Dear mentor members,
The aim is to open a legal crypto exchange. Anonymity is not important as the exchange is absolutely legitimate and will strongly comply with all KYC/AML requirements. We have finished and tested exchange software. There is an option for deposit/withdrawal of cryptocurrency. The problem is to arrange the accepting of the real money (USD or EUR) from clients to the exchange account along with withdrawal of the real money (on clients' request) from the exchange account to clients' accounts in other banks or debit cards. As far as I'm concerned, we need a merchant bank account for our crypto exchange.
Currently I have a registered LTD in Seychelles. We have already applied for Seychelles Security Dealer License for this company. SDL is not obtained yet. My questions are:
In addition, I wish to open another crypto exchange in St. Vincent & Grenadines (this jurisdiction does not forbid crypto operations). I have not registered any company in St. Vincent & Grenadines yet. The second crypto exchange also requires a merchant bank account to work with client's funds. Do you have any options? I am ready to buy already existing structure if someone offers one.
I have considered the following option: to register crypto exchange's affiliated company + open a merchant account for this affiliated company without informing the bank that this merchant account will be used for depositing and withdrawing funds of crypto exchange's clients. For example, to write “replenishment of broker account” in payment details, etc. Is it a bad idea?
Thank you in advance!
The aim is to open a legal crypto exchange. Anonymity is not important as the exchange is absolutely legitimate and will strongly comply with all KYC/AML requirements. We have finished and tested exchange software. There is an option for deposit/withdrawal of cryptocurrency. The problem is to arrange the accepting of the real money (USD or EUR) from clients to the exchange account along with withdrawal of the real money (on clients' request) from the exchange account to clients' accounts in other banks or debit cards. As far as I'm concerned, we need a merchant bank account for our crypto exchange.
Currently I have a registered LTD in Seychelles. We have already applied for Seychelles Security Dealer License for this company. SDL is not obtained yet. My questions are:
- Can someone assist in opening a merchant account in a decent bank for Seychelles LTD, owning a crypto exchange? We have to be sure that bank will not block clients' funds, which are going to be stored on this account.
- As an option, we plan to open an affiliated company in Cyprus + merchant account in Cyprus bank. Would you say this is a bad idea? Will Cyprus bank open a merchant account for crypto exchange's affiliated company?
- Can someone offer an off-the-shelf solution or recommend trustworthy inviter for opening a merchant account for crypto exchange? The aim is to receive USD/EUR to the exchange account from clients and to withdraw USD/EUR from exchange account to clients.
In addition, I wish to open another crypto exchange in St. Vincent & Grenadines (this jurisdiction does not forbid crypto operations). I have not registered any company in St. Vincent & Grenadines yet. The second crypto exchange also requires a merchant bank account to work with client's funds. Do you have any options? I am ready to buy already existing structure if someone offers one.
I have considered the following option: to register crypto exchange's affiliated company + open a merchant account for this affiliated company without informing the bank that this merchant account will be used for depositing and withdrawing funds of crypto exchange's clients. For example, to write “replenishment of broker account” in payment details, etc. Is it a bad idea?
Thank you in advance!