You see them more and more, entrepreneurs who put their money in crypto currency such as Bitcoin. These are often younger entrepreneurs who want to make their debut in the world of entrepreneurship, but banks are anything but happy with it. Many banks refuse to provide business bank accounts to crypto entrepreneurs.
Which bank can you turn to?
Why are banks so difficult?
Banks have several reasons for this, firstly it is not clear where all the money in cryptocurrency comes from, entrepreneurs simply cannot be given any guarantee that all transactions are of a legal nature. Moreover, banks do not have an overview of the money flows, and it is almost impossible for a bank to find out everything for themselves.
In addition, banks are required by law to show that all money has been legally earned, and in the case of cryptocurrencies this is very difficult.
The bottom line is that only bunq accepts entrepreneurs in cryptocurrency, and even this still has some conditions. The entrepreneurs will have to answer extra questions and be able to provide a clear overview of their income and where it comes from. As an entrepreneur in the cryptocurrency it is therefore not easy to get a business bank account, but at bunq it is worth a try if you have your business plan in order.
Are you an entrepreneur in crypto? Then our advice is: make sure you have a solid business plan and map out all future cash flows.
Curious which business account suits you well as a crypto entrepreneur? In our overview you compare and choose a business account that suits your company.
How long does it take to open a business account?
Can you easily switch from a business account?
Do banks check Your BKR registration when you open a business account?
Is a business account mandatory?
Are all accounts covered under the Deposit Guarantee Scheme?