Proxima Eight FZE LLC
Business Centre, Sharjah Publishing City Free Zone, Sharjah, United Arab Emirates
Business Centre, Sharjah Publishing City Free Zone, Sharjah, United Arab Emirates
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How We Helped a Blockchain Fintech Company Open a Wio Bank Account in the UAE | AML Zone
Opening a business bank account for a blockchain company in the UAE can be challenging — especially when banks wrongly classify non-custodial firms as crypto exchanges. In this case study, we show how we helped a blockchain development company (not a VASP) restructure its narrative and secure a corporate account with Wio Bank, overcoming multiple rejections.
UAE
9+ Years of Compliance Expertise
Project Based Delivery
Saudi Arabia
Oman
Bahrain
End-to-End Execution
Hands-on Partnership
Speed + Accuracy
Europe
Our client was a UAE-registered blockchain development firm, building smart contract infrastructure and tools — with no crypto custody, trading, or exchange activity.
Yet, multiple banks rejected their onboarding due to:
Yet, multiple banks rejected their onboarding due to:
- Website wording that resembled a crypto exchange
- Misclassification as a VASP (Virtual Asset Service Provider)
- Lack of clear inflow/outflow structure
- General risk aversion toward anything blockchain-related
Our Solution
We conducted a full narrative audit and restructuring:
-
We restructured the company’s positioning to align with banking expectations for non-custodial fintech businesses. -
This included clarifying the legal and operational model as a technology provider, not a virtual asset service provider. -
We prepared a comprehensive KYC/AML package that demonstrated the absence of crypto asset flows, presented a fiat-only revenue structure, and included supporting documentation on capital sources and client relationships. -
To address the bank’s concerns, we also crafted a formal explanatory letter detailing the business logic, risk profile, and compliance commitments.
The Result
- Wio Bank approved onboarding after internal reassessment
- The company received a fully functional business account
- Enabled clean fiat billing, salary disbursement, and vendor payments
- Timeline: ~4 weeks from restructuring to approval
- The business now operates as a recognized tech firm, not misclassified as a crypto exchange
Why This Case Is Important
Many fintech startups — especially blockchain-focused — are misclassified as crypto businesses by banks, even when they don’t handle crypto assets.
This case shows that with the right positioning and documentation, non-VASP blockchain companies can still access banking in the UAE.
This case shows that with the right positioning and documentation, non-VASP blockchain companies can still access banking in the UAE.
Why AML Zone?
- Deep crypto compliance expertise→ Our core team consists of experts in AML, CTF, and virtual asset regulation, with years of crypto-specific legal and operational experience.
- Experience with real VARA cases→ We’ve successfully guided VASPs through real MVP and FMP license applications — with practical insights into what VARA expects.
- Clear pricing and deadlines→ Fixed project-based fees, clear deliverables at each step, and realistic timelines for each licensing phase.
- Local + global understanding→ We combine knowledge of UAE and VARA frameworks with global best practices (EU, UK, Cayman, BVI, Estonia, Lithuania)
- End-to-end service→ From preparing your IDQ, risk matrix, and AML manual to structuring your Board and hiring a qualified MLRO — we handle it all.
- Multilingual subtitles
→ Documentation and communication available in English, Russian, and Arabic — seamless support across cultures.
Frequently Asked Questions
Yes, if they clearly operate as tech providers, not VASPs.
Wio is open to blockchain and Web3 firms, but requires clear documentation and distinction from exchange services.
It means the company never holds or manages users’ crypto — it provides tools, not asset services.
Only if your business is classified as a VASP. Non-custodial fintechs usually do not need it.
Yes. With narrative restructuring and a clear AML/KYC pack, many firms are onboarded after initial rejection.
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