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Linden Lab | Play Now
MMORPG | Genre:Real Life | Status:Final  (rel 06/23/03)  | Pub:Linden Lab
Distribution:Download | Retail Price:Free | Pay Type:Free | Monthly Fee:$09.95
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Second Life News - Linden Cracks Down on Banks

Posted by Keith Cross on Jan 09, 2008  | 6 comments in our forums

Linden Labs has announced that they will be banning financial institutions in Second Life that offer interest or other investment benefits unless the bank is registered with a real world government.  The change in policy comes after increased complaints from Second Life residents about banks offering high investment returns and not delivering on their promises.

As of January 22, 2008, it will be prohibited to offer interest or any direct return on an investment (whether in L$ or other currency) from any object, such as an ATM, located in Second Life, without proof of an applicable government registration statement or financial institution charter. We’re implementing this policy after reviewing Resident complaints, banking activities, and the law, and we’re doing it to protect our Residents and the integrity of our economy.

Since the collapse of Ginko Financial in August 2007, Linden Lab has received complaints about several in-world “banks” defaulting on their promises. These banks often promise unusually high rates of L$ return, reaching 20, 40, or even 60 percent annualized.

Usually, we don’t step in the middle of Resident-to-Resident conduct – letting Residents decide how to act, live, or play in Second Life.

Read more here.

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