I want to open a company to do crypto P2P trading on Binance. How to guarantee the bank account not to be closed?

Dear Inquirer,

Thank you for reaching out.

Your concern about operating a P2P crypto trading business in the UAE is valid, as regulatory compliance and banking restrictions are critical factors.

While setting up a company can provide a legal structure, banks often impose strict measures on crypto-related activities, including potential account freezes or closures.

To ensure you proceed safely and legally, we highly recommend scheduling a consultation with our legal team.

We can guide you through the regulatory landscape and help you establish a compliant and secure business structure. Please visit our website or contact us directly for professional assistance.

Best regards,

Peer-to-peer (P2P) digital currency trading via Binance is a sensitive activity in the UAE.

Although the UAE adopts blockchain technologies and cryptocurrencies, regulations on cryptocurrency trading are still under development.

For UAE banks, there are reports indicating that some financial institutions may freeze or close accounts related to digital currency trading activities, especially if these activities are considered high-risk or

incompatible with the bank's internal policies. This can negatively affect companies that rely on these accounts in their financial operations.

Therefore, before opening a commercial account, you must check with the Central Bank first.

Contact us on the phone for help.

Dear questioner

Banks are under strict obligations to prevent money laundering and terrorist financing.

Cryptocurrency transactions, due to their nature, can sometimes be perceived as higher risk. Establishing a legally compliant company is crucial.

Ensure you obtain the necessary licenses and operate within the regulatory framework.

Operating within a free zone that has crypto regulations, such as the DMCC or ADGM, can be advantageous. Maintain meticulous records of all transactions.

Implement robust AML/KYC procedures. Be prepared to provide banks with detailed information about your business activities.

If you need further clarification, kindly share your WhatsApp number.

Hello!

Yes, it is true that some banks may be cautious or even freeze accounts involved in cryptocurrency-related activities, especially if the transactions are large or frequent, like in P2P trading.

To mitigate this risk, it's essential to open a business account with a bank that is crypto-friendly or consider working with specialized fintech companies and banks that support crypto businesses.

Additionally, setting up your company in a jurisdiction with clear crypto regulations can help minimize banking issues.

We can not only provide guidance but also facilitate the setup with the right players.

Kindly reach out on the phone or share your contact details for further clarification and guidance.

Badr Legal Consultants

Yes, and to avoid such a fate, you need to structure your company properly. It is advisable to engage with a qualified lawyer in this regard.

You also need to fulfill all legal and compliance requirements.