Migom Bank: deal-oriented compliance for crypto businesses
Opening a bank account can be hard. It can be even harder if you run a crypto-related company. In spring 2020, banking bias against crypto is still going strong.
From the experience shared by a crypto startup trying to open accounts in more than 100 banks, 83% of those didn’t even bother to answer the request, while 7% openly admitted never wanting to deal with crypto businesses. Yikes!
In this article, we take a look at the current banking for the crypto situation and review the ways Migom Bank ensures friendly and compliant banking experience for crypto companies, pursuing an approach that is aimed at facilitating your business instead of throwing sand in your wheels.
Why banks steer clear of crypto projects?
Cryptocurrency is a taboo for most banks, as they associate it with mischievous activities and scams, which the world has seen plenty in the early ICO days back in 2017.
While it is true that the word “crypto” discredited itself to a certain extent at some point, the industry has gone a long way since then: direct tokenization of all kinds of assets is allowed in Liechtenstein since January 2020; the German government has adopted blockchain strategy; Switzerland, Israel and a number of offshore jurisdictions are also actively adopting blockchain and crypto at the legislative level.
The demand creates its own supply: multiple high-quality blockchain projects, crypto exchanges, and other decent cryptocurrency companies are growing around the world. And just like any other fintech startup, they need banking services.
Still, we witness the blanket ban on crypto from banks who use KYC/AML requirements to explain the rejections. In cases like crypto, these policies become a fitting excuse to avoid onboarding clients for convenience and profit purposes. Let’s face it: crypto businesses are not the primary segment for the global banks, but an underbanked one. So why bother?
Nevertheless, the market for blockchain and crypto projects continues to grow, and so does the demand for banking services with European standards and a deal-oriented approach to compliance.
Migom Bank for crypto businesses
Migom Bank enables crypto-related companies to seamlessly open their bank accounts and carry out transactions for their day to day operations.
We don’t discriminate our clients according to the nature of their business: Migom Bank treats cryptocurrency exchanges and other crypto-related companies just like our other corporate clients, providing equal frontier market flexibility and EU stability to all enterprises and entrepreneurs.
- Fast onboarding for crypto-related businesses
Our compliance procedures are designed to facilitate your international operations — not to limit them. Rapid KYC/AML procedures ensure smooth and frictionless onboarding experience in compliance with all EU regulations. Get your bank account open in a matter of days.
- Cryptocurrency exchange services
Migom Bank offers unique services for crypto exchanges, enabling fast settlement of transactions directly to and from bank accounts in a fully compliant manner, at the best price on the market. Large limits and OTC BTC deals directly with Migom Bank.
- Trading desk available 24/7 globally via regulated broker-dealers or directly
