Synpase x

Because Synapse isn't a bank (and Evolve should have its charter revoked or at least be placed under FDIC consent order .. but that's another story). This is a forum that (I find) most useful for banking and banking related financial products and services. There's a time and place and thread for them, but I'm very happy this place is not filled with posts about cypto, fintech, sports gambling and w/e the latest FOMO is. I can get them on reddit or other spaces if I want.And just to be obvious, the fed is going to do jack squat...because you guess it, Synpase is not a bank. That said, I should probably take my own advice and share my very limited undestanding of the issues at hand.Because Synpase is NOT a bank, its banruptcy has been extremely chaotic to put it mildly. In the case of banks, if any were to go bankrupt, there are strictly outlined and regulated processes that most commonly involve takeover by a FDIC agency. Bank employees would stay on to help coordinate the disbursement of depositer funds. A bank can shut down on Friday and customers would get their money next Monday. THAT is what a bank is.In the case of synapse, it seems as if they just shut everything down and cut off employee paychecks. Evolve Bank has the deposits but has NO idea which customers own which accounts nor can they verify the identity of customers since Synapse effectively has the master ledger and customer information in their systems. It's a nightmare fraud scenario so Evolve shut down all withdrawals, because guess what, Evolve IS a bank and is subject to regulatory KYC (Know Your Customer) and due diligence requirements.Everyone that wanted better than a "regular bank" and "invested" in the Synapse startup got EXACTLY what they asked for.To be fair, the real banks can be and often are so so so much worse, but at the end of the day we can only play the hand we are dealt. We have the responsibility to learn and know the rules of the game.PS:

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