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Banks hit with $549 million in fines for use of Signal, WhatsApp to evade regulators’ reach

https://www.cnbc.com/2023/08/08/regulators-hit-wall-street-banks-with-549-million-in-penalties-for-record-keeping-failures-.html

Wells Fargo, a relatively small player on Wall Street, racked up the most fines Tuesday, with a total of $200 million in penalties.

Banks hit with $549 million in fines for use of Signal, WhatsApp to evade regulators’ reach::Wells Fargo, a relatively small player on Wall Street, racked up the most fines Tuesday, with a total of $200 million in penalties.

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broguy89

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Crypto has been in existence for a while.

Mojojojo1993

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Crypto is currently run and maintained by the banks. Blockchain could be the answer if it wasn't under the thumb of the banking elite.

Nothing of value can happen until the old die.

chicken

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I don't think that's true for the most part, care to elaborate? Which banks can stop me from sending which cryptocurrencies?

Mojojojo1993

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You wouldn't send crypto from a bank. I know that my banks. 3 of them refused to buy crypto. So that for a start.

Also jp Morgan and other huge conglomerates have massive holdings in and against Bitcoin. So it's not for the poor's. It's bring manipulated by the mega wealthy.

chicken

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You wouldn’t send crypto from a bank.

Right, that's the point, you don't need a bank to send or receive it, banks aren't involved in that process at all.

I know that my banks. 3 of them refused to buy crypto.

They don't do this because they run crypto, they do it because they don't want you to be able to use crypto.

It’s bring manipulated by the mega wealthy.

True, but that just means if you try to play the market you're likely to get burned. That's separate from whether they're an alternative to the problems posed by banks. In this case the article is about banks having poor transparency and record keeping so they can get away with shit. Crypto has great transparency, not just to the government but to anyone who cares to look at a record of every transaction. Banks don't want that for the obvious reasons.

Mojojojo1993

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You need to use fiat to purchase crypto. Suppose you could mine it. Banks are though. Most sites I use require verification now and banks are involved in that process.

I'm aware of that but they are heavily invested in Bitcoin and making money from it. They don't want it to succeed but they do what monies from exploiting it.

I'm aware. Not crypto but blockchain has impeccable transparency. Every politician and business should show a paper trail of what they spend our money on.

Auz has receipts of what their tax is "spent" on. Be great to force that through but they control the laws so far chance