4 ms·
Very interesting first hand account on getting shut-off from banking institutions because your business deals with Adult Entertainment (in Canada) I wonder how
by AceJohnny2 3y ago
Very interesting first hand account on getting shut-off from banking institutions because your business deals with Adult Entertainment (in Canada)
I wonder how Vegas/Nevada does it, or the bigger porn site like PornHub? Are the laws in (some parts of) the US that different than in Canada? I've always heard that Visa/Mastercard were impossible for Adult Entertainment.
- User23 3y agoNevada is a sovereign state and can charter banks and regulate banks operating in its jurisdiction. Mindgeek C suite has connections in the banking industry.
- AceJohnny2 3y ago> Nevada is a sovereign state I think this is why you're getting downvoted. A "sovereign state" is a state that has the highest authority over a territory, but Nevada remains subject to US Federal law. (I do not know to what extent US states have leeway on banking regulations)
- semiquaver 3y agoStates are indeed the highest authority over a great many matters within their territory. They share sovereignty with the federal government. That is a central feature of our system. The US has a dual chartering system where banks can be chartered by a state regulator or the US comptroller of the currency. In either case they are subject to the same overlapping set of state and federal laws and mostly the same regulations, just applied by different regulators. https://dfpi.ca.gov/the-dual-chartering-system-and-the-benefits-of-the-state-charter/ https://dfpi.ca.gov/the-dual-chartering-system-and-the-benef...
- MattGaiser 3y agoWasn't Mindgeek cut off from Visa/Mastercard? https://www.reuters.com/business/finance/mastercard-visa-suspend-ties-with-ad-arm-pornhub-owner-mindgeek-2022-08-04 https://www.reuters.com/business/finance/mastercard-visa-sus...