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"A company giving customer funds out as loans is fraud." This is what banks do though, no?
by theGnuMe 3y ago
"A company giving customer funds out as loans is fraud."
This is what banks do though, no?
- wmf 3y agoBanks are fractional reserve but brokers like FTX are full reserve.
- shapefrog 3y ago> brokers like FTX FTX (excluding FTX USA co) were unregulated - they were not a bank or broker just a plain old LLC.
- vkou 3y agoBanks have to follow various rules when they do it, and if they don't follow them, executives go to prison.
- mvdtnz 3y agoWas FTX a bank? Can you show marketing materials or any documentation indicating that FTX was a bank?