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Yes, because Cash is not used to launder money - nor would they ever ignore their own policies. Oh, wait -- https://www.reuters.com/article/us-hsbc-usa/hsbc-d

Yes, because Cash is not used to launder money - nor would they ever ignore their own policies. Oh, wait -- https://www.reuters.com/article/us-hsbc-usa/hsbc-draws-line-under-mexican-cartel-case-after-five-years-on-probation https://www.reuters.com/article/us-hsbc-usa/hsbc-draws-line-... So it's okay for a bank to do it, but not a person? It's okay for a bank to take advantage of fraction reserve and lend out and help a criminal org launder money? Yes, this case they the bank, was caught, but not suddenly. https://www.ccn.com/jamie-it-aint-bitcoin-jp-morgan-involved-in-1-billion-cocaine-bust/ https://www.ccn.com/jamie-it-aint-bitcoin-jp-morgan-involved... -- Drug dealing is the lowest of the totem pole, there are banks out there that actively take Iran and N. Korea money and they are under sanctions.

vkou 6y ago
The percentage of cash that's used for criminal activity is much smaller than the percentage of BTC that is used for such. I'm including darknet markets, ransomware, and outright exchange thefts in this. ~170 billion USD worth of BTC exists. ~9 billion USD worth of BTC has been stolen from various exchange hacks. ~140 million USD worth of BTC has been stolen through ransomware attacks. ... And as for commercial transactions: Darknet markets make up ~40% of all non-theft, non-exchange related BTC commerce. [1] Cash may rule the drug world in absolute numbers, but in relative numbers, the overwhelming majority of cash is used in the real economy. When nearly half the BTC that's used to transact is used for illegal purposes, it's pretty easy to see why banks aren't interested in touching it. Why risk losing your banking license, for collecting fees from such a tiny market segment? [1] https://blog.chainalysis.com/reports/darknet-markets-cryptocurrency-2019 https://blog.chainalysis.com/reports/darknet-markets-cryptoc...

vkou 6y ago

The percentage of cash that's used for criminal activity is much smaller than the percentage of BTC that is used for such. I'm including darknet markets, ransomware, and outright exchange thefts in this. ~170 billion USD worth of BTC exists. ~9 billion USD worth of BTC has been stolen from various exchange hacks. ~140 million USD worth of BTC has been stolen through ransomware attacks. ... And as for commercial transactions: Darknet markets make up ~40% of all non-theft, non-exchange related BTC commerce. [1] Cash may rule the drug world in absolute numbers, but in relative numbers, the overwhelming majority of cash is used in the real economy. When nearly half the BTC that's used to transact is used for illegal purposes, it's pretty easy to see why banks aren't interested in touching it. Why risk losing your banking license, for collecting fees from such a tiny market segment? [1] https://blog.chainalysis.com/reports/darknet-markets-cryptocurrency-2019 https://blog.chainalysis.com/reports/darknet-markets-cryptoc...