Episode 158
Amber Scott (Outlier Canada) on crypto-bank relationships in Canada (EP.158)
On The Brink with Castle Island · Castle Island Ventures
December 14, 202045m 58s
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Show Notes
Compliance expert Amber Scott joins the show to explain why crypto-firms are systematically excluded from the bank sector in Canada. In this episode:
- Our objective in launching a series on bank suppression of the crypto industry
- The current bank landscape in Canada
- Why crypto firms struggle to get access to banking in Canada
- Why money transmitters face a more burdensome treatment from banks
- What derisking is and why it is so common
- Whether MSBs and crypto firms deserve the treatment they get from banks
- Why derisking often forces crypto firms into using grey market payment processors, exposing them to the risk of fraud
- The underlying reasons for reluctance on the part of banks to bank crypto firms
- Why informal guidance from regulators is so critical
- How US regulations are structurally imported into Canada
- How a service provider called Central One imports US policy for thousands of credit unions
Follow Amber on Twitter and learn more about Outlier Canada.