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I 'm confused about the position of bankers. Our bank terminated our business account because they found out we ran a cryptocoin price aggregator (oh the horror
by buboard 8y ago
I 'm confused about the position of bankers. Our bank terminated our business account because they found out we ran a cryptocoin price aggregator (oh the horror!). I had to terminate the site (because it was making peanuts and i didn't have the time) to have the account reinstated but i didn't understand the hostility. And this came from a bank that in 2013 crashed and literally stole money from their customer's accounts. This weird situation actually made me a lot more optimistic about the future of crypto, because , you know, banks are thieves too.
- JumpCrisscross 8y ago> i didn't understand the hostility Cryptocurrencies are an AML nightmare. Ironically, this is a social–not technological–problem. Even on HN, you'll regularly see "I don't have to pay taxes on cryptocurrencies because the authorities can't catch me" comments. This creates regulatory risks. Regulatory risks are regulatory costs. Add to that the credit card fraud (buy cryptocurrencies with a card, charge back; profit) and theft risks, and a cryptocurrency-affiliated customer is more likely to cost a bank rather than make them money. Layer on top of that the time it takes to develop expertise and a blanket ban on everything around cryptocurrencies becomes understandable (versus training employees to comb through them). I don't like this outcome. But I see why a big bank would decide this. Community banks, on the other hand, might be willing to invest the time into understanding why you don't pose a fraud or my-assets-got-stolen-now-I'm-broke risk.
- buboard 8y agoBut i wasnt running a crypto exchange, but a listing of cryptocoin prices.
- deleted 8y ago[deleted]
- Scoundreller 8y agoHave you posted a writeup of your business experiences running the aggregator? Seems like it would be a good read.