Comment by didntcheck
2 years ago
And also this reliance on a few payment providers causes the same type of problems as this business have with Google - big businesses trampling yours on a whim, with no real recourse. The problem is actually far worse with payment processors, who are increasingly taking it upon themselves to be an unelected worldwide morality police, deciding which types of commerce shall be legal with their own de facto law
I've talked about this before [0], but tl;dr - American banks operate worldwide, and since they are subject to US laws, worldwide banking is de facto under US jurisdiction.
> The banks operate under a laundry list of laws outside of a criminal conviction, such as the Terrorist watch list as well as whole countries that are under US sanctions. US sanctions are a particularly large bite because the US will sanction you from the US financial system for working with the above, even if you are not under US jurisdiction.
> This, of course, doesn't mention the all the reporting used for detecting tax evasion or money laundering.
> US banks are absolutely a wing of the court by operating under the given rule of law, and through the US banks' worldwide influence this 'rule of law' gains a global prominence.
[0]: https://news.ycombinator.com/item?id=28820330