How to open an account for cryptocurrency business - the best banks in the US, Canada and Europe.

In an era when banking rules are getting stricter, and the requirement of a financial institution to be transparent about a potential client's business is hardly basic, it is extremely difficult to become an account holder. "The fact that a cryptocurrency account automatically places the business in the high risk category does not add to the optimism, which makes the task even more difficult.

Scolding only banks in such a situation makes no sense. Cryptocurrency business critically depends on the rates of major coins, which, we note, is subject to strong (and often unpredictable!) changes. That is why financial institutions shun clients whose business cannot be calculated.

Serious (often unsolvable) problems also arise if you want to open a cryptocurrency account. The attitude to individuals is slightly more favorable than to the corporate sector, but it is not easy for them either. Cryptocurrency exchange with a demo account (the service occurs quite often and there are no special problems with obtaining it) is also not a way out, because you will actually get an internal account of the trading area. Yes, you will have the opportunity to withdraw the money to the account at a regular bank, but it significantly reduces the convenience of work.

But you have a way out of this situation. Not the best. Perhaps not the best. But - and this is the main thing - it works. You can open a cryptocurrency account with a cryptocurrency bank. Among them there are both traditional financial institutions and non-banks that work exclusively online. They are not characterized by blocking cryptocurrency accounts, excessively strict requirements for potential clients, restrictions on types of business and other problems that clients of classic banks have to put up with.

Let's warn you right away - it's extremely difficult to open a cryptocurrency account on your own. After all, you need not a "toy" account, not a demo account for cryptocurrencies, but an effective and reliable tool, designed to ensure a stable business.

Where is the best place to open a cryptocurrency account?

We usually give our clients a wide range of possible options, but digital financial assets are a special case. You won't have too much Special choice, so the headline should have been changed a bit - where you can open an account for cryptocurrencies.

Recommended Jurisdictions:

• United Kingdom. There are banks here that are friendly (neutral) to CFA. You will get a basic range of services, including debit/credit cards, as well as the ability to make round-trip digital currency transactions. Also note that in the UK it is relatively easy to register companies to operate in the cryptocurrency market.
• Gibraltar. Opening a cryptocurrency account here is relatively easy. But if you are interested in registering a cryptocurrency company, there may be difficulties. The level of requirements to potential clients is quite high, the most "inconvenient" for non-residents of Gibraltar are local physical address and local people in the company staff.
• Germany. The country has banks that allow you to open an account for cryptocurrencies and business with them. But the CFA regulations adopted in the summer of 2021 are quite strict, especially in terms of anti-money laundering. But if you "guess" with a financial institution, you can get a full-fledged cryptocurrency brokerage account, rather than a limited capacity demo account for cryptocurrency trading on a digital exchange. You will hardly be able to open a settlement account in cryptocurrency in a classical bank. But if you become a client of a non-bank, the option will be quite workable (although quite difficult to implement).
• Switzerland. Here you can open a cryptocurrency bank account (Falcon Private Bank), which is still more of an exception to the rule (as far as traditional financial institutions are concerned). The package of requirements for potential clients is somewhat more lenient than in Germany and other European countries, but compliance with KYC requirements does not cancel this fact. The risk of blocking cryptocurrency accounts is relatively low, and if you open a company in the canton of Zug, you can run a digital business with a fairly high level of comfort.
• Malta. You will not be able to open a cryptocurrency account here, but getting an account to play on the exchange is quite realistic. Many trading platforms allow you to open a brokerage account in cryptocurrency, but to effectively do business with CFA in Malta you will need to register a local company, because the number of restrictions for non-residents is too high.
• Liechtenstein. To open a cryptocurrency account here is quite realistic, investments in digital business are actively encouraged at the state level. There should also be no problems with the registration of a CFA company. But it is almost impossible to open a cryptocurrency account in a bank in Liechtenstein (if we talk specifically about traditional banks). If this is critical for you, it is worth choosing non-banking or payment systems.
• Lithuania. One of the friendliest jurisdictions in relation to CFA. It is relatively easy to open a cryptocurrency account here - several banks offer such service, so you can choose the one that offers the best conditions. Note that the legislation of the country is "tuned" so as to maximally effectively stop any fraudulent schemes (FCIS - Financial Crime Investigation Service, Financial Crimes Investigation Service). Therefore, compliance with KYC / AML / AMLD 5 in Lithuania is mandatory.
• Georgia. The country is often chosen for launching CFA-related businesses. The reason is a favorable tax climate and an opportunity to open a cryptocurrency account with minimal risk of rejection. It is quite difficult to become a client of a solid and respected financial institution; small banks cooperate with cryptocurrency business much more willingly.

