Banking & Exchange Setup for Your Wyoming LLC #
You formed a Wyoming LLC for crypto. Smart move for privacy and asset protection. Now you need a bank account that won’t slam the door in your face the moment you mention digital assets. Most traditional banks still treat crypto like it’s radioactive, but some have figured out there’s real money in serving legitimate businesses.
Here’s what actually works. You need clean documentation first. That means your Wyoming LLC formation papers, your EIN from the IRS, a proper operating agreement, and a clear business purpose statement. Banks want to see you’re running a real operation, not some shell game. The business purpose matters more than people think. “Cryptocurrency trading” sounds sketchy to compliance departments. “Digital asset portfolio management” or “blockchain technology consulting” reads better.
Mercury, Relay, and Axos are your best options right now. They understand crypto businesses and have compliance teams that won’t freeze your account every time you move money. Mercury is fast and clean for startups. Relay gives you multiple accounts under one login, which helps if you’re separating business functions. Axos has been in the crypto space longer and can handle larger volumes without getting nervous.
The application process looks like opening any business account, but crypto adds scrutiny. Banks run enhanced due diligence because federal regulators still classify digital assets as high-risk. You’ll answer questions about transaction volumes, sources of funds, and how you’ll use the account. Be specific. Vague answers trigger red flags that turn into account denials.
Here’s where people mess up. They try to DIY the whole thing and wonder why banks keep rejecting them. The documentation needs to tell a coherent story. Your operating agreement should match your stated business purpose, which should align with your expected transaction patterns. Inconsistencies make compliance officers suspicious, and suspicious means denied.
Getting professional help with the setup prevents those denials. Teams that specialize in crypto banking know exactly what banks want to see. They prep your documents so you don’t get flagged. You submit once, you get approved, you move on with your business.
One critical thing: your bank account and your asset custody are completely separate issues. Banking handles fiat transactions. Custody is where you store the actual crypto. Never confuse the two. Your LLC bank account at Mercury or Relay manages USD. Your digital assets should sit in proper custody solutions like hardware wallets. D’Cent makes solid cold storage options that give you control without the risk of exchange hacks.
This connects to bigger wealth management questions if you’re dealing with substantial assets. Once you’re moving serious money through crypto, you’re not just running a business anymore. You’re managing wealth that needs proper structure.
That’s where registered investment advisors come in. RIAs operate under fiduciary duty, meaning they’re legally required to act in your best interest. Broker-dealers don’t have that same obligation. They can sell you products that pay them higher commissions. An RIA can’t. That difference matters when someone’s managing your portfolio.
Digital Wealth Partners provides RIA services that include investment advisory, asset custody, and financial planning at the fiduciary level. They handle the wealth management piece while understanding how digital assets fit into your overall strategy.
But when your financial life gets complex enough, you need more than just investment management. Multiple LLCs, estate planning across generations, tax optimization across different asset classes, coordinating advisors who all work in their own silos. That’s family office territory.
Family offices coordinate everything. Multi-generational wealth transfer, estate and succession plans, tax strategy that looks at your whole picture, the kind of financial coordination that requires someone to actually know all the pieces. Digital Ascension Group handles that level of service, including philanthropic planning if you want to structure giving properly.
Most people don’t need a family office until assets cross eight figures and complexity reaches the point where managing it yourself costs more than hiring professionals. But if you’re there, trying to coordinate everything alone is expensive in both money and mistakes.
Contact Digital Ascension Group to learn how our family office services can coordinate your complete financial picture.
