banks are not pulling the rugs from under exchanges.
exchanges dont even bother making rugs.. they just stand on the cold floor.
meaning they dont bother reading the regulations, getting authorised, keeping records or following any of the rules of handling fiat.
its like a majority of these exchanges are run by amateurs that have no previous experience in finance.
the community needs to up its game. its not difficult.
but being lazy by ignoring the laws and then blaming the regulators like its a total surprise is just reasons why i see the half assed attempts of making exchanges always fail.
I thought it cost like $1M
for each state to get a money service business license, and that is just in the US. Right? Wrong? You at least pretend to know something about it.
There is a balance of reason, and the cost of an MSB looks a bit more to me like something which is designed by those who already have their foot in the door to stifle competition rather than a legitimate expense required in keeping us safe from those 'evildoers'...or whatever the excuse for monitoring/managing the serfs happens to be at the moment.
if you cant afford to get the licences/insurance (FDIC) then maybe your not the right person to be looking after peoples investments