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I was working for a major bank in 2015 which made the news when it decided to rid itself of its crypto customers. It did this because the half a dozen fledglin
by bigfatkitten 2y ago
I was working for a major bank in 2015 which made the news when it decided to rid itself of its crypto customers.
It did this because the half a dozen fledgling Bitcoin exchanges on its books were responsible for multiple percentage points of its entire card fraud volume. They cost the bank far, far more than they were ever going to be worth, even before AML/CTF considerations came into the picture.
- JSDevOps 2y agoAnd what’s changed now? Probably still the same for banks
- bigfatkitten 2y agoNot much, I suspect. The whole crypto industry is still discovering the hard way why the traditional finance industry is as heavily regulated as it is.