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No, because there are intermediaries that allow non banks to use their tech, like venmo/paypal acts as a broker, and therefore has access to all the banking ser
by downrightmike 7y ago
No, because there are intermediaries that allow non banks to use their tech, like venmo/paypal acts as a broker, and therefore has access to all the banking services they need to run their money around. And they are very careful to stay in that definition so they don't have to deal with bank regulations. I believe Vice media did a good interview where they cover this specifically.