Banking Circle is a licensed bank whose customers are other financial institutions. Its own site states that it does not service private individuals.
The reason its name reaches ordinary people is that it moves money for payment companies and crypto exchanges, so it can appear on a bank statement when you fund an account somewhere else.
That appearance is the money side of a transaction you have already recorded elsewhere.
What you get out of the box
Pick your import method.
Where your records really are
- Import the exchange or service you were funding. That is where the crypto side of the transaction lives.
On Kryptos
- Log in to Kryptos.
- Go to Integrations.
- Click Add Integration, then search for and select Banking Circle.
- Click the Banking Circle icon and choose Upload CSV.
- Upload the file. Kryptos reads it and categorises the transactions for you.
Good to know
- There is no personal account here.
- Seeing the name on a statement usually means you sent money to an exchange that banks with them.
- Sending money to an exchange is not itself a taxable event.
Why an unfamiliar bank is on your statement
Most people who look this name up are doing so because it appeared on a bank statement and they do not remember dealing with anyone by that name.
The explanation is that it is a bank for other financial firms. Payment companies and crypto exchanges need somewhere to hold and move money, and they use banks like this one. So when you transfer money to an exchange, the transfer can appear under the name of the bank the exchange uses rather than the exchange's own name.
Nothing about that is unusual and nothing about it is yours to report separately. Moving your own money into an account is not a taxable event: no asset was disposed of and none was acquired. The taxable event, if there was one, happened afterwards when you bought something.
The one thing worth doing is checking that the amount and date match a deposit showing on the exchange. If they do, everything is accounted for. If they do not, the statement is useful evidence of money you sent that the exchange's own records may have missed. For how deposits and purchases are treated where you file, see the USA crypto tax guide or the UK crypto tax guide.
Manage your Banking Circle portfolio with Kryptos.
Explaining an unfamiliar name on a statement
It generally means the exchange you were funding banks with them, so the transfer appears under their name.
Evidencing a deposit
Your bank statement shows what you sent and when, which is useful if the exchange's own record is incomplete.
Matching a deposit to an exchange
The amount and date on the statement should line up with the deposit showing on the exchange.
Audit-ready, automatically.
Once your wallets and exchanges are connected, generating a tax report takes a single click. Open Reports from the menu, choose your jurisdiction, and download.
Funding an account is not a taxable event
Moving your own money into an exchange is a transfer of cash. Nothing is disposed of and nothing is acquired until you buy something with it.
Do not record it twice
If this name turned up on your bank or card statement next to a crypto purchase, it is the money side of that purchase rather than a second event. The crypto itself was recorded wherever you bought it. Counting both would double the transaction.
There is nothing to import from here
Without a personal account there are no transactions to bring in.
Read-only by design.
- A file upload is read-only. Nothing connects to your account
- Kryptos never asks for your password or login details
- Delete an import at any time and its data goes with it
- Keep the original file: it is your evidence if anyone asks later
If something doesn't sync.
It is the bank used by a payment company or exchange you sent money to. The transfer is yours; the name is theirs.
You cannot. They serve financial institutions rather than individuals.
No. It is the money side of something already recorded at the exchange.
Still stuck? Email support@kryptos.io or open live chat from the app.