tl;dr: Coins.ph just broke the law in all 50 States by willfully conducting money transfer services without a money transmitter license and are not even registered with FinCEN (at the time of writing this article). There is a very interesting article that caught my eye today in CoinDesk. A startup based out of Philippines is now offering remitters […]
Interesting thread on Reddit if Coinbase does indeed have a license as a money transmitter in the State of California or not. Today, a statement was released by the CA Financial Regulator citing that Coinbase does NOT have any license. The article can be read here on Coindesk. The licensing page for Coinbase tells a […]
What recourse do Bitcoin companies operating in the US have in light of the recent ruling by FinCEN?
On October 27, 2014, the Financial Crimes Enforcement Network (FinCEN) released new guidance for custodial bitcoin exchanges and payment processors, ruling that such companies may be considered money services businesses under US law. The past couple of days have been very hectic. Besides fielding calls from lots of people, everyone is asking the same […]
The US Financial Crimes Enforcement Network (FINCEN) released its opinion on: Request for Administrative Ruling on the Application of FinCEN’s Regulations to a Virtual Currency Payment System yesterday (27th October 2014). The ruling which is an update to an earlier ruling of October 2013, in which only Bitcoin Exchanges were subject to the Money […]