Cryptocurrency account - what to pay attention to

There are a lot of subtleties, hidden difficulties, and legal peculiarities in this business, so it is extremely difficult to discuss all the important points in one article. That's why we decided to limit ourselves to the most important information, which will help you to determine your strategic goals and make a fundamental decision to start a business. You can get answers to any questions related to cryptocurrency business from our experts.

Basic (minimum) requirements for corporate clients who want to open a cryptocurrency account:

• A business permit issued by a reputable and respected jurisdiction.
• Sufficient experience in commercial activities (requirement for company directors and certain categories of outsourced specialists).
• KYC compliance.

Please note that potential bank clients who need to open a cryptocurrency account are in most cases required to meet a much longer list of requirements and conditions. And even if a bank employee has received all of the requested information and documents, success is not guaranteed.

Typical options to theoretically open an account for cryptocurrencies:

• Banks and other financial institutions in jurisdictions where regulatory laws are in place and the state does not apply the "everything that is not permitted" rule.
• Individual banks (most often in offshore jurisdictions, where KYC / AML requirements are not so strictly enforced. It is important to understand that the cryptocurrency account will become more difficult to open a CFA account every year, as the trend of following the conditions described above is gradually spreading to tax-free jurisdictions as well.
• Nono Banks. Everything is much easier with them. Therefore, if you need not just a demo account for cryptocurrency, but a full-fledged business tool, this is the easiest option. But it is possible that a non-banking solution will not work for you. In this case (especially if you are interested in working as a brokerage account for cryptocurrencies) we can also help you, but such projects are considered (and charged) on an individual basis).
• Payment systems. This option appeared only a few years ago and has already managed to become popular. A cryptocurrency account in a payment system has almost the same advantages as a traditional bank, but the level of requirements will be somewhat lower.

Basic (minimum) requirements for the business itself:

• License (there are some exceptions).
• An elaborate business plan.
• A sufficient level of employee reputation.
• Transparent ownership structure.
• Deposit / irreducible balance (there are some exceptions).

Personal account for cryptocurrencies and operations with them.

Traditional banks have a little more respect for individuals than they do for corporate clients. Does this mean that it will be easier for individuals to open a cryptocurrency account? Yes and no. You will have to comply with a package of requirements in any case. True, you will have alternatives, so it will really be a bit easier to find a bank. But again, in any case it is better to forget about any amateurism.

Potential risks (why it's so hard to open a cryptocurrency account):

• Money Laundering.
• Financing Terrorism.
• Illegal assets.
• Aggressive tax planning and the erosion of the tax base.
• Inability to fully control all transactions.

What you need to provide to open an account for cryptocurrencies (using Bank of Georgia as an example, the purpose - withdrawal of funds):

• A copy of a foreign passport.
• Documented residence address.
• Personal contacts.
• Calculated turnover during the year.
• A letter of recommendation from the bank where you already have an account.

Recommended banks.

Articles that contain the word "TOP" are in one way or another biased. They are a reflection of the author's personal opinion, and their content often depends on the interests of outside companies, and the characteristics are not optimal, although the text often states otherwise.

Therefore, we will not say that you can open a cryptocurrency account only in the following banks (non-banks, payment systems). In some cases, a different choice will be optimal - everything will depend on business specifics, jurisdiction of your tax residency, citizenship, current market situation, rates of major cryptocurrencies and many other factors.

Therefore, if you want to open a cryptocurrency account in a bank or other financial institution with the optimal balance of features, be sure to discuss all the details with our experts. We also want to draw your attention to the importance of correct wording. Opening a cryptocurrency account, opening a cryptocurrency account and a cryptocurrency brokerage account are completely different services. You must clearly understand which one you need and only after that take any specific steps.

