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Crypto Critics' Corner
Can crypto companies get bank accounts?
Oct 13, 2023
The podcast discusses the challenges faced by cryptocurrency companies in obtaining bank accounts, including the reduction in banking partners for Circle and the SEC lawsuit against Coinbase and Binance. It explores the parallels between payment processors in online poker and cryptocurrencies, as well as the difficulties of obtaining banking services for crypto companies. The chapter also touches on the future predictions for cryptocurrency companies' ability to get bank accounts.
20:44
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Quick takeaways
- European banks are embracing cryptocurrencies, while US banks are hesitant, indicating the challenging state of the cryptocurrency industry.
- Cryptocurrency exchanges face difficulties in obtaining and maintaining banking services due to risks associated with the industry and ongoing regulatory issues.
Deep dives
BitStamp in talks with European banks to offer cryptocurrency
BitStamp has reportedly been in talks with a number of European banks to offer cryptocurrency services. This development signals that banks in Europe are beginning to embrace cryptocurrencies, in contrast to the United States, where the acceptance of cryptocurrency exchanges as clients has been hesitant. While this news may appear positive for BitStamp, the fact that an article is dedicated to the company's potential partnership with banks in the future indicates the challenging state of the cryptocurrency industry.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode