Rabobank, a major Dutch bank which last week refused to service Bitcoin businesses due to “compliance risks,” has been fined $369 million for money laundering.
RABOBANK’S $369M: ‘HURRY UP BITCOIN’
As various news resources report, Rabobank was one of the major Dutch institutions outright rejecting cryptocurrency entrepreneurs.
Now, in a case linked to Mexican drugs money trafficking, the bank’s California unit pleaded guilty to conspiracy, being served a multimillion dollar fine but with officials conspicuously avoiding custodial sentences, cryptocurrency industry commentators note.
Sam Wouters
@SDWouters
Last week Rabobank refused #cryptocurrency businesses to open a bank account due to money laundering risks. Today they get fined, still make a profit and nobody goes to jail. What a circus. Hurry up #Bitcoin ~~~ embed:961418132245176320 … twitter metadata:YXB3ZXN0cmVnaW9ufHxodHRwczovL3R3aXR0ZXIuY29tL2Fwd2VzdHJlZ2lvbi9zdGF0dXMvOTYxNDE4MTMyMjQ1MTc2MzIwIOKApnw= ~~~
“The subsidiary, Rabobank National Association, said it doesn’t dispute that it accepted at least $369 million in illegal proceeds from drug trafficking and other activity from 2009 to 2012,” the Associated Press reported Thursday.
It pleaded guilty to one count of conspiracy to defraud the United States for participating in a cover-up when regulators began asking questions in 2013.
BANKS’ TWISTED TALES ON BITCOIN RELATIONSHIP
In contrast to the willingness of businesses and government structures alike to provide a nurturing environment for cryptocurrency, banks in the Netherlands continue to take an often unreliable position on the technology.
Rabobank’s website contains a dedicated page on the “opportunities and dangers” of Bitcoin and altcoins, quoting spokesperson Roel Steenbergen’s view that cryptocurrency “will continue to exist alongside the other forms of money we are familiar with.”
“The old and the new world have to and will find each other – this is what parties on all sides are looking for. For now, paper money and coinage will continue to exist as normal. I do not see this disappearing,” Steenbergen concludes.
The phenomenon meanwhile continues in countries throughout the world, notably in the US and UK, with banks Barclays and global giant HSBC nonetheless going on record to state their position on serving businesses.
Barclays’ record in particular had been sketchy, with frequent reports of account freezes and shutdowns surfacing over the past few years.
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Bitcoins do not fill their pockets like their own coins do.
And now they will try to find ways to put everything they don't like in a negative light.
blame ddos on bitcoin
blame stock drops on bitcoin
etc.
instead of realise the future just wage ware on the future.
reptilian brains at work
And this will be done so they can insert the one world dominance ;)
Name a bank that is not corrupt !
My piggy bank.
The thing could be like this:
Banks always WERE the ones who did the money laundering. Now there is crypto competition.
If they would have resisted and fought moneyaundring in the past, and never had given corrupt people a chance to become bankers, then they now would have a voice to speak.
Instead they chose to make money out of corruption, just because it is money, and money is their business.
Now I must say that I think that the Rabobank is one of the banks who did a lot of good in the past. (more then other banks) At least in it's country of origin.
But their current policy is not much better then the rest.
they all give in to the dark side in the end ;) I couldnt agree with you more!
hahaa! The only bank i trust is my couch :P and shoe boxe, buried in the garden :P
RABOBANK is just trying to compete with HSBC.