Is Mercury crypto friendly?
Partly. Crypto startups, DAOs and funds get accounts and can wire to exchanges, but Mercury bans exchanges and MSBs and lists buying or selling crypto through the account as grounds for closure.
CBL Score: 4 of 16
| Criterion | Score | Source |
|---|---|---|
| Accepts exchange transfers | no (0) | source · checked 8 September 2026 |
| Stablecoin off-ramp | no (0) | source · checked 8 September 2026 |
| Business accounts for Web3 | partial (1) | source · checked 8 September 2026 |
| Custody | no (0) | source · checked 8 September 2026 |
| Staking and yield | no (0) | source · checked 8 September 2026 |
| Card | partial (1) | source · checked 8 September 2026 |
| Multiple jurisdictions | partial (1) | source · checked 8 September 2026 |
| Open to retail | partial (1) | source · checked 8 September 2026 |
Total 4 of 16. Yes scores 2, partial 1, no 0. A secondary source is press or a third party rather than the bank or its regulator. Unverified means no source could be found; the score stands until one is.
Score history
Scores are revised when a bank's documents change. Each revision is dated and sourced.
| 8 September 2026 | Stablecoin off-ramp | partial to no | source |
| 8 September 2026 | Open to retail | no to partial | source |
| 8 September 2026 | Card | no to partial | source |
Standing
| Jurisdiction | United States |
| Type | Business banking |
| Health tag | Watch Not itself a bank. The 2024 Synapse collapse and the consent orders against its partner banks showed the model's fragility; Mercury left Evolve in 2025 and holds preliminary OCC approval for its own charter since April 2026. · checked 26 August 2026 |
| Last verified | 8 September 2026 |
If they close your account
Closure policy: Partial
| Notice | Mercury Terms of Use section 13: Mercury may terminate the agreement or suspend the account at its discretion, and gives notice of termination or suspension only to the extent permitted by applicable law. The Choice Financial Group Commercial Deposit Account Agreement section 6 says either side may terminate at any time upon notice and the bank may close the deposit account at any time. No fixed notice period is stated. Accounts may first be locked while Mercury reviews activity or waits for requested information. |
| Reasons given | By category only (terms breach, security risk, missing documents) |
| Access to funds | The help centre says account access is disabled once closed, incoming or scheduled transactions may still process, and details of fund disbursement are usually included in the closure notice; in some cases funds may be held, returned or unavailable because of regulatory obligations. The Choice deposit agreement section 6 says the closure notice includes instructions for receiving the remaining balance, and otherwise remaining funds may be returned by check to the address on file. While an account is locked, scheduled and incoming transactions may process but the customer cannot start new activity. |
| Appeal | The help centre says the decision is final in most cases and Mercury may not be able to give more detail or reconsider closure decisions. Questions go to help@mercury.com. Disputes with Mercury go to legal@mercury.com first, then binding individual arbitration through JAMS (Terms of Use section 15). No ombudsman or regulator route is named. |
| Names crypto as a ground for closure | yes |
Sources: Mercury help centre, Understanding account closures and access restrictions · official, checked 23 September 2026
Mercury Terms of Use, sections 1.4, 13 and 15 · official, checked 23 September 2026
Choice Financial Group Commercial Deposit Account Agreement, section 6 Termination · official, checked 23 September 2026
Mercury help centre, Request closure of your Mercury Business account · official, checked 23 September 2026
A closure usually starts as a freeze. The Frozen Account Survival Kit covers the first 48 hours. Every bank side by side: which banks tell you why they closed your account.
What Mercury allows and blocks
Allowed
- Business accounts for crypto and Web3 startups, DAOs and funds registered in the US
- Wires to exchanges such as Gemini and Coinbase, sent under the business name so the exchange can credit them
- Debit cards and the IO credit card, with 1.5 percent cashback and no annual fee
- Founders living outside the US, provided the company is US-registered and the founder is not in a prohibited country
- Mercury Personal accounts for US residents aged 18 and over, at 240 dollars a year
Blocked or restricted
- Crypto exchanges and any money services business
- Holding crypto or stablecoins in the account. Mercury says its accounts can only hold fiat
- Custody, staking, or any yield on crypto
- Using the account to buy or sell cryptocurrencies, which Mercury lists as a Terms of Service violation that can close the account
- Companies formed outside the US or a US territory
- Founders resident in Cuba, Iran, North Korea, occupied Ukrainian regions, or one of 49 prohibited countries including Russia, Ukraine, Nigeria, Pakistan and Vietnam
Opening an account
- The company must be formed and registered in the United States or a US territory. Founders can live abroad, and US citizenship is not required.
