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The solution to that is pretty straightforward - do not allow outbound cryptocurrency transactions. Any financial institution already compliant with KYC and AML
by ThrustVectoring 8y ago
The solution to that is pretty straightforward - do not allow outbound cryptocurrency transactions. Any financial institution already compliant with KYC and AML laws could add in a "deposit cryptocurrency" button and a cryptocurrency exchange and be in business relatively straightforwardly.
Or at least have the bar for outbound cryptocurrency transactions be very inconveniently high. Like, "bring your passport into a local branch and wait a week".
- Wingman4l7 8y agoYou're not going to have many customers for long if you have a "roach motel" model for depositing funds. Customers get very worried and very angry, very quickly, if they cannot reliably withdraw their funds. You could have "WE DON'T DO CRYPTO WITHDRAWALS, ONLY DEPOSITS" in giant 30pt bright red letters on the account signup flow in three different places, and people would still think they could, and then threaten suits and class actions when they find out they can't. Why would they still think they could, despite all warnings to the contrary? Because withdrawals are a fundamental action in banking, and they think cryptocurrency is another form of money. (Don't get me started on the alien concept of an irreversible transaction...) When you target the cryptocurrency-newbie customer as your market, results like this are unfortunately predictable.