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Banks and trading firms can’t use customer deposits to pay their legal expenses. Oh wait, haha, I was thinking of real banks with regulation, but this is crypt
by Analemma_ 3y ago
Banks and trading firms can’t use customer deposits to pay their legal expenses.
Oh wait, haha, I was thinking of real banks with regulation, but this is crypto world. Yeah, your moneys’s gone.
- everfree 3y agoHm. Their "about" page seems to claim that they are a Qualified Custodian, which means they legally have to segregate their customer deposits from their own operating funds. > Gemini is a New York trust company regulated by the New York State Department of Financial Services (NYSDFS). We are subject to capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the NYSDFS and the New York Banking Law. Gemini is also a fiduciary and Qualified Custodian.
- deleted 3y ago[deleted]
- yownie 3y agoIf we want angry hot takes we'll go to reddit. Don't muck up HN with your drivel.
- knodi 3y agoBut but its self-governed and managed.... managed by crooks.