Most cryptocurrency companies struggle to get a bank account. This is mainly due to inadequate anti-money laundering procedures and the banks’ fear of being fined. At least, that’s what these centralized institutions with coffers stuffed full of dirty money want you to believe. In reality, they’re out of their depth and scrambling to stay relevant.
Banks Suppress Cryptocurrency Because They Fear It
In June 2016, the British public lost its mind. Driven by an ageing population of right-wing voters clinging to the memory of the “Great” Britain of the colonial years–and voter abstention on behalf of the youth.
Then, just a few months later, the U.S. followed suit and voted a misogynistic reality TV star into the White House.
What follows only goes to show the danger of having elderly, out of touch rulers at the helm of society.
Experience is valuable and I’m not trying to come across as ageist. But, it is a fact that most of us become resistant to new things as we get older. Now we’re overrun by a bunch of white-haired old men at odds with technology because they fear it.
Why Do We Fight Change As We Get Older?
It’s not just the Tory backbenchers and upper-middle-class Britons who are losing their grip on society. Warren Buffett’s been making the headlines a lot lately for his absurd commentary on Bitcoin. It makes me recall the words of one wise lady I knew long passed.
If you don’t know anything about it, it’s best to listen rather than speak.
Why do Buffett and so many others like him fear Bitcoin, cryptocurrencies, and financial innovation?
Because they don’t understand it. Worse than that, they don’t know how to control it–and they certainly don’t need transparency of transactions in their shady deals. They’re already profiting handsomely from market manipulation, money laundering, and cronyism.
As Barry Silbert stated, Buffett investment Wells Fargo has been fined almost 100 times since the turn of the century:
Wells Fargo, a Buffett investment, has been fined 93 times for fraud and other abuses, for a total of $14.8 billion in fines since just 2000
I'll take bitcoin's "charlatans" over that any day https://t.co/9OZkzxgQ7x
— Barry Silbert (@barrysilbert) March 9, 2019
Big Banks–A Tale of Money Laundering and Corruption
Is it ironic that banks don’t want to work with cryptocurrency companies, brandishing them as “unregulated” and even criminal? Bitcoin was born as a response to the same global financial crisis a few centralized and decidedly criminal institutions caused.
That such global turmoil could be spurred by the actions of so few was unforgivable. Yet, we duly forgave, and used our tax paying money to bail out the banks.
Now banks are suppressing innovation because cryptocurrency companies have ‘lax AML procedures’ in place. Really?
Bank scandal after bank scandal last year only goes to prove that large global financial institutions are, in fact, enablers of illicit financial flows.
Whether they operate laundering crime under the thumb of Russian oligarchs in the Baltic states, or they’re simply considered too big to fail, the resounding majority of the world’s banks have opened their arms to dirty money. Some more than others.
between Deutsche Bank and Danske Bank’s money laundering woes and Goldman’s 1MBD scandal – tough outlook for global banks