Opening a business bank account for cryptocurrency ventures can be challenging with traditional banks, as crypto businesses are often classified as high-risk. However, solutions exist through crypto-friendly business banks, licensed Payment Service Providers (PSPs), and Electronic Money Institutions (EMIs). This guide explores the top banking options for crypto entrepreneurs.
What Is a Crypto Business?
A crypto business operates within the cryptocurrency ecosystem, requiring specialized banking services. Examples include:
- Crypto lenders
- Mining operations
- Bitcoin ATM (BATM) providers
- Cryptocurrency exchanges and brokers
- DeFi platforms
- Crypto payment processors
Top Crypto-Friendly Banks & Financial Institutions
| Institution | Key Features | Availability |
|---|---|---|
| BankProv | API banking, unlimited deposit insurance, FDIC/DIF member | USA |
| Bankera | Corporate IBANs, supports high-volume crypto trading | EU/EEA/UK |
| Mistertango | API-driven mass payments, Euro IBAN | EEA |
| Multis | Crypto treasury management, fiat off-ramping | Global |
| Cashaa | GBP/EUR IBANs, UK Faster Payments | UK/USA/EEA |
| Mercury | Web3-focused, ACH/wire support | USA |
Best Business Accounts for Crypto Companies
BankProv (USA)
- Features: USD accounts for crypto firms, FDIC-insured deposits, ProvXchange for real-time payments.
- Ideal For: Exchanges, Bitcoin ATMs, crypto developers.
👉 Open an account with BankProv
Mistertango (EU/EEA)
- Features: Euro IBAN, API integration, compliance support.
- Ideal For: Crypto exchanges, ICOs.
Multis (Global)
- Features: Unified crypto/fiat dashboard, QuickBooks/Xero integration.
- Ideal For: Crypto treasuries, payroll automation.
Bankera (EU/EEA/UK)
- Features: Multi-currency support, high-volume trading.
- Ideal For: Trading platforms, brokerages.
Recent Crypto Bank Failures
- Silvergate: Collapsed post-FTX, triggering $42B withdrawals.
- Signature Bank: Failed due to crypto exposure and uninsured deposits.
FAQs
What is a crypto business account?
A specialized account for managing crypto-related finances, including fiat/crypto transactions.
Can I open a bank account for a crypto business?
Yes, through crypto-friendly banks or EMIs, though traditional banks may decline.
Which banks support crypto businesses globally?
Bankera, Multis, and Mercury cater to international crypto operations.
👉 Explore more crypto banking solutions
Note: Always verify a bank’s current policies, as regulations evolve rapidly in the crypto space.
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