BankProv

A good offer that allows you to open a cryptocurrency account with a reputable and respected full-service U.S. bank. The financial institution is one of the oldest in the U.S., its reputation is extremely high, and it began to explore the digital world relatively recently. The main currency is USD, and all solutions and services are insured. Note the customizable API, secure vault services and secured lending in CFA.

Basic features (in addition to the ability to open an account for cryptocurrencies):

• Full deposit insurance.
• Lending.
• Payment Solutions.
• Personalized account.
• Own ProvXchange network.
• Support for iOS, Android, browser-based client.

BankProv, key information:

• Country of registration: USA.
• Business highlights: corporate solutions for companies operating in the cryptocurrency market.
• Key features: participation in FDIC / DIF, open API.
• Documents for opening an account for cryptocurrencies: social security number, driver's license / passport.

Coinbase

Universal online platform, one of the most famous in the world of digital currencies. Its capabilities go far beyond cryptocurrency exchanges. The list of services is not limited to buying, selling, transferring and storing cryptocurrencies - your business opportunities with CFA are virtually unlimited.

Basic features (in addition to the ability to open an account for cryptocurrencies):

• All in One solution.
• Handy app for iOS and Android.
• Enhanced planning capabilities.
• Storage function (you can actually open a cryptocurrency account).

Coinbase Bank, key information:

• Country of registration: USA.
• Business highlights: buying, selling and tracking digital currencies.
• Key features: profit/loss preparation, taxes (for some countries), investing.
• Documents for opening an account for cryptocurrencies: identity verification.

WirexApp

A user-friendly banking service with a number of interesting features in its business model. It is very similar to that of Coinbase. The main feature of WirexApp is the cooperation with Mastercard. Thanks to it, you get the opportunity to use CFA in the same way as fiat money (in real time). The list of "compatible" cryptocurrencies includes 21 positions, but it will expand over time.

Basic features (in addition to the ability to open an account for cryptocurrencies):

• The service allows you to operate both CFA and fiat money.
• In fact, you can open a cryptocurrency account and integrate it into your own financial ecosystem.
• Adding funds via credit/debit card or bank transfer.
• Exchange of CFA and fiat money in any direction.
• Sophisticated payment service.

WirexApp bank, key information:

• Country of registration: United Kingdom.
• Business focus: Receiving, transferring, exchanging and buying using seamless integration of cryptocurrencies and fiat funds.
• Key features: advanced cryptocurrency exchange possibilities.
• Documents for opening an account for cryptocurrencies: photo ID.

Note (potential drawbacks):

• Limited / missing features in some regions.

Binance

Another cryptocurrency monster founded in 2017. The platform was originally positioned and promoted as a cryptocurrency exchange, but now its activities are diversified as much as possible. Binance's reputation is extremely high, and the list of services is as wide as possible. For example, you can open a cryptocurrency account, get a Visa Binance card linked to it and use it for purchases all over the world (more than 60 million merchants accepting this payment method).

Basic features (in addition to the ability to open an account for cryptocurrencies):

• The opportunity to earn income from a portfolio of stabelcoins.
• Various credit and deposit programs.
• Loyalty programs (transfer of pledged crypto-assets to Binance).
• Low commissions.
• Trading platforms for users with different experience.

Binance, key information:

• Country of registration: China.
• Emphasis in business: digital wallets, the widest possible support for various cryptocurrencies.
• Key features: trading platforms, flexible terms of cooperation, thoughtful service, a wide range of additional services.
• Documents for opening an account for cryptocurrencies: ID card.

Revolut

The project was originally conceived as a bank with a focus on the needs of customers in the UK, but then the concept was changed to meet the demands of the times. Now Revolut services are available to users all over the European continent, and the list of services has expanded considerably. The bank is considered one of the most CFA-friendly, so you can not just open a cryptocurrency account, but get the whole range of services aimed at both individuals and the corporate segment working in the field of digital assets.

Basic features (in addition to the ability to open an account for cryptocurrencies):

• Maximum ease of use.
• Expanded cryptocurrency exchange possibilities.
• SWIFT / SEPA transfers. This option allows you to talk about Revolut as a classic neobank with advanced digital financial assets capabilities.
• Multicurrency support.
• Personal and debit cards.
• Operational information on the current state of the cryptocurrency market.

