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July 18, 2018, 05:12:54 AM |
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420X and its members may have difficulty accessing the services of banks, which may make it difficult for them to operate. The 420X exchange is using Blockchain technology, which provides the ability to trade with cryptocurrencies making the trading easy and trouble-free. Since the use of cannabis is illegal under federal law, there is a compelling argument that banks cannot accept or deposit funds from businesses involved with cannabis.
While the Financial Crimes Enforcement Network has provided guidance to financial institutions on how to provide services to marijuana-related businesses consistent with their Bank Secrecy Act obligations, the decision to open, close, or refuse accounts and/or relationships are made at the discretion of the banking institution. Consequently, businesses involved in the cannabis industry often have trouble finding a bank willing to accept their business.
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