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Accepting loans from private consumers is a highly regulated thing where you can't (and/or shouldn't, depending on the jurisdiction) choose what rules will appl
by PeterisP 4y ago
Accepting loans from private consumers is a highly regulated thing where you can't (and/or shouldn't, depending on the jurisdiction) choose what rules will apply simply by declaring so in your terms and conditions.
If a platform wants people to lend money to them, they should be a licensed (and FDIC-insured) credit institution.
- dralley 4y agoBut they aren't lending money, they're lending crypto.
- toofy 4y agoi’m not well versed in finance law but id be shocked if the laws weren’t inclusive enough to include a “currency” when discussing “money”.
- xwolfi 4y agoCrypto is not a currency, it's a baseball card.
- PeterisP 4y agoIMHO if you're holding/handling securities owned by customers, then there are even stronger requirements for keeping them separate from your own funds, in that case you would have customer-owned securities (or baseball cards, or whatever) in your custody, not owned/borrowed by you.