The cryptocurrency is expanding day by day, and hence the traditional banks are terrified.
The bank is now blacklisting the cryptocurrency start ups and denying to open checking accounts. Firstly, bitcoin was labelled as “fraud” by Jamie Dimon and he had said that he would fire any employees caught trading crypto.
As per a report, JP Morgan is still refusing to have bank cryptocurrency businesses. But the fact is floating that JP Morgan was quietly working on its own cryptocurrency, JPM Coin. The bank is terrified of the cryptocurrency and doing everything to slow down the growth of crypto.
Banks refuse to navigate the regulations and conduct due diligence. Instead of blaming money laundering, Wall street’s blanket ban on cryptocurrency shows both laziness and fear.
“It is not illegal for big banks to bank the crypto industry, but it’s a massive compliance headache that they don’t want to put the resources in to solve”- Sam Bankman- Fried, CEO of Alamed Research.
Banks are talking about large-scale legitimate blockchain companies being cut off by traditional finance.
Last year, UK mortgage leaders refused to accept cryptocurrency profits as down-payments on real estate.
Bitcoin and crypto offer an alternative system that doesn’t rely on a third party institution. They cannot be confiscated or manipulated by central banks and governments.