Opening an Account for a Crypto Company

Opening a bank account in Europe for your company, if it is working with cryptocurrency activities, is quite a laborious process. Despite the fact that every year, the number of companies whose activities are directly or indirectly related to cryptocurrency has been growing steadily, problems with opening bank accounts for crypto activities in Europe still exist. The companies are facing this problem directly dealing with cryptocurrencies and digital assets, and any traditional business that gets payment for its cryptocurrency goods/services.

Why don’t the majority of banks want to work with crypto assets?

The practice of recent years shows that entrepreneurs who decided to launch a cryptocurrency project faced serious problems when opening an account in European banks. The basic reason for such a situation is that The regulatory environment for cryptocurrency businesses in the European Union has changed significantly since the introduction of Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA).

MiCA became fully applicable on 30 December 2024, establishing a harmonised regulatory framework for Crypto-Asset Service Providers (CASPs), issuers of asset-referenced tokens and issuers of e-money tokens.

The maximum transitional period for businesses previously operating under national Virtual Asset Service Provider (VASP) regimes expired on 1 July 2026.

As of October 2026, businesses providing regulated crypto-asset services in the EU must generally hold valid MiCA authorisation or qualify under the framework applicable to certain already-authorised financial institutions under Article 60.

However, regulatory authorisation does not automatically guarantee access to banking services.

Banks remain responsible for conducting customer due diligence, assessing financial crime risks, verifying beneficial ownership and determining whether the proposed activities are consistent with their risk management policies.

Banking difficulties in the cryptocurrency sector are therefore no longer primarily attributable to the absence of European crypto-asset legislation. They are more accurately associated with the complexity of the applicant’s business model, regulatory status, transaction flows, geographical exposure and the financial institution’s ability to manage the associated risks. at the legislative level in most European countries. The main reason for the refusal of banking institutions to cooperate with firms operating cryptocurrencies is, on a regulative base, lack of regulation approved by the regulator how to control such cryptocurrency activities, and to which asset/ value class virtual currency belongs. In general, almost all banks and financial institutions regard cryptocurrency business as a high-risk activity.

Even when some banks do cooperate with cryptocurrency companies, they tend to be very choosy regarding their clients and work only with easily understandable business models and well-established companies. Hence, opening an account for a cryptocurrency-related business may become even more difficult for an innovative business model like mining, staking, portfolio management, cryptocurrency loans/credits, etc.

Yet, some innovative European countries have already embraced this advance in technology and introduced laws that regulate cryptocurrency activity at the state level and consider it legal.

How to open an account for a cryptocurrency company?

The first step to be taken by a company is to The first step in opening a bank or payment account for a cryptocurrency business is to identify the company’s actual financial requirements and verify its regulatory status.

For companies providing regulated crypto-asset services in the European Union, the assessment should include the scope of their MiCA authorisation, their operating jurisdiction and the nature of the customer funds they intend to receive or hold.

A bank or payment institution located in another EU Member State may be considered where it is authorised to provide the relevant financial services and accepts the applicant’s business model.

The selection process should address the following matters:

Whether the financial institution accepts MiCA-authorised CASPs and other businesses engaged in crypto-asset activities.

Whether the account will hold the company’s own operating funds or funds belonging to customers.

Whether the provider supports the intended payment flows involving cryptocurrency exchanges, custodians and trading platforms.

Whether the available services include SEPA transfers, international payments, appropriate account identifiers and required currencies.

Whether the institution supports the intended customer jurisdictions and transaction volumes.

Whether the institution can satisfy the applicable requirements for safeguarding client funds.

Whether the applicant’s proposed activities require additional authorisation under payment services legislation.

Special attention must be given to Article 70 of MiCA.

Where a CASP holds clients’ funds other than e-money tokens, Article 70(3) generally requires those funds to be placed with a credit institution or central bank no later than the end of the business day following receipt, in an account separately identifiable from the CASP’s own funds.

In its clarification published on 6 October 2026, ESMA confirmed that temporary use of a payment account with a non-bank payment institution or electronic money institution may be permitted, but such an account does not replace the required arrangement with a credit institution or central bank beyond the statutory deadline.

Specific exceptions under Article 70(5) apply to CASPs that are themselves payment institutions, electronic money institutions or credit institutions.

