Thread by @Teutoburg1

TLDR; $MCB is opening 800+ Bank Accounts per day via a program manager with marketing materials “FDIC Insured, No Social Security Required, Send Money to Columbia in Minutes!, Illegal? #Selfie” and found an unmet, underbanked need.

See @vidar_research on $MCB

1/🧵

MyBambu: a $MCB Global Payments BAAS client

BAAS is a Reg Arb gamble. Banks didn’t want to keep up with KYC/AML compliance costs boosted earnings outsourcing to unregulated (Defi) fintechs neobanks. Now 23.5% of the $MCB deposit base.

Can you find @coinbase 🧐

Voyager?

2/🧵

Voyager brought $MCB payments business into the FTX/SBF/Alameda DOJ investigation. Alameda was Voyager's #1 lending partner and used its offer for Voyager as a ruse to get to their deposit base at $MCB to boost liquidity

Long history of disappearing clients! @Cryptadamist

3/🧵

Part of the BAAS ruse is the fraudulent marketing of FDIC insurance.

Voyager was a FDIC fraud pioneer.

Every depositor became an unsecured creditor when Voyager failed.

Cease and Desist:
fdic.gov/news/press-rel…

This is fraud.

4/🧵

Like Voyager, MyBambu is not FDIC insured.
@FDICgov

In the event of a MyBambu failure, depositors become unsecured creditors.

MyBambu has removed the FDIC Logo marketing from their website, but not their Youtube

5/🧵

MyBambu primarily markets $MCB banking services to Spanish speaking immigrants living in the U.S.



6/🧵

No Social Security Number Required! #Selfie

Regardless of your Immigration Status!

Send Money to Columbia!
Pinned Review Since Inception.
Not a customer. Internal SEO Specialist
International Transfers: Feature, not a Bug.

@ParrotCapital

7/🧵

100000 in six months: 120 Business Days?
833 New Accounts per Day
8 Hours per Day: 104 Accounts per Hour

1.73 Bank Accounts per Minute $MCB!

Talk about KYC/AML fr fr @AlderLaneEggs

8/🧵

OMG. INBD. $MCB is not liable... MyBambu is liable right?

'BAAS offerings.. ongoing investigations by federal and state... concerning prepaid debit card products.. We provide OVERSIGHT.. MUST MEET ALL INTERNAL and REGULATORY REQUIREMENTS'

and its ~23.5% of our deposits $MCB