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RE: Anatomy of the Crypto-Apocalypse - The Ripple Pump n' Dump

in #bitcoin7 years ago

One more thought...on banks closing accounts. I have spoken to many banks about this issue. Usually the smaller ones. They are still figuring out crypto and are not averse to it. They have government regulations that require them to report things like money laundering. There is a fine line between genuinely moving money into the system (like most of us are doing...my bank, by the way, has no issue with me buying crypto) and operating a money service business. When that line is crossed, there are a whole set of regulations that kick in. The banks are merely protecting themselves from heavy fines. The ones with a zero tolerance policy are hurting themselves. But most aren't necessarily averse to crypto. They are more worried about fines and regulators.