Opening accounts in banks and payment systems
Opening accounts in banks and payment systems: efficiency and correctness of the procedure
Crypto companies, like any business, need to have bank accounts in order to withdraw their own funds. Blocons is ready to help in this matter and quickly complete the process of opening an account for your company.
Features of opening bank accounts for cryptocurrency projects
The active growth of cryptocurrency projects is accompanied by the creation in all countries of various laws to regulate this area. Many countries are still beginning to work on legislation, and it is not easy to implement activities in such conditions. In particular, it is not easy to obtain a license and open accounts for ICOs, cryptocurrency exchanges, funds, blockchain projects. Banks do not easily agree to such a procedure, and in order to launch it, a special package of documentation is required. This is due to the high coefficient on crypto assets, as banking institutions consider such companies to be “high-risk clients”.
If you need to open a bank account for ICO, and you do not know the intricacies of the procedure, use the support of Blocons specialists. We will help you to implement everything correctly so that the bank or payment system gives access and accepts your request to open an account.
What do you need to open a bank account for an ICO?
Since cryptocurrency projects are poorly regulated by laws, this provokes a large influx of scammers. Through such structures, money laundering is carried out, which banks are wary of. Therefore, they refuse to cooperate.
To open an account with a traditional banking institution, you will need:
- Submit all documents to confirm the AML and KYC procedures in order to increase the reputation of your business and confirm the protection against money laundering.
- A package of documents, meaning licenses from the jurisdiction, it is better if it is issued in an EU country, as well as all documentation about the company and its beneficiaries..
A number of banks may put forward additional conditions like making a deposit to an open account or maintaining the balance of funds at a certain level.
The procedure for registering a bank account will be accompanied by difficulties, but with the support of consultants from Blocons, they can be overcome.
Why open an ICO account with our support?
- A bank shortlist for your model. We match your business model and jurisdiction to banks and payment institutions that work with crypto projects before any application is filed.
- Turnkey, no hassle for your team. We take the whole file: structure, AML/CFT policies, filings and regulator questions. You make decisions and sign; we do the rest and contact you only when it matters.
- We take on regulators and banks. Information requests, remarks, bank refusals, delays: we respond, revise, resubmit or appeal at no extra charge until the matter is closed.
- A senior specialist on every file. An experienced specialist leads your project personally, backed by the group's 14 years in corporate law across 50+ countries, so we get right the first time what takes some firms three attempts. Non-standard models are our field: where others say it cannot be done, we look for a lawful route.
- Your project stays yours. Information about founders, beneficial owners, wallets and deals reaches neither competitors nor third parties. We disclose only what the law or the procedure requires, and the contract says so.