Looking for a Bank Account for Bitcoin Startups?
Have you called up hundreds of banks only to be refused a bank account for your bitcoin business? You are not alone.
Not every bitcoin company or business will face the same amount of difficulty because it depends on what type of business you have, what kind of transactions you are or will be doing, and even the countries or corridors you will be servicing.
While the level of complexity may vary, one thing is common – it is difficult to get a bank account. The moment you utter the word bitcoin or cryptocurrency, you will notice a change in the bank rep you are speaking to; it is almost as if you asked something forbidden.
Obviously, a bitcoin or crypto business is not doing anything illegal as long as they have licenses and are fulfilling the requirements of their respective regulatory bodies. But often banks don’t see it that way and therein lies the problem.
Why is Getting a Bank Account for Bitcoin Businesses so Hard?
As discussed above, bitcoin and other cryptocurrency businesses have been having a hard time getting access to banking almost from the beginning. Why is this the case?
Banking officials, like compliance officers, in these banks usually do not have a thorough understanding of bitcoin or how these businesses function. This lack of understanding coupled with their desire to stay far away from anything that even remotely smells like a problem is the main reason for the complex situations we see around us today.
This does not mean that there are no banks that will cater to bitcoin and crypto businesses at all – far from it. There are actually many banks that are happy to work with bitcoin businesses and startups depending on how your particular business model is regulated. For example, do you have or need a license for your bitcoin startup?
This and some other factors are important when a bank determines whether it would like to work with you or not.
Let Us Help You Get a Bank Account for Bitcoin
If you want a bank account for your bitcoin business, we have the perfect solution. Our list of partners includes a number of banking institutions that are willing and eager to work with bitcoin startups.
We know how frustrating it can be just to find a bank that would open up an account for you. This is where we can help.
And we can get you connected!
Our network of banking partners has helped many of our clients get access to a bank account for bitcoin.
You could be next.
The process is simple and one in which you are guaranteed a bank account for your Bitcoin startup if there are no flags in your due diligence.
Learn more about the entire process and any questions you may have on how to have access to MSB Friendly Banks by getting in touch with us so we can start the process.
Bonafide bitcoin startups that are not dealing with cash and are not doing anonymous transactions would also qualify.
This page was last updated on September 14, 2022.