Crypto OTC in The Bahamas: Options for Large Trades

Put US$250,000 into a market order on a public exchange and you will move the price against yourself before the order fills. That is why large crypto trades usually happen over the counterOTC (over the counter) A private deal for large amounts, usually $50,000 or more, priced by a desk rather than on the public order book so the trade does not move the market. Glossary: you ask a desk for a single price for the whole amount, agree it, and settle privately. In The Bahamas the question has an extra layer. Which desks are actually registered here, which ones will onboard a Bahamian resident from abroad, and what does the Central Bank expect when that much Bahamian money becomes a foreign asset?

This guide is for high-net-worth buyers, family offices, businesses and expats making block trades. It names the firms on the Securities Commission register that matter for large trades, sets out the published minimums of offshore desks, and explains accredited-investor status, exchange control, settlement and onboarding in plain terms.

What an OTC desk does, and when you need one

An OTC desk is a trading service that quotes you a price for a fixed amount, usually valid for seconds or minutes, and then exchanges the crypto and the dollars with you directly. Instead of paying a visible taker feeMaker / taker fee Exchanges charge less if your order waits on the order book (maker) and more if it fills instantly against an existing order (taker). Glossary and suffering slippageSlippage When your order fills at a worse price than you saw on screen, because the price moved or there were not enough sellers at that price. Glossary as your order eats through the order bookOrder book The live list of everyone’s buy and sell offers on an exchange, sorted by price. Glossary, you pay a spreadSpread The gap between the price you can buy at and the price you can sell at. A hidden cost that is not shown as a fee. Glossary built into the quote. Desks also handle the settlement mechanics and, at the better ones, a dedicated contact who answers the phone.

As a rough guide, OTC becomes relevant somewhere between US$20,000 and US$100,000, depending on the desk. Below that, a regular exchange account funded by wire is normally cheaper and simpler. Our guide to Bahamian banks and crypto covers that route. Above it, the calculator below shows how slippage on the order book compares with a desk’s spread.

No desk we found publishes its spreads. They quote per trade, depending on the coin, the size, the time of day and how much business you bring. Treat the sliders above as a way to test assumptions, and ask for two or three quotes for the same amount at the same moment before you commit.

SCB-registered firms relevant to large trades

The latest SCB register lists 35 digital asset businesses. Most serve clients abroad: the SCB reports that only 1,376 of the sector’s more than two million clients live in The Bahamas, holding about US$16.5 million. The firms below are the ones most relevant to a large trade or to holding a large position, based on what each is registered to do.

A few notes on the names. Delchain sits at Deltec House, but Deltec Bank said in late 2022 that it does not hold or trade digital assets for itself or its clients; the crypto services sit with Delchain, which offers crypto-to-fiat settlement, offline custody, trading and staking, and fiat accounts through banking partners. Our Delchain and Deltec review covers who it accepts. Capital Union Bank uses Taurus custody technology, announced in January 2023; see our Capital Union Bank review. Bank J. Safra Sarasin’s registration covers receiving and passing on orders, which suggests it routes trades rather than dealing itself. Smaller registrants such as Bitrus, Virtus Capital and WG Capital are also registered for order execution. Nearly all of these offices are in western New Providence, around Lyford Cay, Sandyport and Caves Village; our Nassau guide has the local context, and the full list is on our SCB register guide.

Offshore OTC desks and their published minimums

Most of the world’s big desks are not registered in The Bahamas. Any service they offer you comes from a foreign company, under foreign law, and our Kraken review covers what that means in practice for one of them.

Kraken requires a Pro-verified account before its desk will trade, and The Bahamas is not on its list of prohibited regions. Bybit does not list The Bahamas among excluded countries. Whether Crypto.com’s desk onboards Bahamas residents is unconfirmed.

Accredited investors under the DARE Act

The DARE ActDARE Act The Digital Assets and Registered Exchanges Act 2024, the Bahamian law that requires crypto businesses operating in or from The Bahamas to register with the Securities Commission. Glossary 2024 defines an individual accredited investorAccredited investor Under DARE 2024, an individual with net worth over $1 million or income over $200,000 in each of the last two years. Glossary as someone with a net worth over $1,000,000, or income over $200,000 in each of the two most recent years. The definition matters because of how the Act draws its border. A firm carries on digital asset business “in The Bahamas”, wherever it is physically located, if it offers services to a person “who is not an accredited investor” residing here. In plain terms, an offshore desk serving non-accredited Bahamian residents falls within the Act’s reach, while one serving only accredited investors is outside that particular test. Expect desks to ask you to confirm your status in writing, and to back it up. This is our reading of the statute, not legal advice; our regulation guide covers the Act in full.

