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A comment on Confessions of a Bitcoin Widow. Parent comment

Re:Confessions of a Bitcoin Widow by astoor on Tuesday February 15, 2022 @10:42AM (#30347929)
It seems like withdrawals were in cash: "Quadriga used an unusual teller-window system for customers to withdraw their money. Rather than pay customers via bank wires, they were told to come to a nondescript building in Laval, Quebec to pick up the cash."[0]

[0] https://en.wikipedia.org/wiki/Quadriga_Fintech_Solutions

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Re:Confessions of a Bitcoin Widow by ceejayoz on Tuesday February 15, 2022 @10:48AM (#30348032)
That's both sort of an explanation - even my local grocery store uses armored cars to transport money to/from a bank, not holding piles of it at home - and more red flags.
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Re:Confessions of a Bitcoin Widow by PretzelPirate on Tuesday February 15, 2022 @11:00AM (#30348212)
It’s important to remember that Quadriga wasn’t able to get banking services in Canada. Canadian banks were refusing to do business with any cryptocurrency-related businesses.

Keeping the cash at home wasn’t a good idea, but being blocked from using traditional solutions necessitated that they build their own.

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Re:Confessions of a Bitcoin Widow by alexpotato on Tuesday February 15, 2022 @12:57PM (#30350131)
Something similar happened with cannabis related businesses in the US.

Since essentially ALL banks are FDIC insured, taking money from a business selling cannabis, which is illegal under Federal law, is prohibited. There have been multiple documentary/news show episodes about this.

Interesting side fact, NPR Planet Money did a special where they tried to find a bank that was NOT FDIC insured. They picked the smallest single physical location bank they could find but even that bank was FDIC insured.

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