Braden Perry Highlighted in Why Banks Block Cryptocurrency Transactions Article
Decrypt featured Braden Perry, among other experts, in an article on why banks block cryptocurrency transactions.
Over a decade after the inception of Bitcoin and most banks continue to block cryptocurrency transactions. The reason for this varies between jurisdiction and bank. Some banks are choosing to block crypto transactions for legal reasons. For example, China and Bolivia will not process Bitcoin transactions simply because it is against the law.
“Some of the larger banks just frankly found it easier to say ‘no’ than to try and do the underlying research necessary to understand those transactions and how they work,” Braden Perry of Kennyhertz Perry told Decrypt.
Even in jurisdictions where cryptocurrency is legal, most banks do not want to deal with angry customers or crypto-related crime. In these situations, the cost of allocating time and money to manage their customers’ crypto-related issues isn’t worth the effort.
To read this article in full: https://decrypt.co/39226/banks-still-blocking-crypto-transactions
About Kennyhertz Perry’s Financial Services practice group:
Kennyhertz Perry integrates broad regulatory expertise, including compliance and enforcement, with the transactional practices to which that expertise is critical. We are called upon by businesses who need help navigating current and future regulatory challenges stemming from the global financial crisis. To assist our clients in understanding the issues that will affect their industries, entities and transactions, we understand the impact of regulations and requirements of both The Dodd-Frank Wall Street Reform and Consumer Protection Act and a wide variety of U.S. and foreign regulatory reforms targeting investment business and market structures, alternative investment fund managers, private equity and others, central clearing and exchange-trading of derivatives, market abuse and insider dealing, capital regimes, and commodity derivatives.
Kennyhertz Perry attorneys also have broad BSA/AML experience across the spectrum of bank and non-bank financial institutions. These include traditional chartered banks, broker-dealers, commodity trading advisors, money transmitters, non-bank lenders, and virtual currency businesses. We are experienced in counseling and drafting BSA/AML practices, policies, and procedures. Our combined knowledge and skill permit us to anticipate potential problems before they become serious issues and assist clients in responding effectively to regulatory and law enforcement criticisms or inquiries.
Kennyhertz Perry regularly counsels lenders, investment advisers, broker-dealers, and fund managers on the laws, rules, and regulatory developments affecting their business, including regulatory requirements, risk management, licensing and registration, sales and marketing practices and materials, manuals and training, day-to-day compliance.
Kennyhertz Perry, LLC is a business and litigation law firm representing clients in highly regulated industries. The firm was founded by two veteran Kansas City attorneys, John Kennyhertz and Braden Perry. To learn more about the firm, visit kennyhertzperry.com.
*The choice of a lawyer is an important decision and should not be based solely upon advertisements.