LedgerX has moved to another crypto-friendly bank, Signature. Only, this might not prove to be a wise transition – Kraken has had to part ways with Signature Bank for many of its transactions. Signature Bank also previously communicated its intention to move away from the crypto market, though not entirely. Going back to a time period before plentiful crypto-friendly banking doesn't look good for the industry. Jesse Powell, CEO of Kraken, once tweeted in 2019 that he had to "employ the arts of a money launderer to survive" where he had to switch between different "rented PayPal accounts" and Kraken had to spread "deposits across several banks." Phil Potter, then chief strategy officer of Bitfinex and Tether, once described in a WhalePool-hosted conversation how the entities relied on "lots of cat and mouse tricks" in order to maintain access to banking and that "sometimes those accounts get shut down because the correspondent banks realize this is Bitcoin related." |
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