How do banks feel about cryptocurrency?

Banks are worried
Konstantin Evdokimov- Piggybank in a mask

Why Banks are worried about Cryptocurrencies?

The traditional banking institutions are slow to adjust to new regulations and regulatory frameworks. If you as a business owner of the crypto company goes to the bank requesting opening a bank account, once you mention that you are operating in “that bitcoin stuff” 95% of banks will not permit you to open a bank account, or worse- they will open a bank account for you and after some period they will shut it down and give you 14 day to withdraw the capital. It is no wonder that banks are acting like that since there are no yet clear regulations in all countries of Europe. (not earlier than in 2 years there will be: MiCa). Additional reasons:

Decentralized Character

Crypto assets were designed as an alternative to traditional banking infrastructure that doesn’t need an intermediary and isn’t tethered to the capacity of a centralized government, bank. Instead of depending on centralized intermediaries in these transactions, the trust is seated in the blockchain code and the distributed nature of the blockchain.

AML/KYC Concerns

Many banks are concerned about the lack of anti-money laundering (AML) and know your customer (KYC) regulations surrounding digital currency transactions. Frequently, banks are under the impression that cryptocurrency transactions can’t be tracked for AML and KYC considerations, which could lead to illegal activity and scams on the network.

Volatility

The price of cryptocurrencies has generally been volatile over their short life. Banks see this as a risk because historically, the price hasn’t been stable, so they believe the currency might not remain a stable investment vehicle over time.

Destroy all the barriers and become independent!

Photo by Jason Hogan on Unsplash

KYC/AML

We take care of all the legal requirements relating to AML/KYC. If there are any issues with payment/KYC/KYT — Swipelux will detect them and solve the problem. We are handling the chargeback and providing a secure environment for our partners and their clients.

Liquidity providing

We are sourcing the liquidity from many CEX and DEX. We have taken a full transparency approach with No-Markups.

Credit card processing

We are processing the payment cards so we can make the process of onboarding customers from the fiat world to the crypto world in the most convenient way

White-Label approach

We understand the UX/UI is the key point of every business so for that reason we can fully customize the widget flow.

Become independent!

Cut yourself off from Different crypto exchanges, wallets and increase the time spent of your users on your platform with the Swiepux widget and forget about any crypto-friendly banks.

Payment card processing

Let’s build an amazing future together!

Filip Kollert- f@swipelux.com
Co-founder of Swipelux

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Swipelux

Swipelux

Swipelux is a payment gateway widget, that enables the end-user to buy crypto using his credit/debit card.