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Well, MSBs are held criminally liable for any illegal activity their platforms help facilitate. Banks can be fined heavily (see: HSBC, Wells Fargo) for such beh
by jedunnigan 13y ago
Well, MSBs are held criminally liable for any illegal activity their platforms help facilitate. Banks can be fined heavily (see: HSBC, Wells Fargo) for such behavior. It's ironic their customers can be held criminally liable but they cannot... that's another conversation though.
But yea it's all a game of risk and how much of it they are willing to take. Bitcoin businesses are in the highest of high risk categories and they currently don't bring in enough money for the banks to justify the potential downsides.
At this point any US based entrepreneurs should consider looking elsewhere for banks. I know of a Caribbean country planning to be a haven for cryptocurrency businesses. Things will be announced soon.
- D9u 13y agoI seem to recall several big banks (Wachovia, et al) being found to have facilitated money laundering of billions in drug cartel profits, yet these big banks were punished by fines amounting to tiny fractions of the amounts laundered... No one spent a day in prison for these acts, no bank was disbanded as a result, no bank officials were reprimanded, which seems to be blatantly unequal when the big picture is taken into consideration. Then there is the fact that the USD is backed by nothing other than military might...
- gaadd33 13y agoMilitary might and the world's largest economy, but yea other than that, nothing.