The U.S. Treasury has slapped another sky-high fine on a bank—this time, Bank of America, hit with $1.2 billion over a money-laundering compliance system that was practically nonexistent.
The bank itself is riddled with holes and nobody does a thing, but when retail investors make a transfer, risk controls are suddenly more aggressive than anyone else’s. The crypto world has been saddled with the “money laundering” stigma for years, while traditional finance giants rack up “mistakes” in the ten-figure range. What kind of sense does that make?
With regulation tightening, money flows will only become more cautious, slowly draining liquidity from the market in the short term.
$BTC $ETH #BANK #Regulation
The bank itself is riddled with holes and nobody does a thing, but when retail investors make a transfer, risk controls are suddenly more aggressive than anyone else’s. The crypto world has been saddled with the “money laundering” stigma for years, while traditional finance giants rack up “mistakes” in the ten-figure range. What kind of sense does that make?
With regulation tightening, money flows will only become more cautious, slowly draining liquidity from the market in the short term.
$BTC $ETH #BANK #Regulation