In the wake of Bank of Valletta’s closure of several gaming companies’ bank accounts, a new venture which describes itself as a merger between a bank and a crypto exchange has offered its services up as an alternative.
Globiance’s website states it is willing to onboard high-risk businesses, from betting companies and crypto exchanges to arms dealers and porn sites, as well as offshore companies or most jurisdictions worldwide. It also boasts that a bank account can be opened within a week if the client is responsive.
“Besides Tourism and the Financial sector, Gambling and Crypto are two industries which Malta is famous for,” Globiance said in an email sent out to subscribers of the Malta AI and Blockchain Summit.
“Now, Malta’s biggest bank closes the accounts of all high-risk clients. It’s getting harder and harder, despite being licensed and highly regulated, to just open an account for many European companies based in the Gaming or Crypto industry. Globiance is here to help!”
Co-founded by Oliver La Rosa and Nicolas Brzustowski, Globiance, has offices in London and Malta, is licensed as a virtual currency wallet service provider in Estonia and has applied for a license in Malta.
It doesn’t have its own bank but opens bank accounts for its clients at a partner bank in Lithuania, which is directly connected to the SEPA (Single Euro Payments Area) network by the Central Bank of Lithuania.
Bank of Valletta used to be the only major Maltese bank to accept gaming companies as clients but it has recently started terminating its relationships with some of them as part of a de-risking programme prompted by instructions from the European Central Bank and the Malta Financial Services Authority.
“We want BOV to become the safest bank in Europe in a couple of years but it will take some heartache,” a BOV spokesperson said yesterday.