OCC Wants to End Banks’ Discrimination of Disfavored Businesses Including Cry...
The OCC is proposing a rule change that compels large U.S. banks to offer and provide fair access to financial services to anyone that wants them. The proposition seeks to clarify the obligation of large banks to provide fair access to financial services in a manner consistent with the Dodd-Frank Act’s mandate. Discrimination Against Disfavored Businesses The Dodd-Frank Act already recognizes a broad and longstanding anti-discrimination principle that individuals are entitled to be treated fairly by national banks. The Office of the Comptroller of the Currency’s (OCC) proposed....
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In a growing storm of controversy, the Polkadot blockchain platform is now facing accusations of discrimination and toxicity within its ecosystem, on top of concerns over an impending funding crisis for its Treasury. Polkadot Criticized For Neglecting Asian Developers The co-founder of the decentralized network Manta, Victor Ji, recently took to social media to voice […]
An Australian bitcoin trader has filed a lawsuit against two of the country’s biggest commercial banks, accusing them of systematic discrimination when they closed his accounts on short notice. Allan Flynn is demanding compensation of AU$250,000 ($193,000) from ANZ and Westpac banks for closing his accounts immediately after they had been opened, the Australian Financial Review reported on Jan. 18. Flynn, who operates a registered bitcoin (BTC) exchange, has started proceedings against both banks at the ACT Civil and Administrative Tribunal. The trader alleges he is the victim of....
Bitcoin discrimination is still prevalent. This was recently demonstrated by payment processor 2Checkout.com, which denied Bitcoin.com a credit card merchant account for a new online store due to associations with Bitcoin, or what the company calls “prohibited products.” On April 21, Bitcoin.com’s store was denied via email by 2Checkout.com because it is....
Allan Flynn won a settlement with ANZ for debanking him and is headed to the tribunal to take on Westpac next week. Bitcoiner Allan Flynn has settled his first complaint with the Australia and New Zealand Banking Group (ANZ) over being unilaterally debanked in 2018 due to his occupation as a Digital Currency Exchange (DCE). The settlement comes 20 months after the Canberra resident first filed complaints with the ACT Civil and Administrative Tribunal against ANZ.In the settlement, the ANZ noted that it closed his accounts due to the risk of money laundering and terrorism funding (ML/TF)....
Across the United States, cannabis operations are now becoming common. However, cannabis business owners from fully-legalized states such as Washington and Colorado are having a hard time cashing in on their frowned-upon weed businesses. According to Motherboard, one Colorado hemp farmer is turning to bitcoin and teaching others how to leverage the....