Exchange control on large sums

At OTC size, exchange controlExchange control Central Bank rules on residents moving Bahamian dollars into foreign currency or foreign assets. Crypto is treated as a foreign asset. Glossary stops being a footnote. The Central Bank treats crypto as a foreign asset, and its Digital Assets Guidelines 2023 say authorised dealers, meaning the commercial banks, may help residents buy and sell digital assets through the Investment Currency MarketInvestment Currency Market The Central Bank’s channel for residents buying foreign currency for overseas investment, with a 5% premium on purchases and 2.5% on sales. Glossary only after obtaining exchange control approval. ICM purchases carry a 5% premium, and the Central Bank’s ICM page says sales of the proceeds attract a premium of 2.5%.

Since 1 June 2024, individuals can convert up to $100,000 for overseas investment through their bank without prior Central Bank approval, because banks now handle those requests under delegated authority. The press release announcing the change does not mention crypto, and we found no Central Bank notice since 2023 that addresses digital assets specifically. Above that level, or wherever your bank is unsure, expect a formal application; the Central Bank’s 2022 notice on residents’ investments in foreign-currency assets lists the documents. Add the 1.5% stamp dutyStamp duty (FX) A 1.5% government tax on converting Bahamian dollars into foreign currency, charged by your bank. Glossary on converting B$: on a US$250,000 purchase that is US$3,750, and an ICM premium, if it applies, would be US$12,500 more. Plan the approval before you agree a price, not after.

Settlement: how the money and coins change hands

Most OTC trades by Bahamian residents settle in US dollars by SWIFT wire. Your bank’s outgoing fee is small relative to the trade: Fidelity charges 0.11% plus B$22, capped at B$220, and CIBC lists up to B$137.50. The bigger questions are sequencing and trust. With an exchange-based desk such as Kraken’s, you usually pre-fund your account, trade and withdraw. With a smaller desk, ask who moves first, how long the quote is held while the wire travels, and whether the desk will deliver coins in stages for very large amounts. Some desks, including Bybit’s, settle in crypto or stablecoinsStablecoin A crypto token designed to stay worth $1 (or another currency), usually backed by cash and short-term US government debt. USDT and USDC are the best known. Glossary, which suits holders who are swapping one asset for another.

On delivery, give the desk a wallet you control and can prove you control. Under the SCB’s August 2026 Travel Rule guidance, Bahamas-registered firms attach full sender and recipient details to transfers of US$1,000 or more and must assess transfers to self-hosted wallets at any value. Long-term holdings belong in cold storageCold storage Keeping crypto keys completely offline, for example on a hardware wallet in a drawer, so hackers cannot reach them over the internet. Glossary or with a registered custodian; our wallet guide covers self-custody, and the cash-out guide covers bringing large sale proceeds home.

What onboarding involves

OTC onboarding is closer to opening a private bank account than signing up to an app. Expect to provide certified identification and proof of address, a statement of source of fundsSource of funds Proof of where your money came from, such as a payslip, sale agreement or bank statement. Often asked for larger deposits or cash-outs. Glossary for the trade and of source of wealth for your overall position, recent bank statements, and evidence for any accredited-investor claim. Companies and trusts add incorporation documents, registers of directors and shareholders, and details of every beneficial owner. Some desks are selective about counterparties: Delchain’s corporate intake, for example, rejects unregulated exchanges and OTC desks, and it does not serve US persons at all. Allow days or weeks, not hours, and start the paperwork before the trade you have in mind.

Related guides

Registered companies The official DARE register, decoded firm by firm. Read guide Delchain (Deltec) Delchain operates from Deltec House in Lyford Cay with custody, trading and fiat settlement for … Read guide Capital Union Bank A Bahamian private bank registered under the DARE Act for custody, exchange and staking. Service… Read guide Banks & exchange control Wire fees, card surcharges and the 1.5% stamp duty, bank by bank. Read guide