Essentially what they're doing is attempting to match deposits and withdraws. In lieu of sending them money, they ask you to deposit money with another customer of theirs attempting to withdraw money. This keeps them off of the AML/KYC payments graph at their banks.
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"Ahh that's brilliant, why didn't anyone think of it before." They did. It was called LibertyReserve and the principals are currently in prison. https://en.wikipedia.org/wiki/Liberty_Reserve …
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This is a tremendously bad idea from an operational perspective as well, because one is very unlikely to be able to successfully match inflows and outflows during all market conditions, exacerbating the liquidity problems.
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The text in that red box is really something else…
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not going to look like money laundering flows at all, er...
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Distributed volunteer correspondent banking. It's going to be entertaining watching this unfold for sure.
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Oh sweet Jesus I’m still Long popcorn
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I think it’s just a system in which they use more than 1 bank to handle incoming deposits. Geographically speaking these would make sense, however the long wait time does show something unusual might go on in the meantime
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