USD Settlement Account Needed for Licensed Canadian MSB With Crypto-Derived Revenue

Summary

A FINTRAC-registered Canadian MSB is looking for a USD settlement account to receive its own commission revenue from crypto transactions executed through licensed third-party exchanges. The funds are not pooled client funds and no client custody is needed. Bids are invited from banks, BaaS providers, payment institutions and other regulated account providers comfortable with crypto-adjacent fiat flows.

Description

A FINTRAC-registered Canadian money services business is seeking a USD settlement account to receive fiat commission revenue derived from crypto transactions executed through licensed third-party exchange partners.

The company is inviting bids from banks, BaaS providers, payment institutions, and other regulated account providers comfortable with crypto-adjacent fiat flows from documented, licensed counterparties.

Entity Profile: Canadian entity registered with FINTRAC as a Money Services Business; RPAA compliance track; Part of a multi-jurisdiction group with regulated entities in the EU and US; Foreign-owned; enhanced due diligence expected; PCMLTFA-compliant AML program in place, including compliance officer, KYC/KYB, sanctions screening, and blockchain analytics.

Account Purpose

The account will be used to receive and settle USD commission revenue.

Flow characteristics: Revenue is derived from crypto sales executed by licensed third-party exchanges; Fiat received is the entity’s own commission revenue; Funds are not pooled client funds; No client custody is required from the account provider; USD account required; CAD capability is a plus.

Volume Profile

The company earns a blended commission on crypto transaction volume.

Indicative year-one activity: Approximately 1,000 crypto transactions per month; Blended commission rate of approximately 0.5% to 1.0%; Settlement amounts to be confirmed with shortlisted providers.

These figures describe underlying crypto transaction volume and related commission economics, not fiat balances held on behalf of customers.

Provider Requirements

The company is seeking a provider that can offer: USD account; Online access; Wire capability; Optional CAD and FX support; Comfort with crypto-derived fiat revenue from licensed exchange counterparties; Comfort onboarding a foreign-owned, FINTRAC-registered MSB; Clear fee schedule covering onboarding, monthly maintenance, wires, transactions, and FX.

Onboarding Package Available

The company can provide: Business plan; AML/compliance program; Flow-of-funds documentation; Ownership chart; FINTRAC registration details; Licensed-exchange counterparty information; Supporting due diligence documents.

Providers should submit indicative fees, onboarding timeline, documentation requirements, supported currencies, and any restrictions on crypto-adjacent fiat flows.