Release of Personal account services are postponed
Cashaa has been at the frontier of crypto-friendly banking, since the time we have issued the first UK current accounts in August 2019 in the same month when Barclays shut down the banking services for Coinbase in the UK.
We have never looked back since then and today with more than 5 banking partners in 3 continents we are providing business banking to more than 200+ crypto companies. Today with our vast network of partners we are leading the way for crypto-friendly banking services globally.
We are committed to bringing our services to the masses asap so that we all can experience next-generation banking. Our team across the globe is working actively to make this dream come true. But creating a high-risk product (as per regulators) that enables mass onboarding is challenging. In the last 3 months these hurdles became more challenging:
- The US treasury suspects a huge number of financial institutions in the crypto domain for facilitating money laundering. They are conducting audits and if found involved in illicit activity these institutions can be penalised or even shut down.
As soon as we got the information we looked into the detail of each of our business customer’s records and thanks to our strong AML policy and transaction monitoring, none of our customers who are banking with us in the USA is at any risk. However, as we are extra cautious to onboard new companies and may ask for additional documents on fund flows, your cooperation is needed if your application is under process.
2. In January, UK and European regulators released guidelines for the companies who are dealing in crypto. Following these guidelines, all major banks started to shut down the bank accounts of companies in the crypto domain. Not only this, unicorn startups like Revolut, Transferwise and huge banks like HSBC and Natwest are even closing accounts of individuals who are involved in cryptocurrencies. Bank accounts of many prominent crypto companies have been shut down and many of them reach out to us and are going through our due diligence process.
At Cashaa, we are already enabling thousands of transactions each day for the crypto industry and we cannot afford to do anything in a rush just to be first in the industry. Our mission is to be the leader in space by staying on the right side of the law. After considering all the factors, we have made the following updates to our services:
- Business Banking (worldwide): No impact on existing customers or new customers.
- Personal Wallet: All fiat (GBP, EUR and USD) transactions for personal users until further notice are disabled. Please note if you already have funds in your wallet you can use it without any issue.
- Personal Banking (worldwide except India): The release of Banking services for personal users has been postponed for the second half of 2021 with no fixed date.
- Banking services (India): The roadmap of Unicas will be followed for both Business and Personal users, there are some delays due to Covid 19 but no major impact.
We welcome new rules as this shows that the crypto industry is maturing well and regulators are interested in bringing this to the masses in a safer way. We remain hopeful that in 2021 we will be able to release our services for personal users to obtain mass adoption. Soon the website will be updated with the new roadmap.
Upcoming AMA with Kumar:
Expected date 6th May 2021 depending on his speedy recovery. As per the last test on 25th April, he is still COVID positive.
Cheers and Stay safe!