This article overviews 7 banks which, in our opinion, are the most prominent banks offering services for crypto business.
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:
- High transaction risks, since crypto transaction can be performed from any location, even sanctioned or prohibited countries;
- Links to anonymous transfers;
- A bank needs to perform detailed AML and KYC checks;
- A bank needs to review customers’ AML policies, internal AML regulations;
- A bank needs to perform ongoing and detailed monitoring of a high risk client’s transactions;
- A bank needs to comply with specific reporting requirements and monitor legislation changes;
- High possibility for industry reputation damages for a bank.
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:
1. Fidor Bank
Fidor Bank is a German digital bank being a pioneer in working with crypto business. It onboards clients from FinTech industry, facilitating B2B banking services, and crypto settlement accounts. Fidor Bank is a well-known banking solution for ICO accounts, exchange accounts, investing and trading. Its customers can integrate crypto-wallets directly in the Fidor account via a connection to an API.
Main Features:
- Incoming and outgoing SEPA and international transfers, as well as direct debits;
- Internal Fidor transfers;
- Payments with Fidor Mastercard, at POS, with Fidor Pay, Apple Pay or online;
- Buying / selling of crypto currencies via bitcoin.de express trading;
- Paying-in or withdrawing cash through Fidor Cash or ATM
2. Bank Frick
Bank Frick is the European pioneer in the regulated blockchain sector based in Liechtenstein. It onboards clients from the following industries: fintechs, asset managers, payment service providers, family offices, fund promoters, pension funds and fiduciaries.
Main Features:
- Personal and business accounts;
- Trading accounts and crypto trading accounts;
- Tradable cryptocurrencies: BTC, BCH, LTC, ETH, XEM, QTUM, XLM, USDC;
- SWIFT and SEPA transfers;
- Private banking and wealth management;
- Fund management;
- Blockchain banking.
3. Cross River Bank
Cross River is a US bank. It offers banking and payments solutions for various clients, including high risk customers (such as a crypto exchange, an NFT marketplace, or a wallet).
Main Features:
- Secure account-to-account money transfers;
- Real-time payments, real-time settlement 24/7;
- Modular components to build customized solutions for business;
- One gateway to manage all payments and related services;
- API-driven banking.
4. Silvergate Bank
Silvergate is a US Federal Reserve member bank and the leading provider of innovative financial infrastructure solutions. It serves digital currency exchanges, institutional investors, and software developers in fintech.
Main Features:
- Bank accounts, advanced APIs, and expert support for digital currency developers;
- Bank accounts, services, and support tailored to the unique needs of digital currency investors;
- Advanced integration and support services for well-established digital currency exchanges;
- Exchange network for real-time USD settlement between counterparties.
5. Maerki Baumann Bank
Maerki Baumann Bank is one of the first banks Switzerland adopting crypto and blockchain technology. It offers trading and custody of digital assets, corporate accounts in all major virtual currencies, as well as advisory services for token sale, blockchain related projects.
Main Features:
- Cryptocurrency trading;
- Banking products for ICOs and STOs;
- Advising on investment of corporate assets;
- Advising on the most common cryptocurrencies and tokens.
6. SwissQuoteumann Bank
SwissQuote Bank is a digital bank specializing in the provision of online financial and trading services. Being a regulated and listed Swiss bank, it has become Swiss favourite multi-trading platform. Among its products are services connected to cryptocurrencies and crypto assets.
Main Features:
- Crypto exchange services in 26 major cryptocurrencies;
- Swissquote wallet for holding crypto assets;
- Offering Themes Trading Certificates based on cryptocurrencies, crypto ETFs, crypto ETPs and crypto derivatives.
7. SwissQuoteumann Bank
Another Swiss bank in our list, Dukascopy is on online bank for online and mobile trading, banking and financial services. It facilitates leveraged CFD trading on price movements of cryptocurrencies, its derivatives or value estimations. Another emerging product is the possibility to fund trading accounts and to withdraw funds via Bitcoins (BTC), via Ether (ETH) and via Tether (USDT). Through Dukascopy it is possible to invest in global crypto markets.
Main Features
- Regulated Swiss bank;
- Buy and sell crypto;
- Transfer funds from custody accounts to regular accounts;
- Various trading pairs, like crypto-to-crypto, crypto-to-fiat;
- Dukascoin crypto token from regulated and licensed Dukascopy.
