Posted on Jul 20,2021
It is no secret that most banks don’t like crypto businesses.
Every single company working with cryptocurrencies has heard a “no” from a bank at least once. Even if your bank account was opened, there’s no guarantee it won’t be closed almost immediately when you start operations with crypto.
This is especially relevant for crypto exchanges and trading platforms, who process millions (and sometimes billions) worth of crypto-fiat transactions daily. Expecting high money laundering risks (and unwilling to dip their toes in it), banks often choose to freeze accounts without any explanations, which might take weeks to recover.
Some say that it’s about to change and even the biggest “anti-crypto” banks are making their first steps in the space. Indeed, for the first time ever, JP Morgan has just accepted well-known US-based exchanges Coinbase and Gemini as its clients. But it is just a drop in the ocean — it might take years until the majority of crypto exchanges are able to access banking services from traditional players.
Migom Bank™ provides both traditional and cryptocurrency-specific banking services for crypto exchanges — today.
Traditional banking services for cryptocurrency exchanges
First of all, Migom Bank™ is fully licensed to work with crypto-related companies. It enables us to treat cryptocurrency exchanges like any other client.
Our every client is special: even though Migom Bank™ adheres to the strictest AML and compliance regulations, we are proud to be business-driven, particularly in facilitating international business payments. We do not make any difference and do not discriminate legitimate businesses depending on the industry.
With us, cryptocurrency exchanges enjoy traditional banking services of highest standards:
open settlement accounts in a matter of days, enabled by rapid KYC/AML procedures
carry out day-to-day operations
receive payments from their clients from all over the world, using Migom Bank™’s multiple correspondent accounts, including one in the United States
Migom Bank™ is fully licensed to work with all continents with no exclusions, accepting 162 currencies globally.
Cryptocurrency exchange services
Migom Bank™ also offers a unique set of services, tailored for the needs of cryptocurrency exchanges.
Migom Bank™ is fully licensed to carry out cryptocurrency exchange services directly to and from bank accounts. We are able to process large exchange volumes daily (transactions up to $50 million daily) and provide unprecedented liquidity, thus offering a solution for this persistent issue that many crypto businesses face.
As an option, Migom Bank™ also provides banking services for large private or institutional clients of crypto exchanges, enabling them to carry out fast and unlimited OTC cryptocurrency exchange deals. A customized, automated solution for regular large volumes is also available upon request. Learn more about our approach here.
Today, banks and financial services providers impose plenty of constraints and limitations on customers from the crypto industry. In these uneasy times, Migom Bank™ remains a trustful business partner, providing a wide range of services to operate in the market safely, quickly, and fully online. Go to http://migom.com for a live consultation with our manager, 24/7 in real time.