Top Business Bank Accounts for Cryptocurrency Business

It is a challenge to open a cryptocurrency company bank account with traditional banks since crypto businesses are classified as high-risk businesses and a few jurisdictions have crypto regulations in place. Luckily, cryptocurrency business accounts can still be opened with crypto-friendly banks (which is difficult), licensed Payment Service Providers, Electronic Money Institutions, Cryptocurrency Exchanges, etc. In this article, we will look at top bank accounts for crypto businesses.

Best Crypto Business Bank Account

Bank / Financial InstitutionFeaturesSupported Countries
Fidor bankCryptocurrency settlement accounts for cryptocurrency exchanges and crypto traders, ICO Account for investors and organisers of Initial Coin Offerings (ICOs), API accessGermany, Switzerland, the Netherlands, Dubai, Singapore
MistertangoAPI to automate mass payments, open more than 1 business account and manage under 1 account, manage accounts directly from your accounting systemthe European Economic Area (EEA)
MultisAutomate payments, offramp to fiat (Euro and USD), track wallets, integrate your account with Quickbooks and Xero, earn interest on crypto assetsUS
WirexCrypto and fiat multicurrency account with Visa card, exchange between crypto and fiat currencies at interbank rates, fiat and crypto payments via SEPA, SWIFT and blockchainMost countries around the world including Switzerland, Sweden, Norway, Netherlands, Germany, UK, Nigeria, South Africa, etc
GeminiCrypto custody solution for institutional clients, offline storage of digital assets, insurance coverageMany countries around the world including United States, Canada, the United Kingdom, South Korea, Hong Kong, and Singapore
CoinbaseCrypto custody services for businesses with large crypto holdings, supports Serum and FTX, one of the most reliable custody solution in the worldAvailable in many countries around the world including Australia, Belgium, Canada, Germany, Netherlands, Singapore, the United States, and the United Kingdom
CashaaCrypto business/broker account for GBP and EUR IBANs, IBAN in the company’s name, and access to UK Faster Payments, BACS, CHAPS, and SWIFT, API accessUK, US, EU
BankeraBusiness Plan account and Crypto Exchange account for brokerages, mining farms, and cryptocurrency exchangesAvailable in most countries around the world (not available in the US)

Can a Business Open a Cryptocurrency Bank Account?

Yes. Although the cryptocurrency sector still faces scrutiny from regulatory bodies, business owners can open bank accounts for their crypto businesses with financial institutions we have listed in this article as long as they provide all the necessary documents needed to open a crypto business account. Also, a business that deals in other activities other than crypto, say real estate can open a cryptocurrency bank account to accept payment in crypto.

 

How to Open Business Bank Account for Cryptocurrency Business

Setting up a cryptocurrency bank account for your cryptocurrency business is easy if you have all the proper documentation ready, understand the country’s stance on crypto-related banking, and prove your source of funds.

Find a Crypto-Friendly Bank or Financial Institution

Finding a crypto-friendly bank or financial institution (electronic money institution, payment service provider, etc.) is the first crucial step. Doing thorough research before signing up for an account with just any bank or financial institution will save you both time and money. Find out the range of services they offer and if they support crypto business model. The best bank account for cryptocurrency is one that accepts crypto as a source of your income, opens accounts for crypto-related businesses, allows conversion between crypto and fiat, and opens accounts for crypto investors. You also need to find out if the institution offers physical or virtual cards, supports SEPA, IBAN, API, etc.

Apply for the Cryptocurrency Business Account

After finding an ideal crypto friendly bank or financial institution, you can apply for a business account with them. You will need to provide all essential documents in a well-organized way, with all your documents being up-to-date. This will simplify and speed-up the sign-up process.

When applying for a cryptocurrency business account, the bank or financial institution you want to open an account with will want to know a few things from you. These include your business model, how your business operates, the people behind the business, the source of your funds, etc.

 

When signing up for an account, you will need to fill out information about the business such as name, website, jurisdiction, and information about the legal representative of the business.

Next is to do ID verification by taking a selfie and pictures of a valid government ID (passport or ID card). Your submitted documents will then be reviewed for account approval.

