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Cryptocurrency friendly banks in IOM


Aspie
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As a UK resident planning to move to IOM I was hoping someone on IOM can share their personal experience with depositing sterling funds to local banks from cryptocurrency exchanges including Binance, Kraken, Coinbase, Gemini and cryptocurrency businesses including Celsius, NEXO, Crypto.com etc. 

I ask because the IOM has a crypto friendly regulatory framework but bank fiat currency on and off ramps locally is unclear. 

 

 

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Are you suggesting that we pushed the Island as being super friendly to Crypto; but forgot to get the banks to agree to it, so you couldn't bank it anywhere? 

In which case, you would be correct.... 

However, Capital International are more friendly towards it.  But not sure of their personal banking remit and I think they might have quite a high threshold for your personal assets. 

Other option would be to open an account with Coincorner here or just give them a call to chat about local friendly banks. 

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16 minutes ago, pongo said:

IOM Bank allows exchanges to and from UK FCA regulated exchanges. At least some (I cannot say all because I do not know).

Ha, forgot about them!  Yeah they'll play ball with Coinbase certainly, as I've got an account there.  Only small fry mind.  If you're a whale, might be a different story! 

Although it will take about 3 months for them to open the account. 

 

Edited by The Phantom
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Lloyds OK with it - receive funds onto my debit card, and can deposit via the card, or bank transfer.  They did call me up before allowing one largish deposit to make sure I wasn't being scammed and I knew what I was doing, which was quite reassuring.  

Paypal are now doing some Crypto, so that's another option.

I ditched Binance - they seemed to make it all too difficult, wanting selfies of my passport every other time I tried to log on.  Coinbase much friendlier.

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On 9/30/2021 at 11:06 AM, wrighty said:

Lloyds OK with it - receive funds onto my debit card, and can deposit via the card, or bank transfer.  They did call me up before allowing one largish deposit to make sure I wasn't being scammed and I knew what I was doing, which was quite reassuring.  

Paypal are now doing some Crypto, so that's another option.

I ditched Binance - they seemed to make it all too difficult, wanting selfies of my passport every other time I tried to log on.  Coinbase much friendlier.

You only need to do KYC with binance once and I have not had any issues with them

Their token BNB is a strong play if Crypto continues to grow 

Those who held BNB could apply for a prepaid card with which you can get upto 8% cashback on everyday spend depending on how much BNB you have 

It was initially open to IOM residents (not UK residents 🙂 ) but they are not issuing it any more. 

But accumulating crypto with just everyday spend is nice. 

 

Crypto.com also issues cards for IOM residents ( and UK residents as well ) .  You can get upto 8% cashback depending on how much of the native Crypto (CRO) you have staked.  It's a low risk way to accumulate Crypto .

You need to use a UK mobile number for this as it does not like sure/ manx telecom numbers 

 

 

Edited by mad_manx
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On 9/30/2021 at 11:06 AM, wrighty said:

Lloyds OK with it - receive funds onto my debit card, and can deposit via the card, or bank transfer.  They did call me up before allowing one largish deposit to make sure I wasn't being scammed and I knew what I was doing, which was quite reassuring.  

Paypal are now doing some Crypto, so that's another option.

I ditched Binance - they seemed to make it all too difficult, wanting selfies of my passport every other time I tried to log on.  Coinbase much friendlier.

I agree, binance is being banned all over the place.  Plus the benefits they offer like staking rewards are pretty poor compared to other places.  

 

I use coinbase to purchase and ftx and Kraken for trading and parachain auctions

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On 10/1/2021 at 5:33 PM, cissolt said:

I agree, binance is being banned all over the place.  Plus the benefits they offer like staking rewards are pretty poor compared to other places.  

 

I use coinbase to purchase and ftx and Kraken for trading and parachain auctions

Binance has given me more returns than anything else over the last 4 years .. I have been holding BNB  since the ICO in 2017.

Agree that the staking  rates  on binance  are lower than other platforms .For example I can get 14% per year with  TGBP ( stablecoin which is 1:1  with GBP) on crypto.com.

But the real return with Binance/ BNB is with the launchpad ( and to a lesser  extent with launchpools ) .

 

For BNB holders Binance offers heavily discounted tokens before they are listed 

I have had many 30 and 40X this year on launchpad.  And cannot forget AXS . I think I got it for around 0.1 USD in launchpad around  a year ago and it's $107 at the moment.

Plus unlike staking where we may ge potentially be liable to taxation here, launchpad is unlikely to be an issue.

You are buying  tokens which have not traded before and can sell them with a gain.. And we don't have capital gains tax here 😉

Edited by mad_manx
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  • 7 months later...
On 9/28/2021 at 3:45 PM, Aspie said:

As a UK resident planning to move to IOM I was hoping someone on IOM can share their personal experience with depositing sterling funds to local banks from cryptocurrency exchanges including Binance, Kraken, Coinbase, Gemini and cryptocurrency businesses including Celsius, NEXO, Crypto.com etc. 

I ask because the IOM has a crypto friendly regulatory framework but bank fiat currency on and off ramps locally is unclear. 

 

 

 

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Hi did you find the best solution or bank for this? I’m re locating back to IOM and looking to see if Lloyds are ok to deposit to coinbase for example.

 

Many Thanks

 

Pete

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