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How recently is “recently”? It seems (to me as an outside observer) that it’s gotten notably harder to get national-currency money out of exchanges in the last
by kensey 9y ago
How recently is “recently”? It seems (to me as an outside observer) that it’s gotten notably harder to get national-currency money out of exchanges in the last, say, 6 months, because (I’m guessing) as the price goes on an upward run, more people who bought low are trying to sell to realize those gains, which triggers higher transaction volume, which suddenly prompts correspondent banks to look at exactly what all this money moving around is — at which point AML/KYC processes kick in and some banks decide the relationship with the exchange is too risky.
Didn’t one of the major crypto exchanges recently lose all its correspondents for awhile and then picked up a single one again?
- DennisP 9y agoI resigned about a month ago. Coinbase and Gemini, for example, are U.S. exchanges that strictly follow money transmission regulations and AML/KYC. They're not likely to have banking problems, at least under the current regime. If you go with a sketchy foreign exchange so you can stay anonymous, you're more likely to run into problems.
- davidgerard 9y agoYep. In fact, Gemini's value proposition is that it's as rules-following and upright as a crypto exchange can be - they want to market to serious money who aren't interested in cowboy exchanges. Unfortunately, this has left them with much lower volumes than the more cowboy exchanges ...