- May 4, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Opening a Business Account for Crypto Business Owners
As a cryptocurrency business owner, it can be quite challenging to open a business account with banks in certain regions. In our case, we buy cryptocurrencies from customers in exchange for cash and ensure to comply with all necessary regulations such as KYC and AML procedures to operate legally. However, despite our efforts, banks seem hesitant to get involved in the process. This has made it incredibly difficult for us as we rely on buying bitcoin from exchanges, which often requires us to first deposit funds in a bank account.
## The Frustrations of Dealing with Banking System
The current situation highlights the frustrating reality for many cryptocurrency businesses, particularly in regions where the regulations are not as supportive. It is disheartening to see how the country lags behind in embracing this innovative technology, especially when compared to countries where businesses with similar models thrive without much hindrance.
It is in times like these that solutions like AI Legalese Decoder can help streamline the process and provide valuable insights into navigating the legal complexities surrounding cryptocurrency businesses. By leveraging the AI technology, businesses can gain a better understanding of the regulations, identify potential risks, and ultimately make informed decisions to overcome the challenges they face in dealing with banks.
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> Perform KYC AML anything can think of to be legal
Are you regulated?
I was involved in something like this 3 or 4 years ago. Banks won’t touch anything involving crypto because of the AML risk
You would have to become a registered financial institution likely? Also this is super high risk with little to no regulatory protections you would need quite specialist advice if looking for capital.
Insurance and compliance would be extra difficult
What did your expert accountant advise who you have engaged?
What exactly are you doing? Are you an exchange based in New Zealand? Or just Buying it..
Blood you may as well have told the banks that you were a North Korean weapons dealer. Lmao
Are you a registered FSP and are you registered with DIA as an AML reporting entity? Have you had a Section 59 audit? Have you spoken to any AML consultants about this issue?
>Basically we buy crypto off our customers via cash
That’s hilariously in the “I’m not touching that with a 10 foot pole” category for most banks. Based off the way you’ve worded the rest of the post, it makes it sound even sketchier.
Where is the cash coming from to buy it in cash initially?
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