I am 1,000,000% sure that many fintech companies are taking security very, very seriously (I am Stripe customer myself). But I don't think that has anything to do with statement "we are heavily regulated, and audited" - that is too funny.

▲

fragmede an hour ago | parent [-]

In the wake of every scandal in finance is a wave of regulations. Finance is one of the most heavily regulated industries the is. That smart people keep finding new areas that haven't yet been regulated doesn't mean that the existing areas agent heavily regulated and audited.

If you give me $5, and then I pass it on to Bob for you, how many licenses and how much paper work do you think I should need to do that if I did that as a business? If you give me some money and I am a business, how much paperwork should that incur?

	▲	chaps 12 minutes ago \| parent [-]
		The big problem is that the exchanges are largely self-regulated. Or at least when I was in the field. A company I worked at sued a counterparty to our trade because we had proof of market manipulation. I won't say any of the details of who, etc, but the trades of the counterparty were so... plainly obvious of market manipulation in violation of the exchange's rules. At one point in that lawsuit the exchange's lawyers accidentally CC'd my bosses, showing that the exchange was colluding with the counterparty. From what I was told, the issue for the exchange was that if they were found out to not enforce their self regulation then it'd be the precipitous event to the hammer coming down on them from regulatory bodies. So yeah. Regulation's kinda shite here.