of right-wing politician Nigel Farage’s account at upscale bank Coutts, for what Farage insisted were political reasons. In the resulting fuss, the bank’s CEO lost her job, Farage got an apology, and we all breathed a sigh of relief that we weren’t in his shoes .
Individuals are getting hit as well. By now we probably all know at least one person who has had banking issues because of crypto asset activity. Fintech author and advisor Chris Skinnerdetailing the hours of back-and-forth with a bank representative questioning every payment going back years, because of some transfers to and from a licensed crypto exchange. Others have had accounts simply closed with no explanation.
There are two answers. One is that they are the only ones who can, since they control the movement of money. Make the money hard to move by denying access to banking, the theory goes, and crime will crumble. Only, that hasn’t happened in over ten years of AML rules. And business activity as well as individual opportunity is curtailed in the application of generalities.
And in a virtuous and exponential loop, any increase in the number of crypto users delivers network effects that encourage usability improvements, benefitting the ecosystem as a whole and drawing in even more users.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: trtworld - 🏆 101. / 63 Read more »