Our Choice for Crypto-Friendly and Modern Banks
This article overviews 7 banks which, in our opinion, are the most prominent banks offering services for crypto business.
a) High transaction risks, since crypto transaction can be performed from any location, even sanctioned or prohibited countries;
b) Links to anonymous transfers;
c) A bank needs to perform detailed AML and KYC checks;
d) A bank needs to review customers' AML policies, internal AML regulations;
e) A bank needs to perform ongoing and detailed monitoring of a high risk client's transactions;
f) A bank needs to comply with specific reporting requirements and monitor legislation changes;
g) High possibility for industry reputation damages for a bank.
Generally speaking, a company that is involved in business connected to virtual currencies is categorized as a high risk client. This business is usually licensed in countries with advanced legal regulation (such as Estonia that issues two "crypto" licenses for providers of a service of exchanging a virtual currency and for providers of a virtual currency wallet service).
Banks red-flag crypto business for a number of reasons:
That is why, there are not as many banks as we could wish that open business accounts for crypto. We listed a few modern, crypto-friendly banks and here is our top choice: