How a crypto business can open a US bank account
Most US banks treat crypto businesses as high-risk, so expect extra due diligence: formation papers, an EIN, AML/KYC records, maybe a license.
Vahe HakobyanEditor-in-chief
Updated Oct 6, 20263 min readFact-checked
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Opening a bank account for a cryptocurrency company takes preparation. Most businesses treat a bank account as essential. You build a file about ownership and controls, then keep clean records.
What do you need before applying?
Build a file about your company and its crypto activity. Banks usually ask for incorporation documents, an EIN, an ownership chart, and a written AML/KYC program. Expect questions about source of funds, custody, and blockchain analytics.
How do you open the account?
Most US banks treat crypto businesses as high-risk and require enhanced due diligence. Some banks and fintechs publicly serve crypto businesses, so ask which assets and activities they allow. If you transmit crypto for others, you generally need FinCEN MSB registration and state money-transmitter licenses.
- 1Confirm your licensing statusIf you transmit crypto for others, you generally need FinCEN MSB registration and state money-transmitter licenses. Check your status before you apply.
- 2Assemble the application fileGive incorporation documents, EIN, ownership chart, and AML/KYC program. Add answers about source of funds, custody, and blockchain analytics.
- 3Ask about crypto policyAsk each bank or fintech which assets and activities it allows. Policies vary.
- 4Complete the compliance reviewAnswer questions about owners, volumes, and controls before you sign the agreement.
- 5Sign and fund the accountAfter approval, sign the agreement and make the initial deposit.
What should you do after opening?
Keep business and personal crypto funds separate. Using a personal account for business crypto flows usually breaks the bank's terms. The IRS treats digital assets as property, and you must keep adequate records to support your tax return. Reconcile transactions monthly.
- Reconcile bank statements against exchange and wallet activity each month.
- Record the U.S. dollar value of crypto you receive as payment.
- Note the asset type, date, and basis for each trade.
- Answer the digital asset question on your federal income tax return.
Frequently asked questions
No. FDIC insurance covers deposits, not crypto. Any protection for your holdings depends on your custody or bankruptcy terms, not on FDIC deposit insurance.
If you transmit crypto for others, you generally need FinCEN MSB registration and state money-transmitter licenses. Banks often ask for proof.
Banks can close an account under their terms. Ask for the reason in writing, then apply at another bank that serves crypto businesses.