Revolut Bank, key information:

• Country of registration: United Kingdom (services available to customers throughout Europe).
• Business highlights: integrated cryptocurrency exchange capability.
• Key features: cryptocurrency account (opening and maintenance), credit, credit card, cryptocurrency exchange.
• Documents for opening an account for cryptocurrencies: passport, ID card.

Note (potential drawbacks):

• It is possible to freeze an account (standard official version - for security reasons).
• Relatively high commission for the exchange of cryptocurrencies.

Nuri (Bitwala)

Selling point bank is a cryptocurrency account that allows you to control daily transactions as simply and transparently as possible for clients with minimal financial literacy. This gives you another interesting opportunity - storing cryptocurrencies (bitcoins) and fiat assets within one universal account.

Basic features (in addition to the ability to open an account for cryptocurrencies):

• Direct investment in cryptocurrency.
• Free account for current payments.
• Maximum level of friendliness towards cryptocurrencies.
• Cashing out (CFA transfer - fiat currencies) without restrictions.

Nuri Bank (Bitwala), key information:

• Country of registration: Germany.
• Emphasis in business: corporate banking.
• Key features: investment programs, full range of services of traditional banks.
• Documents for opening an account for cryptocurrencies: ID, documented address.

Note (potential drawbacks):

• As of the date of this article, Nuri (Bitwala) works only with bitcoins and ether.
• The service is only available in Europe.

Changeinvest

If you are looking for an excellent bank, which not only promises to open a cryptocurrency account, but actually does it, and with the highest level of user friendliness, then Changeinvest is worth considering among the main candidates. The bank is actively developing and focused on European customers.

Basic features (in addition to the ability to open an account for cryptocurrencies):

• Clear and powerful user interface.
• Seamless (transparent) exchange of cryptocurrencies.
• There is support from serious investors, so you can open a cryptocurrency account without any fear.
• Minimum requirements for the potential client.

Changeinvest Bank, key information:

• Country of registration: Estonia, Europe.
• Business highlights: cryptocurrency exchange, built-in wallet.
• Key features: financial and banking services.
• Documents for opening an account for cryptocurrencies: ID / Europassport.

Note (potential drawbacks):

• Changeinvest is often subjected to fraudulent attacks, at which time the services may cease to function.

USAA

Banks that work closely with cryptocurrency exchanges have long been particularly popular. USAA has partnerships with the cryptocurrency market giant Coinbase, so you can constantly monitor your bitcoin wallet and monitor transactions in real time. Note the universal focus of the bank and a wide range of services.

Basic features (in addition to the ability to open an account for cryptocurrencies):

• Collaboration with Coinbase.
• A high level of user trust.
• Focusing on CFA trading, so you can open an account for cryptocurrencies as quickly as possible.
• Ability to withdraw cash without commission (more than 60,000 ATMs worldwide).

USAA Bank, Key Information:

• Country of registration: USA.
• Business highlights: integration with Coinbase.
• Key features: insurance, banking, real estate.
• Documents for opening an account for cryptocurrencies: ID card.

Note (potential drawbacks):

• Focusing on experienced customers, newcomers to some services may not seem convenient and simple enough.

Ally

Opening a cryptocurrency account in developed countries is not easy. That's why banks in solid jurisdictions that are CFA-friendly are still a rarity. Ally is just such a bank. It is registered in the U.S. and operates 24/7. Probably one of the best alternatives for enthusiasts who want to buy or sell cryptocurrency on any exchange as easily as possible.

Basic features (in addition to the ability to open an account for cryptocurrencies):

• Integration with Coinbase.
• There are no monthly commissions or minimum deposit requirements.
• Interest on balances (up to 2.75%)

Ally Bank, Key Information:

• Country of registration: USA.
• Business highlights: integration with Coinbase, focus on advanced clients.
• Key features: full range of banking services, including financial savings products, lending, pension and other savings.
• Documents for opening an account for cryptocurrencies: standard.

Note (potential drawbacks):

• Works exclusively with U.S. residents.
• NBC (The National Bank of Canada)
• The only state bank in our review, which provides services for exchanging cryptocurrencies (bitcoins). In addition, you can count on the classic banking service - this is the main direction for the bank.

