Bank Account for Cryptocurrency Company

New reality with bank accounts

Due to rising importance of AML rules all banks must know their clients, which means that they have the right to refuse to open account in case they do not understand client's business or consider that business too risky for the bank.

As a rule in case beneficiary owners of an Estonian company are foreigners and the company has no reasonable connection in Estonia (clients or vendors or employees), then the local bank in most cases may refuse to open a bank account. In other words, it means in most cases trying to open a bank account for cryptocurrency company in Estonia is a waste of time and because of that today we do not suggest using local banks.

Options to open (bank) account

As the situation with bank account opening changes on a daily basis, we suggest that you deal with bank account opening after you have created the company and obtained the licenses.

Globally, there are many banks and PSPs (Payment Service Provider) who accept (often just imaginary) higher risk related to cryptocurrency companies. For clients it means usually higher fees. However, full KYC process must be done and there is still no guarantee that the account will be opened as this is solely bank's to decide.

We and some of our our partners have several options for account opening and when you are ready with the company and license then it is time to decide where it is most reasonable to start the account opening process.