Paymaster Services for Bitcoin & Crypto Related Deals
Deals involving Bitcoin, mining equipment or digital asset businesses often connect parties who have never met. When the payment side is made in U.S. dollars, the firm can receive and pay it through its client trust account under a signed agreement.
What the firm does
The U.S. dollar payment for the transaction is wired to the firm's client trust account. The firm pays its client and the other beneficiaries according to the signed Paymaster Agreement, after every party has been identified and screened.
Digital assets: what the firm does not do
- The firm does not buy, sell, exchange, hold, store or transfer cryptocurrency for anyone. Transaction funds are received and paid in U.S. dollars by bank wire only. This keeps the firm outside California's Digital Financial Assets Law licensing.
- The firm does not recommend any digital asset, platform or project and gives no investment advice.
Paying the firm's own fee
The firm's fee is normally paid in U.S. dollars. In limited cases the firm may agree in writing to accept its own fee in Bitcoin or Ethereum; if so, the fee is fixed in U.S. dollars in the agreement, valued when received, and never mixed with client funds.
How it works
- Call or write to the attorney. Describe the transaction. Bahram Madaen confirms whether the firm can help and quotes the fee.
- Open your secure client account. Register, confirm your email and turn on two-step sign in.
- Complete the Client Information Sheet. The online Know Your Client questionnaire, plus identification and tax forms uploaded in the portal.
- Sign the Paymaster Agreement online. The written agreement sets out who pays, who is paid and when.
- Funds received and paid. After wire instructions are confirmed by telephone, funds arrive in the client trust account and are paid out by wire according to the signed instructions.
Compliance on every engagement
Federal law requires the firm and its bank to know who is sending and receiving funds. On every engagement the firm:
- verifies the identity of each individual and the owners and controlling persons of each company;
- collects IRS Form W-9 or W-8BEN / W-8BEN-E;
- screens all parties against U.S. Treasury (OFAC) sanctions lists;
- asks about the source of funds and the purpose of the transaction;
- declines or ends any engagement where documents do not match, a party will not identify itself, or the facts suggest fraud or another unlawful purpose.
Discuss your transaction with the attorney
Call or write to Bahram Madaen. Fees quoted per transaction. Please contact Bahram Madaen directly for a price. Every fee is set out in a written agreement before any funds are received.