DISQUS

Thusenth · 1 year ago

Anyone could have seen this one coming. Our banking system is no where close to that of the United States. Anyone who's driven through both can quickly realize anyone can open a bank up in the US. In Canada, if you're going to be accepting deposits at that sort of scale, you'll need to be a chartered bank, a trust, a credit union or a caisses populaire. The government has a tight leash on banking in Canada (and thankfully so).

Dan · 1 year ago

My guess is that they were trying to persuade the regulators that they aren't actually a deposit-taking institution. Which I do have some agreement with, they're merely transferring money from one chartered bank account to another (their's at National Bank of Canada).

Paypal seems to be operating here quite well working with the same principles, and the Canadian banks haven't been forced to shut them out either.

P2P-Banking.com · 1 year ago

More on current status and reasons why the regulator intervened:
http://www.wiseclerk.com/group-news/countries/c...