Vauld suspends all withdrawals, trading and deposits on the platform

Re:Vauld suspends all withdrawals, trading and deposits on t... by PeterisP on Monday July 04, 2022 @09:50AM (#31977014)

Accepting loans from private consumers is a highly regulated thing where you can't (and/or shouldn't, depending on the jurisdiction) choose what rules will apply simply by declaring so in your terms and conditions.

If a platform wants people to lend money to them, they should be a licensed (and FDIC-insured) credit institution.

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Re:Vauld suspends all withdrawals, trading and deposits on t... by dralley on Monday July 04, 2022 @10:05AM (#31977163)

But they aren't lending money, they're lending crypto.

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Re:Vauld suspends all withdrawals, trading and deposits on t... by PeterisP on Tuesday July 05, 2022 @04:09AM (#31985650)

IMHO if you're holding/handling securities owned by customers, then there are even stronger requirements for keeping them separate from your own funds, in that case you would have customer-owned securities (or baseball cards, or whatever) in your custody, not owned/borrowed by you.

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Re:Vauld suspends all withdrawals, trading and deposits on t... by toofy on Monday July 04, 2022 @09:29PM (#31983370)

i’m not well versed in finance law but id be shocked if the laws weren’t inclusive enough to include a “currency” when discussing “money”.

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Re:Vauld suspends all withdrawals, trading and deposits on t... by xwolfi on Tuesday July 05, 2022 @12:59AM (#31984474)

Crypto is not a currency, it's a baseball card.

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