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Rabobank Fined $369M for Money Laundering After Calling Bitcoin ‘Risky’

Wilma Woo · February 9, 2018 · 1:30 pm

Rabobank, a significant Dutch financial institution which final week refused to service Bitcoin companies as a consequence of “compliance risks,” has been fined $369 million for cash laundering. Rabobank’s $369M: ‘Hurry Up Bitcoin’ As varied information assets report, Rabobank was one of many main Dutch establishments outright rejecting cryptocurrency entrepreneurs. Now, in a case linked to Mexican medication cash trafficking, the financial institution’s California unit pleaded responsible to conspiracy, being served a multimillion greenback positive however with officers conspicuously

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Rabobank, a significant Dutch financial institution which final week refused to service Bitcoin companies as a consequence of “compliance risks,” has been fined $369 million for cash laundering.


Rabobank’s $369M: ‘Hurry Up Bitcoin’

As varied information assets report, Rabobank was one of many main Dutch establishments outright rejecting cryptocurrency entrepreneurs.

Now, in a case linked to Mexican medication cash trafficking, the financial institution’s California unit pleaded responsible to conspiracy, being served a multimillion greenback positive however with officers conspicuously avoiding custodial sentences, cryptocurrency business commentators be aware.

“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 responsible to at least one rely of conspiracy to defraud the United States for collaborating in a cover-up when regulators started asking questions in 2013.

Banks’ Twisted Tales On Bitcoin Relationship

In distinction to the willingness of companies and authorities constructions alike to offer a nurturing surroundings for cryptocurrency, banks within the Netherlands proceed to take an usually unreliable place on the expertise.

Rabobank’s web site accommodates a devoted web 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 in the meantime continues in nations all through the world, notably within the US and UK, with banks Barclays and international large HSBC nonetheless going on record to state their place on serving companies.

Barclays’ file particularly had been sketchy, with frequent stories of account freezes and shutdowns surfacing over the previous few years.

What do you concentrate on Rabobank’s dealing with of Bitcoin? Let us know within the feedback beneath!


Images courtesy of Shutterstock, Twitter

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