BANKS CAUGHT – WHO ARE THE REAL CRIMINALS?

There has been no shortage of members of the banking cartel badmouthing cryptocurrencies.

See my posts here
https://steemit.com/cryptocurrency/@appone/world-bank-chief-says-cryptocurrencies-are-ponzi-schemes

and here
https://steemit.com/cryptocurrency/@appone/senate-hearing-on-cryptocurrency

This post is about the fact that thieves are mostly afraid of other steeling, because humans tend to think that most people are like them, so thieves expect everyone to steal, scammers see scams everywhere they look.

So here is a short list:

1 - 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. 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.

Full article here: http://bitcoinist.com/rabobank-fined-money-laundering-bitcoin/

2 - HSBC to pay $1.9 billion U.S. fine in money-laundering case

Full article here: https://www.reuters.com/article/us-hsbc-probe/hsbc-to-pay-1-9-billion-u-s-fine-in-money-laundering-case-idUSBRE8BA05M20121211

3 – We all remember Jamie Dimon, J.P.Morgan Chase Chairman, CEO and President stating bitcoin is a fraud:

JPMorgan CEO Jamie Dimon says bitcoin is a 'fraud' that will eventually blow up

Full Article here: https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html

So, here is his bank doing something fraudulent:

J.P. Morgan Chase Will Have To Pay A Fine Of $2 Billion For Laundering

Full article here: https://www.forbes.com/sites/robertlenzner/2013/12/12/j-p-morgan-chase-will-have-to-pay-a-fine-of-2-billion-for-laundering-76-billion-for-bernie-madoff/#22faba644aac

4 - Bitcoin is a vehicle for fraudsters, warns Goldman Sachs boss

Per CEO Lloyd Blankfein

Full article here: https://www.theguardian.com/business/2017/nov/30/bitcoin-is-a-vehicle-for-fraudsters-warns-goldman-sachs-boss

And among many other things:

1MDB Case Hangs Over Goldman Sachs as Investigators Dig for Answers

Full article here: https://www.nytimes.com/2016/12/22/business/dealbook/1mdb-goldman-sachs.html

5 - FBI Says Cartel Used Bank of America to Launder Money

Full article here: https://www.bloomberg.com/news/articles/2012-07-09/fbi-says-cartel-used-bank-of-america-to-launder-money

And

Bank of America to pay $16.6 million to resolve U.S. sanctions violations

Full article here: https://www.reuters.com/article/us-bankofamerica-sanctions-settlement/bank-of-america-to-pay-16-6-million-to-resolve-u-s-sanctions-violations-idUSKBN0FT1V220140724?feedType=RSS&feedName=businessNews

6 – WACHOVIA TO SETTLE DRUG-MONEY LAUNDERING CASE

Full article here: http://www.nbcnews.com/id/35914759/ns/business-world_business/t/wachovia-settle-drug-money-laundering-case/#.WoBgz-jwaUk

I can go on and on, but you get the point.

So in light of this:

New Research: Laundering of Illicit Funds Less than 1% of Bitcoin Transactions

Full article here: https://news.bitcoin.com/new-research-laundering-of-illicit-funds-less-than-1-of-bitcoin-transactions/

Why all the crypto bashing from the big banks?

One simple reason: They are afraid of competition. Even 1% of criminal activity eats into their profits and opportunities in that market.