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.
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.