Consequently, payment accounts and bank accounts are not universally interchangeable for all cryptocurrency business models. where regulating the issue of cryptocurrencies is effective, and then choose a bank or financial institution (payment service provider, electronic money establishment, etc.) that will agree to cooperate within this country. At this stage, the following should be considered: does the bank allow receiving and sending money between accounts related to cryptocurrencies; does the bank allow using an account for a cryptocurrency business;

• Does this European bank/financial institution accept and send assets to crypto exchanges?
• Does the bank currently service an existing company with a similar business model to yours?
• Must this bank include the word ‘cryptocurrency’ in the description of payments?

Although the number of financial institutions that serve the cryptocurrency business is growing, not all offer the full range of services required by the international crypto business. For example, European banks and non-bank payment service providers offer different account types and payment functionalities. The availability of SEPA transfers, SWIFT payments, multi-currency accounts, payment cards and virtual IBANs depends on the provider’s infrastructure, regulatory permissions and commercial policies.

It is inaccurate to assume that most European banks offer only SEPA payment accounts or that every financial institution accepting cryptocurrency businesses provides the same banking services.

When selecting a financial institution, cryptocurrency companies should distinguish between:

Corporate Bank Accounts: Accounts provided by authorised credit institutions for holding and transferring the company’s own funds.

Payment Institution Accounts: Accounts used to execute payment transactions through authorised payment institutions under the applicable payment services legislation.

Electronic Money Accounts: Accounts provided by electronic money institutions, which may support payments, balances in different currencies and payment cards.

Virtual IBANs: Payment identifiers used for routing or allocating payments. A virtual IBAN does not necessarily represent an independent bank account held directly in the customer’s name.

Crypto-Asset Wallets: Infrastructure for holding or transferring crypto-assets, which must be distinguished from accounts denominated in conventional currency.

Funds held with payment institutions and electronic money institutions are subject to different safeguarding arrangements from deposits held directly with authorised banks. They are not automatically covered by statutory bank deposit guarantee schemes.

For MiCA-authorised CASPs handling client funds, the applicable segregation and safekeeping requirements under Article 70 must also be considered.

Before applying, the company should confirm the institution’s ability to process its intended transactions, including transfers involving cryptocurrency exchanges, settlements with customers and payments to third-party service providers.

Payment references should accurately reflect the purpose of each transaction and comply with the financial institution’s instructions. There is no universal European requirement to include the word “cryptocurrency” in every payment description. only a SEPA payment account (Single Euro Payment Area), while usually virtual currency companies would want to open a cryptocurrency account and get a full package: SWIFT payments, multi-currency accounts, and payment cards. It saves customers’ precious time and gets all the necessary means of banking for a cryptocurrency business. Banking professionals from Regulated United Europe offer, as a unique opportunity, a Pre-Pro service approval, which means obtaining Regulated United Europe (RUE) assists cryptocurrency businesses with preliminary banking eligibility assessments and the preparation of applications to financial institutions that may accept their business models.

The preliminary assessment may include reviewing the company’s regulatory status, ownership structure, expected transaction volumes, source of funds and required banking services.

Where appropriate, RUE may contact selected financial institutions to establish whether the proposed business activities fall within their current acceptance policies and whether they are willing to consider a formal application.

However, an initial indication of interest or preliminary eligibility assessment does not constitute bank account approval, a regulatory waiver or a binding commitment by the financial institution.

The decision to open an account remains exclusively with the relevant bank or payment service provider and is subject to its own customer due diligence, compliance assessment and commercial approval procedures.

No intermediary can guarantee the opening of an account or exempt the applicant from statutory identification and anti-money laundering requirements. or a waiver from carefully selected banks by our experts in order to consider a full set of account opening documents for a crypto company.

The other responsible step in such a way is a proper approach to filing the application. To the question about opening an account for a cryptocurrency company, it is necessary to provide complete information: all corporate documents of the company, copies of passports of beneficiaries, agreements with customers and suppliers, and a short description of the business model. If your activity is licensed, attach confirmation of a
license
. What has been repeatedly overlooked, however, is the fact that documents have to be presented in a form acceptable to the country of registration of the financial institution. In other words, most documents have to be translated into English or the language of the European country in which the bank is registered and regulated, and A cryptocurrency company applying for a bank or payment account should prepare a documentation package appropriate to its business model, legal structure and regulatory status.

