record of simply losing track of applications.
  
• They ask for︄ proof of address and reject valid ones repeatedly.
  

There are things that Bankera is almost︅ uniquely bad at.

 

[acidman]

You must have read the wrong thread. "People" (me included) are complaining about poor,⁣ amateur service which sets out to rip people off with obscene commissions, and about the⁢ circumstantial delegation (or further clamping down) of state-apparatuses enforcement responsibilities on EMIs/banks in LT.

Also, the idea was to inform other people, as to prevent them from treading on the︀ same unfortunate path which is just a waste of their time and money.

I'm ready to do that, however, in our case it didn't really help.︂ Don't me wrong, I'm not necessarily against paying someone to accept and support my funny︃ financial setup, but I mean seriously dude, there has to be some minimal level of︄ service, no? Or is the fact that I'm using an EMI implicitly means I'm the︅ lowest scum of the earth and I should be just treated as such? Be rest︆ assured, I am not.

 

[Gediminas]

Hey, this looks︌ messy. Can you send me privately the company name that was used for the account?︍ I will check what has happened there.

 

[celizo]

Compliance fees (for gaming company): 900€
https://bankera.com/pricing/business-account/
And it was uniquely for a B2B usage: withdrawals from gaming merchant accounts (Neteller/Skrill...), payments of⁤ services and dividends.

For B2C (we have not applied for it), compliance fees: 2400€

Compliance officers have changed lots of time, I think it's the big problem at Bankera/Pervesk.

Fortunately, in the meantime we have found another EMI for our needs. Compliance less than 2⁣ months with them.

 

[GeneralGogol]

Wow, so much condescension in one post, I can see why you love Monaco so⁢ much.

Many of us have many accounts in many high street banks, but they just︀ don't allow crypto. So using SpectroCoin for the exact reason it was founded and built︁, does not seem like too much to ask for.

Good luck trying to receive\send︂ crypto to your 7-figure-initial-deposit private bank, let's see how fast your accounts get shut down︃ even with the high fees you pay them. And who even said anything about banking︄ through EMIs. Many private\solid high-street banks do not offer transactional accounts so you are forced︅ to use EMIs for almost any high-turnover business nowadays, even if it is not high-risk︆ but just one that banks can't understand.

 

[diatessaron]

You would have more luck playing Russian roulette than dealing with Bankera.

 

[Konstanz]

Unreasonable KYB is just your opinion. You⁢ don't know regulation. Are you Lithuanian lawyer or expert?
Opening fees- only of long waiting︀ list.
Yes, it's slow sometimes, yes, they ask questions. However, never had any problems with︁ them

 

[Sols]

What makes you think I'm not familiar with the‍ regulation? The regulation isn't the hard part anyway. The law itself doesn't really go into⁠ much detail about KYB. What's tricky is understanding how the relevant regulator interprets and enforces⁤ the law.

I have , in several different capacities , been involved from start to⁣ finish EMI, PI, and equivalent license applications in EU/EEA and elsewhere. Have overseen compliance functions⁢ in several regulated sectors and financial institutions. Getting to know the regulator is key. The︀ people working at Bank of Lithuania have always been professional and competent when I've visited︁ them in Vilnius during application processes. The problem is they are understaffed and still catching︂ up on the hundreds upon hundreds of licenses they issued before they put a stop︃ to it after Revolut got its banking license. This combined with ECB pressure has created︄ a difficult compliance atmosphere in Lithuania. Some are able to navigate it properly. Bankera, Pervesk,︅ and SpectroCoin are not.

My criticism of Bankera isn't completely taken out of thin air.︆ You can rest assured it's not based on Dubai companies seeking to bank with Deutsche︇ Bank. 😉

I have︈ emails from Bankera's compliance forwarded to me where after weeks (in some cases months) of︉ no response to requests for updates, they apologise for having lost track of the application,︊ internal miscommunication, and blaming staff turnover. I don't think they have ever even mentioned long︋ waiting lists.

 

[fortunespeculator]

More reason to shift to crypto and f**k these banks over.

So bottomline is again︃ shift to crypto basically.

 

[fortunespeculator]

I am quite tired of these‍ f****ing banks and their s**t processes enacted by their masters in oecd and such.So i⁠ am giving my vote to btc and Johhny in the long run.However in the short⁤ term i am short of BTC as i play each hand with its associated probabilities.⁣

 

[JohnnyDoe]

There is also xmr. And some stablecoins.
Plus hookers, homeless, random nominees and darks.

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[fortunespeculator]

I wanted someone selling bitcoin in Brussels by the way

 

[JohnnyDoe]

fortunespeculator said:
I wanted someone selling bitcoin in Brussels by the way
Click to expand...

I can help

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[Cryptohodler]

Can you please share the name‍ of this emi ?

 

[Mykolos]

Hello, I would like to give my experience.
Bankera is a SCAMMY company who promises‌ something and charge you the full price, and after few months they will reject you!‍ 2.5k EUR waste because of the scammers Bankera, Spectrocoin, Pervesk and other companies from their⁠ website. Scammer team's head is Darius Kulikauskas

 

[Cryptohodler]

How exactly does⁤ spectrocoin scam it's customers ? You deposit fiat.buy crypto and withdraw or vice versa .where⁣ is the opportunity to scam ? .I have used them for small amounts without issue.⁢

 

[marioIT]

so, still no "official news" on the issues here? this doesn't look good rof/%