Finding Bitcoin-Friendly Banks for your Bitcoin ATM business is not easy. Many banks in the United States are simply not willing to work with crypto-related companies, let alone cryptocurrency companies that operate Bitcoin ATMs.
We can help. If you have (1) A compliance program in place (2) Offer zero anonymous transactions (3) Have a cash-pickup arrangement from Brinks or Garda, then we can help you get banking for your bitcoin ATM business.
Hello. My name is Faisal Khan. I’m a banking and a payment consultant. If you are an ATM operator for bitcoins or a BTM operator, you know how very difficult it is to find access to banking. It is practically.. Almost all the banks have shut down cryptocurrency operators and even more so BTM operators. So how can you find access to crypto-friendly banks? Can you, in fact, find access to crypto-friendly banks or bitcoin-friendly banks? The answer is yes, we provide it.
If you’re a BTM operator, these are the three things you need to understand in order for us to be able to help you. Number one, you must have a compliance program in place. I’m pretty sure you have it, but just stating the obvious. You must have a compliance program in place. Number two, there must not be any anonymity in your transaction – even for one dollar. The institutions that we work with do not like that. They want everything to be documented. So that means if someone is taking in, let’s say, five dollars buying, five others worth of bitcoin from your ATM, you should be tracking some information. You can have them in slabs, meaning that, you know, between zero and 100 we’re taking this much information. Between a hundred and five hundred, we’re taking this information from the client. And after 500 plus, we are asking for this information from the client, as far as KYC is concerned. So slabbing is ok, but you cannot have anonymity in the transaction.
And the third thing is you cannot have cash. Now you are going to say well, hello, my business is, you know, ATM operated, cash is there. Well, there is a solution. So what you can do is you can go to companies like Brinks or Garda, and they basically come to you, pick up your cash, count it, take it away, and maybe the next day they’ll say, okay, give us your bank account number, we are going to ACH $6,200 because that is what we picked up. Now that’s cool, they picked it up. But you don’t have a bank account. Well, that’s where we come in.
We can then provide you with a bank account, provided because there’s no cash transaction – Garda or Brinks has already done the cash transaction, they have already done the pick-up, so the money coming to your account would be electronically. In which case we can help you. So just to summarize very quickly, you have to have a compliance program. There cannot be any anonymity in your transactions. You can have slab KYC information that is totally cool and you have to have a, you know, a casual pick up service by Brinks or Garda so that the cash transaction is handled by them. And if these three things are taken care of by you and you have a decent size of ATMs – five, six, eight, nine, and you’re doing a decent amount of number, talk to us, you know, there’s a link below in the description of the contact form.
Talk to us and we’ll be happy to provide you with a crypto-friendly bank. Till next time, take care. have a good one.
You can also schedule a free, no-obligation, 15-minute call with us and see how we can help you get banking for your bitcoin ATM business.
This page was last updated on January 12, 2020.