What does opening a cryptocurrency business bank account look like?
If your business is ready to get started with setting up an IBAN (International Bank Account Number) account, then getting started with the bank account for crypto business would be easier. You will sign up at https://www.gbofintech.com/, provide the required information, identity proof, and details of the legal representative of your business. Information gathering is where most of the time is spent. You can ask our team opening your cryptocurrency business bank account if there is anything confusing, and our onboarding team will be happy to explain the things to you in more detail.
What if we have an insufficient level of compliance?
We require our clients looking to open cryptocurrency business bank account to have a certain level of compliance. You need to have a comprehensive AML policy, software for transaction and blockchain monitoring, and a professional compliance officer.
Being vague in responses to compliance questions
The more details you share about your business and its operations, it would mean that there would be less going back and forth. Vague compliance responses would expose gaps for opening a crypto business bank account even if the license has been acquired.
Crypto business is regulated to some extent by CFTC, IRS, OCC, FinCEN in the USA and most of the EU countries due to AML 5th Directive, which means that it will eventually be regulated by all countries.
GBO’s experts comfortably work with companies dealing with crypto business, and are labeled as high-risk. Opening a bank account for a crypto business is not a 5-minute task, it is quite realistic to wait for a couple of days to open a cryptocurrency account for business even if all the documents are submitted as it takes a little longer to notarize, apostil, or translate the documents. Our ongoing collaboration with the clients will ensure that any suspicious behavior is appropriately addressed. GBO team would be happy to answer and assist you all through with the opening of your crypto business bank account. It’s important to have open communication and starting off on a strong foundation as we aim to be your trusted crypto business partner.