Is it legal to mix cash in a jar? How is Bitcoin mixing any different?

Re:Is it legal to mix cash in a jar? How is Bitcoin mixing a... by toomuchtodo on Tuesday November 21, 2023 @07:24PM (#38372728)

There was a fintech that just shutdown that was doing group bank accounts like this, but the name escapes me. Their postmortem was posted here (didn’t raise when raising was easy because they didn’t need the money, and then they lost their banking partner). Firefighters were one of their user stories.

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Re:Is it legal to mix cash in a jar? How is Bitcoin mixing a... by neaden on Tuesday November 21, 2023 @07:32PM (#38372798)

What was the use case for fire fighters? DIY life insurance?

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Re:Is it legal to mix cash in a jar? How is Bitcoin mixing a... by toomuchtodo on Tuesday November 21, 2023 @07:33PM (#38372807)

Shared grocery expenses because they live together.

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Re:Is it legal to mix cash in a jar? How is Bitcoin mixing a... by ajross on Tuesday November 21, 2023 @07:51PM (#38373031)

FWIW: an mixed account for shared expenses is 100% legal and definitely not money laundering as long as you do the accounting and can show that it all paid for groceries. People get hung up on the specifics of AML/KYC regulations and tend to forget the context. That's sort of what the linked article is about.

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Re:Is it legal to mix cash in a jar? How is Bitcoin mixing a... by toomuchtodo on Tuesday November 21, 2023 @07:52PM (#38373043)

Agreed, I provided more for context that it can be done, within the context you mentioned.

(i take annual mandatory AML/KYC training as part of my fintech dayjob compliance program)

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