Buying crypto as a registered UK Company is impossible
I went through a lot of processes and time to set up an institutional account with Binance. I have a British Bank account. The documentation and process alone took me about a month to validate fully.
Long story short IU got fully validated and so I decided to buy 1 BTC to start to put it on my balance sheet.
And then I realized I cannot buy anything. What a FUCKTARD of a company Binance you are. You made me spend a month setting up, getting paperwork, going to and from with your institutional team to validate, and then I can’t buy????
Binance institutional account has 4 different ways enabled for you to buy:
* **Credit/Debit Card Deposit** \- This is disabled for UK Companies
* **Card Deposit** \- This is disabled
* **P2P Trading** \- This is only facilitation but you’re trading outside of Binane and I am paying a third party, leaving me exposed possibly as I would still need a full invoice. Maybe someone here can help on this and highlight what are the pros and cons of going through P2P
* **Cash Balance** \- Well cant put cash so this is stupid to even have unless you have cash on your account.
The user experience for an institutional account for a small company has been abysmal to say the least.
I received a call from the sales representative in the UK once I finalized the KYC validation and once he understood I was only a small fish looking to buy a few BTC and not 100+ he just literally hang up on me and left me to my own devices.
How do I move forward?
This is not Binance fault. After Brexit, the UK has returned to the stone age.
Binance is a shit company no surprises here.
Binance is renowned for their excellent trading platform. Their OTC buying and selling options have always been rather shitty, mainly due to compliance issues and lack of regulation in certain countries, the UK being one of them.
If you intend to buy and sell for cash, you should avoid Binance and use regulated exchanges in the UK.
If you don’t mind trading for stable coins, then that’s where Binance really shines.
All you need to do is purchase some stable coins on a third party, send the funds to Binance, and start trading / investing away at a fraction of the fees regulated exchanges in the UK will charge.
Once you want to cash out, send stable coins back to the regulated exchange in the UK and cash out from there.
Have you tried Crypto.com? I wonder if available there. I know they’re have fulfilled more regulation requirements than Binance.
There is a way to deposit into the account via a secondary account. Ive used it many times and its almost instant. Just make sure if tou are making big investments, to invest into a decent cold storage wallet. If you want the info comment and ill be happy to give you it, no links or bs, just how to find it yourself in the app.
Try OTC with another exchange or company?
Can’t you use your DLA to fund the purchase through a personal account and then transfer the coin to your corporate account as DLA repayment?
Halifax works just fine, as do Monzo and revolut. I’m guessing your banking with HSBC or maybe Lloyds NatWest?
Oh man, go to Nexo. No problem at all with your UK’s bank account. If is not for trading purpose it’s going to be way better
What a nightmare, so Binance is offering UK business owners accounts that theoretically don’t exist or can not be set up.
Once the SEC is finished with XRP, they will move onto BNB and CRO, it could be lights out for Binance very soon.
Buy it from any account and send it to a company ledger. You don’t want your BTC stored in an exchange anyways