The "debanking" stories from tech VCs/execs over last few days all sound like (opens in new tab)

(twitter.com)

4 pointsspzx1y ago4 comments

4 comments

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.

JSDevOps1y ago

And what’s changed now? Probably still the same for banks

bigfatkitten1y ago

Not 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.

mensetmanusman1y ago

This is the take of the big banks.

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4 comments

bigfatkitten1y ago

I was working for a major bank in 2015 which made the news when it decided to rid itself of its crypto customers.

JSDevOps1y ago

And what’s changed now? Probably still the same for banks

bigfatkitten1y ago

Not 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.

mensetmanusman1y ago

This is the take of the big banks.

j / k navigate · click thread line to collapse