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Swiss Bank First To Accept Accounts From Crypto-Related Businesses

Traditional banks have been reluctant to serve cryptocurrency exchanges and blockchain related businesses since their beginnings. And even legal battles have been fought for this simple fact. But this animosity between banks and cryptocurrencies could be changing in a near future. A bank in Switzerland is now reportedly accepting accounts from cryptocurrency related businesses, with some caveats; this according to an article published by Finnews.
Hypothekarbank Lenzburg, a regional small bank in Sweden with only 216 workers, is opening accounts to crypto-related businesses such as exchanges. Their CEO, Marianne Wildi, states that innovative banking must see the opportunity in serving these kinds of clients and that working with advanced tech businesses like blockchain service lenders is a matter of credibility to them.
Banks often deny the service to cryptocurrency exchanges and Initial Coin Offering derived ventures, commonly alleging that most of them do not comply with the strict anti-money laundering and identification policies to check that the funds received for every transaction are legal. And they could be onto something there: a study recently revealed that 68% of mayor cryptocurrency exchanges are not fully KYC compliant, that is, that they don’t require full ID checks for customers. So this does present risks for the banking industry, that unlike exchanges, is heavily regulated.
But Hypothekarbank Lenzburg has chosen to face this challenge in a different way: while traditional banks deny servicing these businesses, they have opted to examine each application by hiring a third-party security consultant, Geissbuehler, Weber & Partner to do it. So, if they determine that the business complies with the bank requirements to open an account, they will be happy to do it.
But this approach has also its drawbacks: the bank accounts for crypto businesses are more expensive than normal bank accounts, due to the cost of the previous inquiry. Still, it is a cost that most cryptocurrency endeavors will be eager to pay to get trusty banking services with no drama associated.

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