- Mercury asks for the legal business name and industry, a physical operating address, source of funds, current or planned US operations, supporting formation documents, and identity details for every owner of 25 percent or more plus one senior manager. Everyone listed must be 18 or older.
- Mercury does not publish an approval time. A third-party guide from June 2026 reports 3 to 5 business days for clean files and 2 to 4 weeks when a non-US founder triggers extended review.
- No minimum balance and no monthly fee on the basic plan.
- Money services businesses, exchanges, adult entertainment, cannabis, internet gambling and trusts are refused, as are founders resident in prohibited countries. In July 2024 Mercury closed accounts of existing customers in Ukraine, Nigeria, Croatia and other countries.
Fees that matter
- Basic plan is free. Plus is 29.90 dollars a month and Pro is 299 dollars a month, cheaper on annual billing.
- Domestic wires, ACH, and USD international wires are free to send and receive. A 15 dollar OUR option covers intermediary fees on outbound USD wires.
- Non-USD international wires carry a 1 percent conversion fee. Non-USD card spend carries an international transaction fee.
- No crypto trading, so no spread or crypto withdrawal fee. Mercury Personal costs 240 dollars a year, waived alongside a business account.
Regulatory history
| 2023 | Partner bank Choice Financial Group consented to an FDIC and North Dakota DFI order (FDIC-23-0086b, stipulation dated 13 December 2023) over Bank Secrecy Act violations, requiring customer due diligence and monitoring for customers onboarded through fintech partners. source |
| 2024 | The Federal Reserve and Arkansas issued a consent cease and desist order against partner bank Evolve Bank & Trust on 14 June 2024 for AML, BSA and OFAC deficiencies in its fintech partnerships. In July 2024 Mercury cut off founders in Ukraine, Nigeria and other countries after reported FDIC concern about Choice opening Mercury accounts in risky countries. source |
| 2026 | The OCC granted preliminary conditional approval on 24 April 2026 for Mercury Bank, N.A., Salt Lake City (Corporate Decision 1372), after Mercury applied in December 2025. Conditions include a 10 percent Tier 1 leverage floor for three years; FDIC insurance and Fed approval are still pending. source |
See a mistake? Email hi@cryptobanklist.com. Every factual correction is logged on our corrections page.
Questions about Mercury
Does Mercury let me send money to Coinbase or Kraken?
Mercury's Web3 page says wires to exchanges such as Gemini and Coinbase go out under your business name so the exchange can credit them. That page is aimed at crypto and Web3 companies. Mercury's account closures page also lists using the account to buy or sell cryptocurrencies as a Terms of Service violation, so an ordinary startup moving money to an exchange runs a real risk of review or closure.
Can a crypto company open a Mercury account?
Yes for crypto and Web3 startups, DAOs and funds, as long as the company is registered in the US. Exchanges and money services businesses are refused. The account holds fiat only, so there is no custody, staking or stablecoin balance.
Is Mercury a real bank?
Not yet. Accounts sit with partner banks Choice Financial Group and Column N.A., and the IO card is issued by Patriot Bank. Mercury applied for a national bank charter in December 2025 and the OCC gave preliminary conditional approval on 24 April 2026 for Mercury Bank, N.A. in Salt Lake City. FDIC insurance and Federal Reserve approval are still pending.
Can I open a Mercury account as an individual?
Yes. Mercury Personal opened to all US residents aged 18 and over in December 2025. It costs 240 dollars a year, waived if you also hold a Mercury business account. It is fiat only and does not offer crypto.
Closest alternatives
Yes for euro transfers through a personal Monerium IBAN, but Rebind is an app, not a bank, and it never names exchanges.8/16Cross River Bank
Yes for crypto businesses and fintech partners, which is who the bank is built for. Individuals can bank here too, but get no crypto features.