It is a challenge to open a business bank account for cryptocurrency business 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, and Electronic Money Institutions. In this article, we will look at best bank accounts for cryptocurrency businesses.
What’s a Crypto Business?
Crypto business refers to any business or enterprise that operates within the cryptocurrency industry. These businesses do need crypto business bank accounts to handle their finances. Crypto businesses can encompass a wide range of activities and sectors within the cryptocurrency ecosystem. Some examples include:
- Crypto lenders
- 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
- Crypto asset management
- Crypto payment solutions
Best Banks for Crypto Business
The following are the best business bank accounts for cryptocurrency:
| 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) |
| 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 |
| 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) |
| Mercury | ✓ ACH, check, or wire; set up recurring payments ✓ Send money to crypto exchanges; ✓ USD accounts for crypto companies; ✓ Physical/virtual cards | Available in the USA (support U.S. companies founded by people across the globe) |
Best Business Bank Accounts for Cryptocurrency Business
When selecting a business bank account for your cryptocurrency business, there are important factors to consider such the bank’s cryptocurrency policies, industry knowledge, commitment to serving crypto businesses, fees, and supported countries. Here are reputable banks for crypto business to consider:
BankProv (USA)
BankProv is one of the best bank for crypto business 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.
Fidor used to be a German virtual bank with crypto business accounts. It offered 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 allowed businesses to integrate crypto-wallets directly in the Fidor account via a connection to an API. However, the bank is ceasing its operations.
Mistertango (EU/EEA)
Until recently Mistertango used to be one of best crypto friendly banks. Its crypto-friendly business account in the EU and EEA 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 offers euro IBAN.
For cryptocurrency businesses, the business account provides access to both cryptos and fiat money. In addition, the bank helps regulated financial exchanges and emerging crypto exchanges with compliant payment processing and banking services. For more information, please read our Complete Review of Mistertango Crypto Banking
Multis (Global)
Multis is a French startup desgined for cryptocurrency businesses to manage their crypto treasury from a single dashboard. With Multis, you can connect all your wallets and banking accounts into a single interface. One of the key benefits of Multis is the ability to track unlimited real-time transactions across various wallets, exchanges, and banks. Whether you’re dealing with crypto or traditional fiat currencies, Multis allows you to monitor all your transactions in real-time, providing you with an up-to-date overview of your financial activities.
Among other things, the account allows a business to automate payments, salaries, off-ramp to fiat, 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.
Cashaa Account (Global)
Cashaa offers crypto business accounts in the UK and other countries around the world. With Cashaa, you get a crypto exchange corporate account offering USD, GBP, and EURO bank accounts for your clients’ funds and API to give the best yield to your customers.
Additionally, you can access crypto-friendly business wallet, IBAN, UK Faster Payments, BACS, CHAPS, ACH, FedWire 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 (UK/EEA)
Bankera is a crypto-friendly bank for businesses in the cryptocurrency sector. Its business bank account for cryptocurrency companies facilitates fiat deposits and withdrawals from cryptocurrency trading and exchange platforms. A standout feature of Bankera’s business account is its ability to support high-volume cryptocurrency trading. This makes it an ideal corporate account crypto exchange. This empowers businesses to engage in significant cryptocurrency transactions, providing them with the flexibility and capacity to meet their trading needs.
Bankera’s business account offers broad currency support, including AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HUF, NOK, PLN, RON, SEK, and USD. It is accessible to businesses operating in the UK, EEA, and other countries.
Mercury (US/Global)
Mercury, a financial technology company, offers banking services tailored to crypto companies. With their cryptocurrency business accounts, businesses can conveniently send money to crypto exchanges, set up recurring payments, and easily share receipts. Along with features like debit and credit cards, ACH payments, wire transfers, and API access, Mercury aims to streamline fiat operations for cryptocurrency businesses and provide comprehensive banking solutions.
Which Crypto Banks Have Failed?
Recently, two major banks for crypto companies have failed in the United States. 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 is a crypto friendly bank for business that 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 Cryptocurrency Businesses
Choosing the right bank for your cryptocurrency business is a critical decision that requires careful consideration. To ensure a smooth banking for crypto businesses, it’s important to look for banks with favorable cryptocurrency policies, a deep understanding of the industry, and a commitment to serving crypto businesses. Additionally, take into account factors such as fees and supported countries to align with your specific needs.
What is a crypto business account?
A crypto business account is a type of bank account specifically designed for businesses operating in the cryptocurrency industry. It enables these businesses to manage their finances, receive payments, and conduct transactions related to cryptocurrencies.
Can you open a business account for crypto?
Opening a crypto business account with traditional banks can be challenging, but specialized banks and financial institutions that cater to the crypto industry.
What's a crypto business?
Crypto business refers to any business or enterprise that operates within the cryptocurrency industry. Crypto businesses can encompass a wide range of activities and sectors within the cryptocurrency ecosystem