Basic features (in addition to the ability to open an account for cryptocurrencies):

• Buy / sell cryptocurrencies.
• Traditional financial services and offerings for cryptocurrency business within a single financial institution.

NBC Bank, Key Information:

• Country of registration: Canada.
• Emphasis in business: traditional financial services.
• Key features: deposits, current/savings accounts, lending.
• Documents for opening an account for cryptocurrencies: the requirements are varied, check with our experts.

Note (potential drawbacks):

• Services for Canadian residents only.
• Relatively high level of control and requirements for customers.

Fidor

For many banks and financial institutions, the ability to open a cryptocurrency account is an option. Fidor, which focuses on the needs of enthusiasts, focuses specifically on client accounts involved in cryptocurrency transactions. Note the rather high level of security and the large selection of banking instruments.

Basic features (in addition to the ability to open an account for cryptocurrencies):

• Quick transfers/withdrawals from Kraken and Bitcoin.de cryptocurrency exchanges.
• Instant transactions between users.
• Free cash withdrawal (not more than 2 times).
• Fixed fee on cryptocurrency transactions (1.5%) using a debit card.

Fidor Bank, key information:

• Country of registration: Germany.
• Emphasis in business: retail banking services
• Key features: a classic European bank with all its advantages and peculiarities of work.
• Documents for opening an account for cryptocurrencies: passport and proof of address (minimum package, additional documents may be required).

Note (potential drawbacks):

• Services are available only to citizens of the European Union.
• In-depth verification of potential customers at the stage of account registration.

Bank Frick

A solid bank specializing in wealth management services. The financial institution is very favorable to clients who conduct cryptocurrency business - for example, you can open a cryptocurrency account or a deposit account for trading / storing tokens.

Basic features (in addition to the ability to open an account for cryptocurrencies):

• Developed crypto-trading services.
• Secure storage of assets with a guarantee of safety.
• Cold storage wallets (cold storage wallets).

Bank Frick, key information:

• Country of registration: Liechtenstein.
• Emphasis in business: retail banking.
• Key features: full range of banking services, including B2B format.
• Documents for opening an account for cryptocurrencies: passport, proof of address.

Note (potential drawbacks):

• There are isolated complaints about the quality of service.

Barclays

A giant of financial business from the UK, the reputation level is just off the charts. The attitude to cryptocurrencies is surprisingly friendly, which is so far an exception to the rule among AAA banks.

Basic features (in addition to the ability to open an account for cryptocurrencies):

• Credit/debit cards can be legally used for commercial cryptocurrency transactions.
• A safe and secure environment for all financial transactions.

Barclays Bank, Key Information:

• Country of registration: United Kingdom.
• Emphasis in business: retail banking services.
• Key features: exceptionally high reputational status.
• Documents for opening an account for cryptocurrencies: the requirements are varied, check with our experts.

Note (potential drawbacks):

• There is no free mobile app.
• Relatively high fees (after a grace period of 6 months).
• The requirements for potential customers may seem too high.

Recommendations, conclusions

Requirements for financial services can be different. Someone needs a simple demo account for cryptocurrency. Some of our clients ask to open a cryptocurrency account (strictly speaking, the task is extremely difficult to implement in practice). Some readers are interested in cryptocurrency brokerage account with high level of security. All of them have only one thing in common - the need for quality banking services and a minimal level of risk.

So we'll repeat once again: there is no perfect, one-size-fits-all solution for everyone. First, you should discuss with our experts the choice of jurisdiction in which bank you want to open a cryptocurrency account. Next, choose a bank that suits your specific requirements. After that, decide on additional services. And only after that start the direct registration.

But in any case, you should understand that the probability of success in any attempts to perform the task on your own will be quite low. Therefore, when planning the practical implementation of a cryptocurrency project, be sure to contact us and discuss all your questions as part of an individual consultation.

Also, please note that the list of banks that are willing to open a cryptocurrency account is not limited to the options discussed above. In the general case (if you "forget" about numerous exceptions), even a classic bank account can suit you, if, of course, the bank will not block transactions related to the cryptocurrency business.