I neither know nor argue either point with you as it doesn’t change my points.

1. They just did what banks are legally allowed to do (using customer assets) and yes they are not allowed to do this because they are not a bank.

2. Their profit from investments exceed their losses.

I am not arguing they didn’t break the law, or that they didn’t do anything amoral, they are guilty on both counts.

I am simply arguing that if they had a bank license, they would not have filed bankruptcy, nor would SBF be in prison.

In fact my argument is the opposite. Most banks are bankrupt and most executives of them should be criminals.