Examples of Crypto Businesses

As mainstream adoption of cryptocurrency continues to grow, there is also a growing list of cryptocurrency businesses. Popular crypto businesses include crypto lenders, companies dealing in crypto mining, Initial coin offering (ICO), security token offering (STO), Initial exchange offering (IEO), cryptocurrency exchanges, crypto brokers, crypto investors, DeFi companies, etc. Cryptocurrency businesses are classified among high-risk businesses by banks and regulators.

Best Business Bank Accounts for Cryptocurrency Business

There are several top business bank accounts for cryptocurrency you can choose from depending on your business needs. Bank accounts for cryptocurrency business include the following:

Fidor Bank

Fidor is a German virtual bank with crypto business acccounts. Fidor offers Crypto Settlement Accounts, an institutional bank account for cryptocurrency exchanges and crypto traders with API access and pay-as-you-grow pricing model. The account allows businesses to integrate crypto-wallets directly in the Fidor account via a connection to an API.

The bank also offers ICO Account, which is a crypto bank account for investors and organisers of Initial Coin Offerings (ICOs). The account allows institutional investors to convert cryptos into fiat money.

Mistertango

Mistertango crypto friendly business account accepts crypto businesses such as crypto-exchanges and ICOs. The account comes with API to automate mass payments. The API allows business account holders to manage their accounts directly from their accounting system without having to login onto Mistertango website or app. It also allows you can create an unlimited number of virtual IBANs for each customer or payment.

The business account is ideal for serial entrepreneurs because you can open more than one Mistertango business acount and manage them under one account. For cryptocurrency businesses, the business account provides access to both cryptos and fiat money. However, you need to upgrade to Business+ account at €99.99/month to support cryptocurrency/fiat money transactions.

Multis Account

Multis is a French startup that helps businesses to set up the Multis business bank account for cryptocurrencies. Among other things, the account allows a business to automate payments, offramp to fiat, track wallets, and even integrate your account with Quickbooks and Xero. After signing up for a Multis account, you can add team members and set permissions and limits. You can also create an approval workflow so that each transaction needs to be approved by a certain number of team members. You can use the assets in your Multis account to pay employees, contractors, suppliers, etc.

Wirex Account

Wirex is a UK-based crypto-friendly banking service that offers the Wirex account for cryptocurrency businesses. It is a crypto and fiat multicurrency account with Visa card. You can hold up to 11 secure digital and fiat currency accounts on your account.The account allows you to buy, store, and manage different cryptos.

You can also exchange between crypto and fiat currencies including EUR, USD, and GBP at Interbank and OTC rates, without a minimum transaction limit. Your business can make international payments in fiat and cryptocurrencies, via SEPA, SWIFT and the blockchain.

Gemini Account

Gemini offers a crypto business account that comes with a host of features including crypto custody solution for institutional clients. The account is ideal for customers who may be required by law to store their crypto with a qualified custodian like Gemini. By May 2021, Gemini had more than $30 billion in crypto under custody. Gemini claims to have the largest limit of insurance coverage purchased by any crypto custodian in the world.

Coinbase Account

Just like Gemini, Coinbase offers crypto custody services for businesses. Coinbase custody supports over 90 percent of crypto by market capitalization. Since 2018, Coinbase has been offering offline crypto storage solution for businesses. According to Coinbase its NYDFS-regulated custody is the most sophisticated and reliable custody solution in the world.

Cashaa Account

Cashaa is among the largest crypto-friendly challenger banks in the UK serving crypto-related businesses globally. It offers the crypto business/broker account for GBP and EUR IBANs to help crypto businesses to access banking.

With Cashaa crypto business account, crypto businesses around the world can access Cashaa API, UK Faster Payments, BACS, CHAPS, and SWIFT. Businesses get a dedicated IBAN in the company’s name, authorized and regulated by the Lithuanian Central Bank. The EUR account enables SEPA and SWIFT transactions with no monthly limits.

Bankera Account

Bankera offers excellent features that enables its customers enjoy crypto-related banking services. The bank offers two types of business accounts, Business Plan and Crypto Exchange account. Crypto Exchange account is focused on companies in the cryptocurrency industry such as brokerages, mining farms, and cryptocurrency exchanges.

Final Thoughts on Best Business Bank Account for Cryptocurrency

The acceptance for cryptocurrency is growing slowly but steadily. If you have crypto business, then you need to find the best crypto-friendly bank or financial institution that will provide a favorable cryptocurrency company bank account. Even though traditional banks are adapting slowly to crypto banking, we are optimistic that they will fully embrace it in the near future.