CNBC spoke to a dozen customers caught in the Synapse fintech predicament, people who are owed sums ranging from $7,000 to well over $200,000.

    • nyan@lemmy.cafe
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      4 days ago

      Exactly. The combination of “bank” and “startup” is innately terrifying. Don’t put more money than you can afford to lose in a place like that.

      (Aren’t there any laws in the US regarding who can call themselves a bank? Or is this another case of Americans being unwilling to do something sane and obvious because some politician has convinced them it will infringe on their “freedom”?)

      • catloaf@lemm.ee
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        4 days ago

        Yes and no. Banks are strictly regulated. But that’s why companies like Paypal continually remind people that they are not a bank, so they can escape that regulation.