The Commonwealth Bank of Australia is pretending to care about my safety.
Discussion
Commonwealth cardless withdraw facility kept my bills paid when I was selling on localbitcoins back in 2016. Pretty sure they received record fines of the lack of AML but I squeezed every bit of juice at the time.
Huge shame they decided to go straight đ
that is incredibly kind of them
Canât spell bankrupt without bank. All banks are bankrupt without government subsidizes and special accounting treatment. If a bank fails to toe the line they are left for dead (or worse murdered eg Signature)
Letâs compare economic damages of every exchange fraud, rug pull, hack, etc up against the losses which would have been realized by first republic without a bail out and put this into perspective.
Instead of solidifying the system they tape over it with paper tricks and capital controls.
Insurance companies are in just as bad shape as banks from an equity standpoint, however their âbank runâ is a function of actuarial risk. They are therefor insulated from the unexpected.
Actuarial risks canât be called at will, there needs to be an event. Maybe thatâs the model banks will move to in the future âyou donât get your money unless itâs for something you need or falls into XYZ categoryâ
scabs donât disappoint.
Sounds like they care more about their own safety.
They could still care more, banks around here just don't allow payments to known crypto exchanges at all, even payments to some brokers are blocked (or were blocked at some point). Yay!
You're lucky, many banks in the UK flat out block *any* payment, of any size, to or from exchanges.
How they debank themselves ....