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Question: why are they not regulated like banks? They look like a bank to me.
by lowbloodsugar 3y ago
Question: why are they not regulated like banks? They look like a bank to me.
- mwsfc 3y agoThey are licensed as a money transmitter like Western Union. It is a lessor form of regulation. So while they look "bank like" in some things they are not legally a bank.
- tgv 3y agoThey can ask to be considered a bank. That would require them to implement all those regulations. I'm sure they don't like the idea.
- xp84 3y agoGood lobbying. They just do everything a bank does without any of the obligations. Honestly I’m surprised some real banks have not tried to become like PayPal to allow more sleaziness.