Open Letter to The Financial Services Comittee: Mark Zuckerberg says Libra/Calibra is "not applying for bank charter", but they are legally required to in Switzerland. Zuckerberg has potentially lied to you all.

First and Foremost feel free to correct me if I am wrong or misinterpreted something!Context, 2 hours 11 minutes: https://youtu.be/B1a5h5KncNM?t=7827 - listening for 60 seconds, you will hear him say that they are not applying for bank charter. The congressman he was speaking to makes a reference to Switzerland. Zuckerberg mentioned that they had plans to operate Libra/Calibra out of Switzerland.https://ift.tt/2N60djT you download the PDF on the FINMA website, you will see that anyone who is raising capital in excess of 100 million Swiss Francs (about 1:1 to the USD, source - https://ift.tt/2oWYLbz) must apply for a banking license. That is clearly written on the first page of the PDF. We know that every company that raised capital for Libra ended up paying Facebook / Libra 10 million USD apiece. If there are 21 founding member companies, then that makes 210 million USD. 210 million USD > 100 Million USD / Swiss Francs. Time to apply for that Swiss Banking License...Now then, granted Mark Zuckerberg is a reptilian human being, it is likely that he did not well-verse himself in what papers they need to apply for in Switzerland.But on the off chance that he said this intentionally, he just lied to the Financial Services Committee.EDIT: I work for a centralized exchange that is in the process of launching. That is how I know all of this information.EDIT 2 Reason: adding more context.

Submitted October 24, 2019 at 10:31AM