Why It Is Difficult for Cryptocurrency Companies to Open a Bank Account
The cryptocurrency industry is under close scrutiny from financial regulators worldwide. Banks and payment institutions view companies dealing with digital assets as high-risk clients. This results in Enhanced Due Diligence (EDD) procedures, additional documentation requests, and longer application review timelines.
The main reasons for the difficulties are the need to confirm a company’s licensing status, high AML/CFT compliance standards and requirements for transparency regarding the source of funds and beneficial ownership structure. In addition, certain banks restrict crypto-asset operations.
Cryptocurrency companies applying for a bank account must meet a number of regulatory requirements.
MiCA: crypto-asset services in the EU only with authorisation. Regulation of the cryptocurrency market in the European Union has entered a qualitatively new phase with the start of full application of the MiCA regulation (Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114). Since 30 December 2024, MiCA provisions regarding crypto-asset service providers (CASP) have been fully applicable. The transitional period for companies operating under national regimes ended no later than 1 July 2026, and earlier in a number of countries. Crypto-asset services in the EU may now be provided only by CASPs authorised under MiCA, and by banks and certain financial entities that MiCA allows to operate on notification to their regulator.
MiCA prudential requirements. Capital requirements for CASPs depend on the type of services. The minimum capital for class 1 is EUR 50,000: advice, execution, reception and transmission of orders, placing of crypto-assets, transfer services for crypto-assets and portfolio management. The minimum capital for class 2 is EUR 125,000: class 1 services plus custody of clients’ crypto-assets and exchange of crypto-assets for funds or other crypto-assets. The minimum capital for class 3 is EUR 150,000: class 2 services plus operation of a crypto-asset trading platform. Where several services are provided, the highest threshold applies. The prudential safeguards themselves must be at least the higher of two amounts: this minimum or one quarter of the fixed overheads of the preceding year. They take the form of own funds, an insurance policy or a comparable guarantee, or a combination of these forms.
AMLR: uniform rules from 10 July 2027. The new unified EU anti-money laundering regulation (AMLR, Regulation (EU) 2024/1624) has already entered into force and will apply from 10 July 2027. It classifies CASPs providing crypto-asset services within the meaning of the regulation as financial institutions and obliged entities; advice on crypto-assets falls outside this definition. Where an occasional CASP transaction amounts to at least EUR 1,000, in a single operation or in several linked ones, full customer due diligence (CDD) is required. Below this amount, at least the identification of the customer and verification of their identity are required. In a business relationship, on suspicion of money laundering and in other cases named by the regulation, due diligence is mandatory regardless of the amount.
AMLA: direct supervision from 2028. The European Anti-Money Laundering Authority (AMLA), based in Frankfurt, started operations in 2025. In 2027 it will select 40 entities for direct supervision, which will begin in 2028. The selection covers financial sector entities that operate in at least six EU Member States and have a high residual risk, and CASPs may be among them.
Which Cryptocurrency Companies Can Open an Account
COREDO assists in opening accounts for companies with various profiles related to cryptocurrency activities. These include cryptocurrency exchanges and trading platforms, custodial services for digital asset storage, companies providing advisory services on crypto-assets, cryptocurrency payment solution providers, as well as token issuers (ARTs and EMTs under MiCA classification).
Regardless of the specific type of activity, the key factor for successfully opening an account is a confirmed regulatory status that this particular activity requires in the relevant jurisdiction. For crypto-asset services in the EU, this is CASP authorisation under MiCA, while for banks and certain financial entities that MiCA allows to do so, it is a notification to the regulator. Outside the EU, a national regime applies, for example registration with the FCA in the United Kingdom or a MAS licence in Singapore.
What the Price Includes
Preliminary screening. COREDO analyses the licensing status, corporate structure, business model and compliance procedures of the company and selects the bank or payment institution that fits. The specialists then advise the client on the selected options and explain their policies and tariffs.
Document preparation. COREDO helps fill in the questionnaires of the selected bank or payment institution and advises on preparing the document package in line with its requirements.
Pre-approval and communication with the bank. COREDO specialists run a preliminary check of the case with a partner bank or payment institution (pre-approval) and communicate with them, resolving any issues that arise until the account is fully opened.
Verification and agreements. Advice at every step of onboarding, from the online verification (KYC) of directors and beneficial owners, where the bank or payment institution requires it, to the signing of the banking agreements.
Personal Documents of Directors, Shareholders and Beneficial Owners
- identity documents of directors, shareholders, beneficial owners and signatories; their online verification may be required during onboarding;
- proof of the beneficial owners’ source of funds: tax declarations, bank statements, records of external investments, documents on the sale of property and others.
Banks may request additional documents depending on the jurisdiction and the nature of activities. These may include confirmation of regulatory status (CASP authorisation or an equivalent document), AML/KYC policies and risk management procedures, a description of IT infrastructure and cybersecurity measures, proof of address of these individuals or financial projections for new companies. The exact list depends on the specific institution and case. During customer due diligence (CDD), the bank examines the company itself, its beneficial owners and the origin of funds, and as a rule applies an enhanced check of compliance with anti-money laundering rules to cryptocurrency companies.
Account Opening Process
The process of opening a bank account for a cryptocurrency company with COREDO involves several sequential stages.
Client Analysis (preliminary screening).
COREDO specialists conduct a detailed analysis of the client’s company: assessing the licensing status, corporate structure, business model, and compliance procedures. Based on this analysis, a strategy for selecting a bank or payment institution is formed.
Pre-approval and document preparation.
COREDO specialists run a preliminary check of the case with a partner bank or payment institution (pre-approval). The team then helps prepare a document package that meets the selected bank’s requirements: it advises on corporate documents and helps fill in the questionnaires and structure the company information.
Communication with the bank.
COREDO communicates with the bank or payment institution, promptly responding to additional requests and providing necessary clarifications until the account is fully opened.
Online verification.
Directors and beneficial owners of the company undergo online verification (KYC) in accordance with the bank’s requirements.
Contract signing and access.
Once the application is approved, banking agreements are signed and the client receives access to the account.
The average timeframe for opening an account for cryptocurrency companies ranges from 4 to 12 weeks, depending on the jurisdiction and complexity of the corporate structure.
Advantages of Working with COREDO
COREDO has been operating in the legal and consulting services market since 2016 and supports cryptocurrency companies in opening accounts with banks and payment institutions. Key advantages include a deep understanding of regulatory requirements for the cryptocurrency industry across various jurisdictions and established partnerships with banks and payment institutions. COREDO selects suitable banks and payment institutions for the profile of each company, supports it from preliminary analysis to account access and takes online verification into account where the selected institution allows it.
Our Experts
The bank account opening process for cryptocurrency companies is managed by experienced COREDO specialists.
Frequently Asked Questions
If your cryptocurrency company needs a bank account or a payment institution account, COREDO specialists are ready to assist at every stage — from preliminary analysis to account access.
Phone: +420 228 886 867 · Email: info@coredo.eu
