02-08-2024, 12:23 AM
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I help you SUCCEED
Industry Role:
Join Date: Nov 2003
Location: The Pearl of the Orient Seas
Posts: 32,162
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Quote:
Originally Posted by adultinnovation
Banks do not allow deposits from cryptocurrency exchanges due to the volatility and lack of regulatory oversight in the cryptocurrency market.
Banks are subject to know-your-customer (KYC) and anti-money laundering (AML) regulations, and they cannot risk exposure to potential financial crimes by accepting deposits from unregulated cryptocurrency exchanges. Additionally, the value of cryptocurrencies can fluctuate rapidly, making it difficult for banks to determine the true value of deposits.
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Which banks?
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