X “unfit” for banking because of complicity in Saudi spying, lawyers argue

celtoid · 2023-09-08T20:23:14

> The letter alleged that as proof of the platform's complicity, instead of cracking down on Saudi spying after the FBI alert, "Twitter began approving Saudi requests for confidential information, including 'emergency disclosures,' in 'droves.'"

On top of that, Xitter is using an Israeli intelligence firm for user verification. No way should Xitter become a bank with so many leaks to foreign intelligence services.

[0] https://www.middleeasteye.net/news/x-twitter-israel-concerns...

mcv · 2023-09-08T22:58:10

Even without the Saudi connection, Twitter doesn't exactly sound like a great basis for a bank to me.

Arrath · 2023-09-08T23:38:43

I've not much confidence that a company known for not getting permits and not paying rent or severance will carry through and pay out my own money when I want them to.

mcv · 2023-09-11T07:24:40

Excellent point. Responsibility and trust are vital for a bank, and Musk has quite thoroughly destroyed those in Twitter.

yieldcrv · 2023-09-09T01:34:04

Regulators shouldn’t be put in a discretionary place to begin with.

The current banking licenses don’t prevent impropriety, dont prevent illegal activities.

Merely disliking some geopolitical thing shouldn’t be a factor in having a banking or money transmitter license.

A bank with a custodial solution and hedge more comprehensive than “go long on US treasuries” is good enough