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In the aftermath of the recent collapse of three digital asset-friendly financial institutions in the U.S., crypto firms in the country are seeking offshore bank accounts. Switzerland, Lichtenstein, and island jurisdictions have emerged as potential beneficiaries of this trend.
Swiss-based Sygnum and Bank Frick in Lichtenstein have reported an increase in requests to open accounts from various jurisdictions, including the U.S. Other options for U.S. dollar-based banking include SEBA Bank in Switzerland, FV Bank in Puerto Rico, Jewel Bank in Bermuda, and Tether and FTX-tied Deltec in the Bahamas. EQIBank in Dominica has also been identified as a potential option.
It is no surprise that Crypto firms will likely look beyond Europe for their banking needs as more jurisdictions are increasingly friendly toward digital assets there. Besides, the banking crisis in the United States does not make things any easier.
Last week, three of the U.S.’s preferred banks for crypto companies, namely Silvergate Bank, Silicon Valley Bank, and Signature Bank, were either liquidated or shut down by regulators. While an interim solution has been set up for Silicon Valley Bank, companies will have to move their funds to other banks in the long term.
However, regardless of where they look for banking partners, U.S. crypto companies are likely to face regulatory risks in their home jurisdiction.