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Opening Bank account for crypto company(USA)
- Thread starter thetonguy
- Start date
Are you FinCen registered as an MSB and do you have a state license as an MSB. Even as a crypto company you need to go through the proper registration process through FinCen. Also check the state your company is operating in and see what their definition of MSB is, as more then likely you are going to have to go through the full process of applying as an MSB in that state. If that`s already been completed then, the banking part is not complicated but its not convenient. Because of the sheer amount of documentation needed and possible complexity of account needs and risk, opening an account for an MSB is going to be something that needs to be done in person by yourself or an authorized rep with the actual deposit institution. FinTech`s which offer accounts through sponsor banks and who don`t hold an actual banking charter or FDIC and SIPC insurance are not going to be able to take on an account with that amount of complexity or risk almost every online "bank" is going to be a no go. SVB might be able to take you on after speaking with a specialist. Now if your only need is to move and hold your companies profits or open an account for general operations then your best strategy is more then likely going to be to open a second company that will act as a holding or parent company to your other companies. Holding or exchanging currency be it crypto or Fiat on behalf of clients means you are going to need to go to a bank or have a rep go to a bank with a briefcase of state and federal compliance documents, legally prepared terms, etc to get an account open for any type of MSB.
The only digital solution that I can think of off the top of my brain that might work is Solidfi. We are using them to launch our digital banking product. The platform supports Crypto wallets, has KYC built in and the API is very easy to implement. Schedule a meeting with Raghav he`s one of their founders, explain what you are trying to build and he`ll let you know if they can support your activity.
The only digital solution that I can think of off the top of my brain that might work is Solidfi. We are using them to launch our digital banking product. The platform supports Crypto wallets, has KYC built in and the API is very easy to implement. Schedule a meeting with Raghav he`s one of their founders, explain what you are trying to build and he`ll let you know if they can support your activity.
Yes, registered as a MSB with FinCEN and incorporated in WY where for our specific activities we don't require a money transmitter license. We also do not deal with any of the states where a money transmitter license would be required for our activities. We do not receive any customer payments into any of our bank accounts.Are you FinCen registered as an MSB and do you have a state license as an MSB. Even as a crypto company you need to go through the proper registration process through FinCen. Also check the state your company is operating in and see what their definition of MSB is, as more then likely you are going to have to go through the full process of applying as an MSB in that state. If that`s already been completed then, the banking part is not complicated but its not convenient. Because of the sheer amount of documentation needed and possible complexity of account needs and risk, opening an account for an MSB is going to be something that needs to be done in person by yourself or an authorized rep with the actual deposit institution. FinTech`s which offer accounts through sponsor banks and who don`t hold an actual banking charter or FDIC and SIPC insurance are not going to be able to take on an account with that amount of complexity or risk almost every online "bank" is going to be a no go. SVB might be able to take you on after speaking with a specialist. Now if your only need is to move and hold your companies profits or open an account for general operations then your best strategy is more then likely going to be to open a second company that will act as a holding or parent company to your other companies. Holding or exchanging currency be it crypto or Fiat on behalf of clients means you are going to need to go to a bank or have a rep go to a bank with a briefcase of state and federal compliance documents, legally prepared terms, etc to get an account open for any type of MSB.
The only digital solution that I can think of off the top of my brain that might work is Solidfi. We are using them to launch our digital banking product. The platform supports Crypto wallets, has KYC built in and the API is very easy to implement. Schedule a meeting with Raghav he`s one of their founders, explain what you are trying to build and he`ll let you know if they can support your activity.
We do not hold any customer's Bitcoin.
We do not accept or pay with Bitcoin.
We do not work with any cryptocurrencies other than bitcoin.
We do not use Blockchain technology. We do not hold any customer's funds.
We would like to use this account solely for receiving settlement payments from our payment processor and transferring these funds to our bank account.
Wyoming's money transmission statute (along with certain other states,
such as Indiana) applies only to those who advertise, offer or provide
money transmission services to Wyoming residents for personal,
household or family purposes,
Yes, registered as a MSB with FinCEN and incorporated in WY where for our specific activities we don't require a money transmitter license. We also do not deal with any of the states where a money transmitter license would be required for our activities. We do not receive any customer payments into any of our bank accounts.
We do not hold any customer's Bitcoin.
We do not accept or pay with Bitcoin.
We do not work with any cryptocurrencies other than bitcoin.
We do not use Blockchain technology. We do not hold any customer's funds.
We would like to use this account solely for receiving settlement payments from our payment processor and transferring these funds to our bank account.
Wyoming's money transmission statute (along with certain other states,
such as Indiana) applies only to those who advertise, offer or provide
money transmission services to Wyoming residents for personal,
household or family purposes.
When you are signing up for a bank account, when they ask what your business category is, do you list MSB from the drop down? If not then you should not have a problem opening with most banks. If all you are doing is receiving merchant settlements from a crypto gateway then Chase, Wells Fargo, Bank Of America, Capital One Bankprov, RHO, Brex, Mercury are all crypto friendly. We use Coinbase Commerce as a crypto gateway and it connects directly to our Chase and Capital One accounts for instant transfers. Never had a problem with either bank...
You have a crypto MSB and you didn't have any issues opening a business account at Chase or Capital One? So far we have been declined by Chase, Wells Fargo, Mercury, and Brex. Yes we've always specified that we are a MSB and included a copy of our MSB Registration and AML policies.When you are signing up for a bank account, when they ask what your business category is, do you list MSB from the drop down? If not then you should not have a problem opening with most banks. If all you are doing is receiving merchant settlements from a crypto gateway then Chase, Wells Fargo, Bank Of America, Capital One Bankprov, RHO, Brex, Mercury are all crypto friendly. We use Coinbase Commerce as a crypto gateway and it connects directly to our Chase and Capital One accounts for instant transfers. Never had a problem with either bank...
You have a crypto MSB and you didn't have any issues opening a business account at Chase or Capital One? So far we have been declined by Chase, Wells Fargo, Mercury, and Brex. Yes we've always specified that we are a MSB and included a copy of our MSB Registration and AML policies.
Off the top of my head: Bank Prov, Evolve Bank and Trust, Metropolitan Commercial Bank, Blue Ridge Bank, Lending Club Bank, RBC, and Metabank all offer retail/commercial banking and deposit programs that accept and work with Crypto based MSB and fintech`s...You have a crypto MSB and you didn't have any issues opening a business account at Chase or Capital One? So far we have been declined by Chase, Wells Fargo, Mercury, and Brex. Yes we've always specified that we are a MSB and included a copy of our MSB Registration and AML policies.