The third largest US Bank that has more than $2 trillion in assets- Well Frago is in our crypto news today for the obligation to pay up to $575 million settlement after investigations show that the bank scammed its clients for nearly 15 years.
Wells Fargo pointed out a few months ago that Bitcoin is too risky as an investment but ironically ends up paying huge fines. After the federal investigations, the bank admitted that employees opened hundreds of unauthorized credit card accounts and bank accounts since 2002 until 2017.
The bank proceeded to illegally charge its clients for financial services and products that the customers never purchased such as life insurance policies. The employees claimed that they were afraid of losing their jobs and that is why they continued the fraud.
Wells Fargo has to open a consumer restitution review program in order to check for people that were illegally charged for a service. John G. Stumpf the bank’s CEO resigned back in 2016 after the fraudulent scheme was discovered.
The Securities and Exchange Commission is still conducting investigations for Wells Fargo and so does the Department of Justice and Department of Labor.
Ironically, Wells Fargo banned its customers earlier this year from using their credit cards to buy cryptocurrencies just as the bear market strengthened. The bank claimed that there are too many risks associated with Bitcoin:
“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency,” a bank rep said in a statement. “We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment.”
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"We believe this thesis still remains intact which could mean seeing a break of the lows in the coming weeks. A 25% selloff in BTC from the current lows of $3,200 would be to roughly $2,400."He also shared that the next sell-off could be just what the crypto market needs in order to finally break the backs of the bears and reach a new bull momentum in 2019.
Bitcoin ATM Operator Coinme To Start Selling BTC At Coinstar Counting Machines
“Bitcoin is now accessible at your local grocery store via Coinstar kiosks, and this offering will make it even easier for consumers to participate in this dynamic new economy.”Coinstar, on the other hand, offers coin-to-cash conversion in their kiosks in multiple countries around the world but it still remains unknown whether the Bitcoin feature will expand just as quickly as it did in the US. Coinstar’s CEO Jim Gaherty noted: Coinstar offers coin-to-cash conversion kiosks in various countries throughout the world. It remains unknown whether the Bitcoin feature will expand beyond the U.S., while the company did not provide figures on how many machines will offer it.
“Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks.’’According to CoinATMRadar industry monitoring resource, there are more than 4187 Bitcoin ATMs worldwide and more than 60 percent or 2516 are in the United States. The market has grown plenty over the years and many operators are trying to get control of what they think to become a fairly popular trend for crypto usage.
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