Are Banks Gouging Marijuana and Bitcoin Businesses?
Few banks are serving bitcoin and legal marijuana businesses because of their “cloudy regulatory status,” and those that do are charging hefty fees, according to an American Banker story.
Companies involved in the business of pot are reportedly paying as much as $3,000 a month for basic checking accounts, and bitcoin firms are paying fees that can range into the tens of thousands of dollars, American Banker said. In contrast, most small businesses typically pay $50 or less in monthly bank fees.
Andre Herrera, executive vice president of banking and compliance at Hypur, a payments company, told the newspaper that it was “absolutely reasonable” for banks to charge the risky sectors higher monthly fees, given the due diligence required and the potential fines for lapses in anti-money laundering compliance.
“There are a number of legal, legitimate businesses that pay a higher price for their financial services,” Herrera said. “Banks...
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