Banks Deny Services To Crypto Businesses
by Marvin Dumont
Gatekeepers won’t let new kids on the block enter mainstream commerce.
JPMorgan Chase, Bank of America, HSBC, Citigroup — these are biggest financial institutions that have trillions of dollars in assets under management. But they’re also refusing financial services (such as opening a checking account) to cryptocurrency-related businesses, whether big or small.
“It’s a massive compliance headache that they don’t want to put the resources in to solve,” said Sam Bankman-Fried, chief executive officer of Alameda Research, a digital-assets trading firm in Berkeley, California, in March 3 Bloomberg interview.
Banks refer to illicit activities (like money laundering) as reason for refusing access. However, most illicit funds actually flow through their networks. For example, Deutsche Bank was found complicit in $10 billion worth of money-laundering.
Global crypto companies such as BitPay (payment processor) and Kraken (exchange) find it harder to run a legitimate operation. Jesse Powell, CEO of Kraken, tweeted in January that his firm nearly went bankrupt as consequence:
Paypal locked up all the money I had for 6 months, almost lost my business/apartment. BofA killed @Krakenfx’s payroll account on 30 days notice. Chase killed it on 5 days notice, by mail, which arrived after the account was closed. Found out when employee checks bounced.
In Feb. 2018, financial institutions such as JPMorgan, Bank of America, Capital One, and Citigroup barred customers from buying Bitcoin (BTC) and other cryptos with a credit card.
There’s plenty of innovation in blockchain and programmable monies. And plenty of resistance, too.
So think Apollo. We’re building a private and unregulatable platform. You should be able to do business on your own terms.
ABOUT APOLLO
Apollo all-in-one privacy currency combines mainstream crypto features in a truly private and unregulatable platform. APL lets you transact and send data in total anonymity via tech breakthroughs such as private ledger, decentralized exchange, coin mixing, and advanced IP masking.
With 2-second block speed, Apollo is one of fastest cryptos on Earth.
Learn more about our innovations:
What Is Apollo DEX?
Sharding: A Solution To Blockchain Bloat
Apollo Mixer: A Cloaking Tool That Makes Your Money Untraceable
Apollo To Release Hermes Update By Q1 2019
Protect Your Identity With Apollo’s IP Masking 2.0
Apollo: A Super Fast All-In-One Currency
Adaptive Forging Streamlines Apollo Blockchain
Apollo Pushing The Boundaries Of Blockchain Speed
Bitfi Wallet Integrates Apollo All-In-One Privacy Currency
Sharding To Speed Up Apollo Blockchain
Updater Keeps Blockchain Functioning Smoothly
