It is a challenge to find the best crypto business 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 business banks, licensed Payment Service Providers, Electronic Money Institutions, Cryptocurrency Exchanges, etc. In this article, we will look at best bank accounts for cryptocurrency businesses, such as the best crypto business account in the UK, EU/EEA businesses, USA, Australia, and further.
In these 2 other articles we also take a look at: the Best Crypto Friendly Banks for consumers and Best Banks for Crypto Companies.
Best Banks Account for Crypto Business / Best Crypto Friendly Business Banks
|Crypto Friendly Bank / Financial Institution||Features||Supported Countries|
|BankProv||✓ API crypto banking; |
✓ Unlimited insurance for deposits;
✓ USD accounts for crypto companies;
✓ FDIC and DIF member
|Available in the USA|
|Bankera||✓ Business Plan account; |
✓ Crypto Exchange account for brokerages;
✓ Bank for crypto business such as mining farms and cryptocurrency exchanges
✓ Bankera offers a unique corporate IBAN and payment solution for blockchain businesses
|Available in most countries around the world, explicitly the EU/EEA and the UK, but also non-residents (though it’s not available in the US)|
|Fidor bank||✓ Cryptocurrency settlement accounts for cryptocurrency exchanges and crypto traders; |
✓ ICO Account for investors and organisers of Initial Coin Offerings (ICOs);
✓ API access
|Available in Germany, Switzerland, Netherlands, Dubai, Singapore|
|Wirex||✓ Crypto and fiat multi-currency account with Visa card;|
✓ Exchange between crypto and fiat currencies at interbank rates;
✓ Fiat and crypto payments via SEPA, SWIFT and blockchain
|Available in most countries around the world including USA, UK, Switzerland, Sweden, Norway, Netherlands, Germany, Nigeria, South Africa, etc|
|Mistertango||✓ API to automate mass payments, open more than 1 business account and manage under 1 account; |
✓ Manage accounts directly from your accounting system
|Available in all countries within the European Economic Area (EEA)|
|Multis||✓ Automate payments, off-ramp to fiat (Euro and USD) & track wallets; |
✓ Integrate your account with Quickbooks and Xero;
✓ Earn interest on crypto assets
|Available in the USA|
|Gemini||✓ Crypto custody solution for institutional clients; |
✓ Offline storage of digital assets;
✓ Insurance coverage
|Available in many countries around the world including United States, Canada, the United Kingdom, South Korea, Hong Kong, and Singapore|
|Coinbase||✓ Crypto custody services for businesses with large crypto holdings; |
✓ Supports Serum and FTX;
✓ One of the most reliable custody solution in the world
|Available in many countries around the world including Australia, Belgium, Canada, Germany, Netherlands, Singapore, the United States, and the United Kingdom|
|Cashaa||✓ Crypto 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 access
|Available in the UK, USA and European Economic Area (EEA)|
Can a Business Open a Cryptocurrency Bank Account?
Yes. Although the cryptocurrency sector still faces scrutiny from regulatory bodies, business owners can open crypto friendly business bank account for their crypto businesses with crypto friendly banks and EMIs 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.
Read More: Banks for crypto companies
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 bank or financial institution (electronic money institution, payment service provider, etc.) that offers a crypto friendly bank account is the first crucial step. Doing thorough research before signing up for a crypto business banking service 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 cryptocurrency business bank account 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 bank account for crypto company 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 crypto corporate bank 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. Most cryptocurrency businesses are classified among high-risk businesses by banks and regulators. Popular crypto businesses include:
- Crypto lenders
- Companies dealing in crypto mining
- Bitcoin ATM (BATM) companies
- Initial coin offering (ICO)
- Security token offering (STO)
- Initial exchange offering (IEO)
- Cryptocurrency exchanges
- Crypto brokers
- Crypto investors
- DeFi companies
Best Business Bank Accounts for Cryptocurrency Business
Choosing the best business bank account for crypto busines depends on your business needs. Bank accounts for cryptocurrency business include the following:
BankProv is one of the oldest banks in the US. Recently, it entered the crypto banking space with a number of banking services for cryptocurrency businesses in the US including USD business accounts. You can open crypto business checking account with BankProv. For businesses struggling with capital, BankProv offers commercial and small business lending. Its ProvXchange feature allows your business to make real-time payments with other BankProv customers.
The types of cryptocurrency businesses BankProv serves include crypto investors, crypto exchanges, Bitcoin ATM companies and crypto software developers. To minimise crypto risks for these business, BankProv offers unlimited insurance for crypto deposits through the Depositors Insurance Fund (DIF). BankProv is also a member of the FDIC, which insures each depositor to at least $250,000.
Small Business Checking account at BankProv has no deposit requirement and monthly fee for the first month is waived and will be $50 a month afterward.
Read our full review of BankProv Crypto Business Account
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.
Being one of crypto-friendly banks for business, Fidor 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.
Until recently Mistertango used to be one of best crypto friendly banks. Its 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 do to upgrade to Business+ account at €99.99/month to support cryptocurrency/fiat money transactions.
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 is a UK-based crypto-friendly banking service that offers crypto business bank account. 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. As a FCA-licenced institution, it offers one of the best business bank account for cryptocurrency.
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.
Read: Complete Review of Wirex
Gemini offers a business account for crypto companies 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.
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 is among the largest crypto friendly bank in the UK serving crypto businesses globally. As a Euro and GBP crypto friendly bank, you will get crypto business account with IBANs to help your 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 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.
Failure of Banks for Crypto Companies in the U.S
Two major banks for crypto companies have failed in the United States for their dealings in crypto. These banks include Silvergate and Signature Bank. These two banks have been the most crypto-friendly banks in the U.S. and their collapse is a big blow to the crypto industry. However, there exist many alternative solutions.
- Silvergate a crypto lender bank collapsed as a result of the collapse of FTX. On March 8, 2023, Silvergate Bank announced it was shutting down in the wake of the crypto industry meltdown. Immediately after, depositors withdrew more than $42 billion following the bank’s statement.
- Signature Bank failed after its depositors became nervous about the bank’s huge amounts of uninsured deposits and its involvement in crypto. Customers withdrew more than $10 billion in deposits. The signature was the third-largest bank failure in the U.S.
Best Crypto Friendly Banks for Business
The acceptance for cryptocurrency is growing slowly but steadily. If you have crypto business, then you need to find best business bank account for cryptocurrency or financial institution that will provide a favorable bank account for cryptocurrency company. Even though traditional banks are adapting slowly to crypto banking, we are optimistic that they will fully embrace it in the near future and it will be easier to open crypto business checking account.