"now exchanges are dumping them too" is rather misleading. You don't permisionlessness when using a permissioned system.
Other than that: it's up to them. If they think reforming banks is easier than learning some skills to use Bitcoin properly, than good for them.
(Nostr really needs an edit button :-)
don't -> don't get
than -> then
> The reason is almost never made clear, but sex workers suspect that financial institutions fear reputational damage and liability for the facilitation of money laundering or sex trafficking.
This is nonsense. It's about minimising compliance costs. If a Stasi - ahum, compliance - officer needs to spend hours every year reviewing the source of every tip these people receive, it costs more than the bank will make from the customer. So it's cheaper to just ditch the industry. This will get a lot worse before it gets better.
The crypto industry has the exact same problem of course, which is why it's a terrible idea to use exchanges. Now the compliance officer needs to check both the source of the tips AND whatever extra rules apply for crypto payments.
This will get a lot worse before it gets any better.
If it's any comfort, I suspect non-sex industry workers who rely on tips will also start losing bank accounts soon enough.
Lol, I'm being the ultimate reply-guy here, since it looks like Hachyderm is one of those safe space that block the Mostr bridge.
Anyway, that proposed bill, maybe nostr:npub1xgnw5yrcghhj5c5gufjhp46l5dlfum8d9l5gjn2r64r78kt79eyqarnp4u knowns more about it, probably only addresses the _prejudice_ issue. It won't change the compliance de-risking incentives.
Also hilariously the Hachyderm instance openly discriminates against sex workers. But they're woke, so it's all ok!