Banks and payment institutions may request the following documents:

Certificate of incorporation or a current extract from the relevant commercial register.

Articles of association and other constitutional documents.

Identification documents for directors, shareholders and ultimate beneficial owners.

Ownership structure chart identifying the individuals who ultimately own or control the company.

Evidence of the company’s registered office and operational presence.

Description of the business model, products, services and target markets.

MiCA CASP authorisation or other applicable regulatory permissions, where required.

Information about expected transaction volumes, currencies and counterparties.

Evidence of the source of funds and, where appropriate, the source of wealth of beneficial owners.

Financial statements, business plans and relevant customer or supplier agreements.

AML/CFT, sanctions compliance and transaction monitoring policies, where applicable.

The bank determines which documents must be submitted as originals, certified copies or electronically verified records.

Translations, notarisation and apostilles are not automatically required for every corporate document submitted to a European financial institution.

The applicable requirements depend on the country, the issuing authority, the type of document, the bank’s internal policies and the availability of recognised electronic registers or verification systems.

Applicants should confirm the documentation requirements with the selected institution before arranging translations, notarisation or legalisation. providing evidence that the documents are valid.

Cryptocurrency companies and financial institutions are subject to anti-money laundering and counter-terrorist financing obligations according to their actual regulated activities and the legislation applicable to them.

In the European Union, authorised Crypto-Asset Service Providers are subject to AML/CFT obligations, including customer due diligence, beneficial ownership identification, risk assessment, transaction monitoring, suspicious activity reporting and sanctions compliance.

Regulation (EU) 2023/1113, which became applicable on 30 December 2024, also establishes requirements concerning information accompanying certain transfers of funds and crypto-assets, commonly referred to as the Travel Rule.

However, not every company that owns cryptocurrency, accepts occasional cryptocurrency payments or develops blockchain technology is automatically subject to the full regulatory framework applicable to CASPs.

When opening an account for a cryptocurrency business, banks must assess the applicant’s money laundering and terrorist financing risks in accordance with applicable legislation and the European Banking Authority’s risk factor guidelines.

Enhanced Due Diligence (EDD) is not automatically mandatory for every cryptocurrency-related customer solely because of its business sector.

Enhanced measures must be applied where required by law or justified by the institution’s assessment of elevated financial crime risks.

The bank’s due diligence may include:

Verification of the company’s regulatory permissions and business activities.

Identification of directors, shareholders and ultimate beneficial owners.

Assessment of the source of funds and, where appropriate, the source of wealth.

Review of expected transactions and the geographical locations of customers and counterparties.

Evaluation of the company’s AML/CFT procedures and transaction monitoring arrangements.

Assessment of exposure to high-risk jurisdictions, sanctions, anonymous crypto-asset services or other elevated risk factors.

Ongoing monitoring of the business relationship.

The European Banking Authority’s guidelines on preventing unwarranted de-risking emphasise that financial institutions should assess customers individually rather than automatically refusing entire business sectors without considering their specific risks and available mitigating measures.

Where the institution cannot complete the required customer due diligence or adequately manage identified risks, it may be obliged to refuse or terminate the business relationship.

The new EU Anti-Money Laundering Regulation, Regulation (EU) 2024/1624, will generally become applicable on 10 July 2027 and will further harmonise AML/CFT requirements across Member States. also bound to have anti-money laundering procedures; hence, internal AML procedures and due diligence reports, and possible external audits have to be stated. While planning an account opening for a crypto company in a European bank, note that since cryptocurrencies are considered more risky assets, this means that banks should perform an extended comprehensive check (EDD) in accordance with anti-money laundering legislation. The key requirement here is the understanding of the source of funds and the source of wealth of the firm and its UBOs.

Documents about the source of funds of the company or any of its UBOs should be verified. This also forms part of the EDD process, wherein an analysis of how the company collects and maintains customer data is done. Bank officials should verify, before opening an account for the company’s cryptocurrency activities, that the company has developed procedures to identify the risks associated with possible money laundering and that these procedures have been suitably implemented, in accordance with the money laundering instructions. In order to prevent the need to repeat the process of preparing a complete package of documents at the outset, our company is prepared to offer you an advance coordination service.