Head of International Corporate Law and Fintech Practice
Expert in fintech, crypto, and international corporate law with over 20 years of experience. Specializes in crypto licensing (VASP/CASP), iGaming business support, and international structuring, asset protection, and OSINT analytics for risk assessment and due diligence.
Opening a crypto-friendly account
Despite the rapid development of the crypto industry and the entry into force of MiCA regulation in the European Union, opening a bank account for cryptocurrency business remains one of the most difficult tasks for owners of exchanges, OTC platforms, CASP, VASP and Web3 projects.
Many traditional banks still consider operations with digital assets to be high-risk. As a result, companies face refusals to open accounts, lengthy checks or even closure of already existing banking relationships.
At the same time, the market is gradually changing. More and more banks, EMI and payment institutions appear that are ready to work with crypto business provided there is proper compliance preparation and a transparent business model.
Today, successful opening of a crypto-friendly account depends not so much on the choice of bank as on the quality of preparation for AML and KYC checks.
Who needs a crypto-friendly account
The need for specialized banking solutions arises not only for crypto exchanges.
Such accounts are most often opened by:
- CASP and VASP companies;
- cryptocurrency exchanges;
- OTC desks;
- Web3 and blockchain projects;
- crypto funds and investment structures;
- crypto payment providers;
- companies that accept cryptocurrency as a payment method.
For most such businesses, a regular corporate account is not an optimal solution, since many banks set internal restrictions on working with digital assets. In addition, financial institutions assess not only the fact of working with cryptocurrencies, but also the nature of operations, type of clients, geography of activity and internal control system.
What banks and payment systems check
For cryptocurrency business, standard KYC is no longer sufficient. In most cases, Enhanced Due Diligence (EDD) is applied.
During the check, special attention is paid to:
- availability of a CASP or VASP license (if necessary);
- AML/KYC policies of the company;
- client onboarding procedure;
- transaction monitoring system;
- sources of origin of crypto assets;
- ownership structure and beneficiaries.
The bank seeks to understand how effectively the company controls risks of money laundering and terrorism financing. That is why for crypto companies, a high-quality compliance package is often more important than the corporate documents themselves.
| Business type | Risk level for the bank | Main requirement |
|---|---|---|
| Web3 Startup | Medium | AML policies |
| OTC Desk | High | Transaction Monitoring |
| Crypto Exchange | Very high | Full AML/KYC system |
| CASP/VASP | Medium–high | License and compliance |
Why crypto companies receive refusals
Even a fully legal crypto business may receive a negative decision from a bank or EMI provider.
The most common reasons for refusals are:
- absence of AML and KYC documentation;
- unconfirmed origin of assets;
- insufficient transaction control;
- complex ownership structure;
- activity in high-risk jurisdictions.
Often the problem lies not in the business itself, but in the fact that the company cannot properly explain its processes to the bank’s compliance service. In practice, proper preparation of the corporate profile, AML memorandum and package of supporting documents significantly increases the chances of a positive decision.
How “Prikhodko and Partners” helps open a crypto-friendly account
The team of “Prikhodko and Partners” specializes in supporting cryptocurrency, fintech and payment projects in different jurisdictions of the world.
We begin work with analysis of the client’s business model, group structure, licensing status and future financial flows. After that, we select banks, EMI and financial institutions that work with the relevant business category.
The specialists of “Prikhodko and Partners” help prepare an AML/KYC package, corporate profile of the company, description of the business model, internal control policies and other documents that are usually requested by bank compliance departments.
We pay special attention to companies that undergo licensing as CASP in accordance with MiCA, operate as VASP or carry out operations with digital assets internationally. Thanks to the combination of expertise in fintech regulation, AML and international corporate law, we help clients not only open an account, but also build stable banking infrastructure for crypto business development.
Our practical experience covers projects in the EU, the United Kingdom, Canada, the UAE and other jurisdictions where issues of working with digital assets are of particular importance for banks and regulators.
Successful onboarding of a crypto project in a reliable financial institution depends on impeccable preparation of the compliance package and passing legal review. The lawyers of “Prikhodko and Partners” will provide qualified assistance at every stage of support and help properly structure your company’s documents to minimize refusal risks. Book a legal consultation to analyze your business model.
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Can a crypto company open an account in a regular bank?
Yes, however, not all banks are ready to work with cryptocurrency business. The choice of financial institution depends on the type of activity, jurisdiction and level of compliance preparation of the company.
Is a CASP or VASP license required to open an account?
Not always. However, having a license or confirmation of the licensing process significantly increases the trust of banks and payment institutions.
What is a crypto-friendly bank?
This is a bank or financial institution that officially works with clients related to cryptocurrencies and digital assets, provided that AML, KYC and other regulatory standards are complied with.
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