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It’s important to remember that Quadriga wasn’t able to get banking services in Canada. Canadian banks were refusing to do business with any cryptocurrency-rela
by PretzelPirate 5y ago
It’s important to remember that Quadriga wasn’t able to get banking services in Canada. Canadian banks were refusing to do business with any cryptocurrency-related businesses.
Keeping the cash at home wasn’t a good idea, but being blocked from using traditional solutions necessitated that they build their own.
- alexpotato 5y agoSomething similar happened with cannabis related businesses in the US. Since essentially ALL banks are FDIC insured, taking money from a business selling cannabis, which is illegal under Federal law, is prohibited. There have been multiple documentary/news show episodes about this. Interesting side fact, NPR Planet Money did a special where they tried to find a bank that was NOT FDIC insured. They picked the smallest single physical location bank they could find but even that bank was FDIC insured.
- deleted 5y ago[deleted]