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A comment on Blockfi agrees to pay $100M in penalties and pursue registration. Parent comment

Re:Blockfi agrees to pay $100M in penalties and pursue regis... by NelsonMinar on Monday February 14, 2022 @05:00PM (#30338981)
Yes, yes they often are. But I think you'll be hard-pressed to find many examples of legitimate banks having their primary customer offering being declared illegal and forced to stop operation immediately.
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Re:Blockfi agrees to pay $100M in penalties and pursue regis... by omeze on Monday February 14, 2022 @05:35PM (#30339362)
Erm, from recent memory: Wells Fargo (3rd largest US bank) had a nice 185 million fine for checking account fraud… https://en.m.wikipedia.org/wiki/Wells_Fargo_account_fraud_sc...

Not saying this justifies BlockFi’s behavior but the incentives for any bank is there!

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Re:Blockfi agrees to pay $100M in penalties and pursue regis... by NelsonMinar on Tuesday February 15, 2022 @10:59AM (#30348193)
Yes, that was a fraud. I was personally a victim of it. I will never do business with Wells Fargo again in my lifetime. That doesn't mean I think all banks are fraudulent. In particular I appreciate that there was a regulatory mechanism in place to protect consumers from that fraud.
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