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AliPay (an AliBaba Group company) gets US Money Transmitter License

AliPay Money Transmitter License Similar to the story of Microsoft getting its money transmitter licenses that I broke here, here is another Goliath which has applied for money transmitter license: Alibaba. AliPay, an AliBaba Group company was recently awarded a money transmitter license. AliPay is actually owned by ANT Financials (which is an AliBaba Group …

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The Sandstorm that is blanketing the operations of money transfer companies

  Access to Banking: Denied. For the last couple of years, MTOs (Money Transfer Operators) are finding it difficult to have access to banking. Those that had access to banking, are being surprised one fine day, when their bank informs them, that they (the bank) can no longer keep the MTO as a client. No …

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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 …

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FinCEN’s new ruling puts Coinbase, Bitpay, Circle and others in deep trouble.

  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 …

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SVR – Small Value Remittances or Micro-Transfers.

The Undiscovered Country… I’ve been studying remittances for a long time now; read countless documents, viewed hours of videos, listened to tons of podcasts and interacted with 100s of people on this issue. The one recurring element I see is the problem of micro payments across-the-border.   I think the word ‘micro’ here may do …

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