The "debanking" stories from tech VCs/execs over last few days all sound like
twitter.comI 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.
And what’s changed now? Probably still the same for banks
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.
This is the take of the big banks.