Digital Asset Transactions

Paymaster Services for Bitcoin & Crypto Related Transactions

Deals involving Bitcoin, Ethereum, mining equipment or other digital asset businesses often bring together buyers, sellers and brokers who have never met. When the payment side of the deal is made in U.S. dollars, a licensed attorney paymaster gives every party a neutral account and a written record of where the money goes.

What we do

The U.S. dollar payment for the transaction is wired to our client trust account instead of directly to the other side. We hold the funds until the conditions in your signed agreement are met, then wire the seller and each intermediary their agreed share. Every party is identified before any funds are accepted.

What we do not do

Our role is limited so that it stays within the rules that apply to attorneys and to digital asset businesses:

  • We do not buy, sell, exchange or trade cryptocurrency for anyone.
  • We do not hold, store or transfer cryptocurrency on behalf of clients. Transaction funds are received and paid in U.S. dollars by bank wire only.
  • We do not give investment advice or recommend any digital asset, platform or project.
  • We do not represent either side in negotiating the underlying deal while acting as paymaster.

Compliance on every engagement

  • Identification for every individual and the owners and managers of every company involved.
  • IRS Form W-9 or W-8BEN (W-8BEN-E for companies) from each party.
  • Screening of every party against U.S. Treasury sanctions lists (OFAC).
  • Information about the source of the funds and the purpose of the transaction.
  • We decline or stop any engagement where the documents do not match, a party will not identify itself, or the facts suggest fraud or another unlawful purpose.

Paying our fee

Our fee is normally paid in U.S. dollars. In some cases we may agree in writing to accept our own fee in Bitcoin or Ethereum. If so, the fee is set in U.S. dollars in the written fee agreement, the digital asset is valued at the time it is received, and it is never mixed with client funds.

Protect yourself

Deals involving digital assets attract fraud. Never send money to anyone who claims to be a lawyer without checking their license on the State Bar of California website. Read our guide to red flags in commodity and crypto deals.

Fees

Fees quoted per transaction. Please contact Bahram Madaen directly by phone or email for a price. Every fee is confirmed in a written fee agreement before any funds are received.

Documents to prepare

  • Contract: a copy of the contract, agreement or written instructions for how the money is to be paid out.
  • Paymaster fee agreement: we send this to you after our first conversation.
  • Identification: a driver's license or passport for each individual involved.
  • Company records: for each business, its formation documents and the names of its owners and authorized signers.
  • Tax forms: IRS Form W-9 for U.S. citizens, residents and companies; IRS Form W-8BEN (or W-8BEN-E for entities) for everyone else.
  • Bank details for every beneficiary, in the beneficiary's own legal name.

We receive and send funds by bank wire only. We do not accept cash, checks or money orders.

Talk to the attorney before you sign

Call or email Bahram Madaen directly for a price quote and to confirm a paymaster arrangement fits your deal.

Call (714) 782-7275 Email attorneymadaen@gmail.com Use the contact form