Crypto & Web3 · Banking & EMI
Multi-currency IBANs for a crypto-adjacent firm, in 17 days
A payments business settling in euros, sterling and dollars, with a crypto on and off-ramp somewhere in its flow of funds, needed dedicated named IBANs in several currencies rather than a single pooled account. Three institutions had declined the moment crypto appeared anywhere in the application, without engaging with how small or how monitored that exposure actually was.
The founder had started to assume the crypto touch made the business unbankable. It did not. It made the business un-bankable to institutions that treat any crypto exposure as a blanket no, which is a different and solvable problem.
What was actually brokenThe three declines were category reflex rather than risk assessment. The crypto element of the flow was a small, monitorable line with a clear source and destination, but each application had presented it as an incidental detail, which reads to a reviewer as something being glossed over rather than managed.
The requirement for genuine named multi-currency IBANs also narrowed the field: a generalist account would not do, and several of the institutions approached did not actually offer named IBANs per currency for a VASP-aware client in the first place, so those declines were product mismatches as much as risk calls.
The route we placedJurisdiction and structure type only. We never name the institutions involved.
- 1
We matched the firm to an EMI whose product is named multi-currency IBANs and whose stated appetite explicitly covers VASP-aware payment flows, removing the product-and-appetite mismatch at the source.
- 2
We documented the on and off-ramp flow and the travel-rule process up front, presenting the crypto exposure as a disclosed, monitored line rather than a detail buried in the file.
- 3
We mapped a second institution for the same currency set as documented backup, so a future review at the primary would not leave the business without multi-currency settlement.
From a third category-reflex decline to named multi-currency IBANs, live.
Week 1, days 1-4
Flow audit and appetite match
Mapped the currency and crypto flow, then shortlisted EMIs offering named multi-currency IBANs with genuine VASP-aware appetite.
Week 1, days 5-9
Disclosure-first file
Built the application around a documented on and off-ramp flow and travel-rule process, presenting the crypto line as disclosed and monitored.
Week 2-3, days 10-17
Accounts live
Named IBANs approved and funded across four currencies by day 17, with a backup relationship mapped for the same currency set.
- Prior rejections
- 3, all category-reflex
- Time to live IBANs
- 17 days
- Structure
- Named IBANs across four currencies
- Crypto exposure
- Fully disclosed and accepted, not hidden
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