Re:Why Is Coed Cherry Shutting Down?
by LaundroMat on Friday November 10, 2023 @01:46AM
(#38215864)
That's a great idea! Someone should create a bank that specifically serves entertainment businesses. Install an ethics/business practices review process to weed out the bad players and reputational risk is turned into opportunity. The bank's promise of no hassle/no uncertainty would attract customers in droves.
Re:Why Is Coed Cherry Shutting Down?
by ivanmontillam on Friday November 10, 2023 @03:57PM
(#38224418)
BitSafe is such a bank, in The Netherlands
Okay but the problem to be solved here isn’t analogous. In the case you described, they’re uninsurable be used they’re legitimately high risk, and the government forces their insurance as a favor/pity/charity.
In the case of adult entertainment etc, the government’s regulation has cause the risk, and that untouchability, so it can’t then endorse the very interaction it was banning. If it could permit these businesses to use banking, then the solution wouldn’t be necessary in the first place.
Re:Why Is Coed Cherry Shutting Down?
by underseacables on Friday November 10, 2023 @12:42PM
(#38221906)
Establishing a bank is not easy, ask Walmart, but maybe that is what some industries need. Guns, Porn, weed, whatever, if it’s legal then create their own credit union.
There are a bunch of people who nobody wants to insure. The government basically divides up those people, and forces insurance companies to take them on as customers, since insurance is legally required in some cases.
In order to make sure these customers don't hurt the main business, the insurance company has a separate legal entity to handle those customers.