This example illustrates the situation - I have opened a cryptocurrency exchange where I conduct crypto-to-crypto trading. The trading has been going well, and let's say I have earned 120 BTC, which I now have in my cryptocurrency wallet.
However, I need to pay my employees in FIAT currency, not BTC. Subcontractors invoice their services in FIAT currency, not BTC, and let's assume I have a total of 100 BTC worth of invoices to pay in FIAT currency, leaving me with 20 BTC in surplus. But how can I withdraw the funds earned by the exchange and pay the subcontractors' invoices in FIAT currency when no bank is willing to sign an agreement or provide a bank account for my company, which is registered, for example, in Seychelles? How do other cryptocurrency companies, which also have offshore-registered businesses and no bank accounts, manage this situation when they need to pay for services in FIAT currency? I cannot describe this problem any clearer.

I believe there is a way for popular cryptocurrency companies operating in offshore jurisdictions and avoiding traditional banks due to unclear regulations and potential bending of rules in their service provision to withdraw their earnings. These companies have multimillion-dollar market capitalizations, so it seems impossible for them to withdraw earnings from their projects into personal accounts, as it would quickly risk triggering a tax audit and, consequently, problems.

I want to open a crypto company in an offshore market, but I don't know how I can 'legally' withdraw my profits since I can't have a bank account for this company. Maybe someone creative has experience in this matter and would be willing to help or point me in the right direction?

Thank you for the response; I'm more interested in the owners of these companies - how do they withdraw their earned crypto on the platform since they can't directly withdraw it to a bank? Let's say platform X has earned a certain amount of money (crypto) from cryptocurrency exchange services and would like to realize their profits, but the company doesn't have its own bank account, so how do the owners pay themselves, for example, profits or salaries? In addition to their profits, they have to pay their employees, blockchain developers, cover server maintenance costs in fiat currency, and so on. So, how do they convert the crypto earned through the platform into fiat and how do they withdraw it for themselves?

Hello everyone!

I've recently started delving into cryptocurrency-related legal regulations. I wanted to start my own small business in this field, but I encountered a certain problem. Most crypto companies operate their headquarters in secure, unregulated jurisdictions like Seychelles, Belize, and similar exotic destinations. This would be understandable if it were that simple. However, when setting up a company in an exotic offshore location, no bank will open an account for such activity, let alone accept cryptocurrency from crypto exchanges or direct crypto payments. This raises the question for me - how do such companies operate? How is this issue resolved to ensure safety and enable the withdrawal of earned cryptocurrencies from the platform? Thanks for help