Commercial Mining Farm Banking Issue

[gwestcot]

I have everything planned out as far as the facility but the main problem is I am unable to obtain banking. I have talked to a AML compliance consultant and he seems to think it is unnecessary for me to create a program due to me being only a miner. Despite this, It has been nearly impossible to obtain banking for my business as I have been rejected in person on almost 20 occasions. Does anybody know of some banks in the United States that are friendly to crypto startups? If not, have you found any ways around needing to be banked? I am very likely to have orders from distributors be well over 100k USD so please take that into consideration when giving me advice. Any advice on a bank, mobile banking, and any workaround would be greatly appreciated. Also note that cryptocurrency is in my LLC name so it is kind of hard to hide my business purpose.

[gwestcot]

Bump

[giveen1]

You are going to get rejected. Most banks think that you are doing day trading because of your name and will reject you.

If you had made your name vague and stated you were a datacenter or something like that, you might be able to get away with it.

[x8664amd]

Silvergate Bank is the most crypto friendly.

[gwestcot]

Silvergate Bank is the most crypto friendly.

That sounds promising and I would will definitely give them a try.

You are going to get rejected. Most banks think that you are doing day trading because of your name and will reject you.

If you had made your name vague and stated you were a datacenter or something like that, you might be able to get away with it.

I should not need to be deceptive since I am not a MSB under the law.

[Tidsdilatation]

Lol i didnt even know banks offered lending to crypto mining startups?! Where i live u gotta bank it urself. Why would a bank take a risk like that? Its not very smart. And their bottom line is all about profits, but i guess this shows that we are back to square one again and 2008 will happen soon again. 

[gwestcot]

Lol i didnt even know banks offered lending to crypto mining startups?! Where i live u gotta bank it urself. Why would a bank take a risk like that? Its not very smart. And their bottom line is all about profits, but i guess this shows that we are back to square one again and 2008 will happen soon again.  

It’s kind of hard to purchase mass orders from distributors without banking if they don’t accept crypto. Well being a miner isn’t a MSB so the risks aren’t really there to begin with. I think it is mostly a stigma thing and a competition thing than about risk.

[eissug]

Try a small local credit union.  Banks are for punching out your hat like in Marry Poppins.  Maybe find one that doesn't charge for coin deposits.  That could indicate a more relaxed policy. 

[dhouse]

I have everything planned out as far as the facility but the main problem is I am unable to obtain banking. I have talked to a AML compliance consultant and he seems to think it is unnecessary for me to create a program due to me being only a miner. Despite this, It has been nearly impossible to obtain banking for my business as I have been rejected in person on almost 20 occasions. Does anybody know of some banks in the United States that are friendly to crypto startups? If not, have you found any ways around needing to be banked? I am very likely to have orders from distributors be well over 100k USD so please take that into consideration when giving me advice. Any advice on a bank, mobile banking, and any workaround would be greatly appreciated. Also note that cryptocurrency is in my LLC name so it is kind of hard to hide my business purpose.

What the hell, why are they rejecting you? You're not talking about loans, you're just talking about having a bank account for your business, right? this boggles my mind.

[dhouse]

I also have no idea if this would matter, but US Bank at least has let me use credit cards to buy crypto, which a lot of banks don't allow. Maybe try them if you haven't already.

[gotminer]

Lol i didnt even know banks offered lending to crypto mining startups?! Where i live u gotta bank it urself. Why would a bank take a risk like that? Its not very smart. And their bottom line is all about profits, but i guess this shows that we are back to square one again and 2008 will happen soon again. 

Yeah that's a little crazy that a bank would lend money for a mining startup.  Maybe the ones that do just have no idea what they're getting themselves into. 

[dhouse]

Lol i didnt even know banks offered lending to crypto mining startups?! Where i live u gotta bank it urself. Why would a bank take a risk like that? Its not very smart. And their bottom line is all about profits, but i guess this shows that we are back to square one again and 2008 will happen soon again. 

Yeah that's a little crazy that a bank would lend money for a mining startup.  Maybe the ones that do just have no idea what they're getting themselves into. 

well the truth is that a lot of startups are really risky, just take a look at statistics of how many fail

[mediaboy]

Lol i didnt even know banks offered lending to crypto mining startups?! Where i live u gotta bank it urself. Why would a bank take a risk like that? Its not very smart. And their bottom line is all about profits, but i guess this shows that we are back to square one again and 2008 will happen soon again. 

You dont know how profound this comment is. In many ways we are back to 2008! This time the bubbles are everywhere thanks to reckless central banksters. Thats what they do anyways , manage the situation from one crisis to the next crisis. So much more profitable that way.

[gwestcot]

Lol i didnt even know banks offered lending to crypto mining startups?! Where i live u gotta bank it urself. Why would a bank take a risk like that? Its not very smart. And their bottom line is all about profits, but i guess this shows that we are back to square one again and 2008 will happen soon again. 

Yeah that's a little crazy that a bank would lend money for a mining startup.  Maybe the ones that do just have no idea what they're getting themselves into. 

well the truth is that a lot of startups are really risky, just take a look at statistics of how many fail

I don’t need a loan since I have a fairly substantial amount of startup capital on my own. I simply need a bank that will give me a commercial account.