A Bitcoin service suspended by state of Virginia
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A Bitcoin service suspended by state of Virginia
1–10 of 62 posts
Re: A Bitcoin service suspended by state of Virginia
#2It sounds like they are voluntarily suspending service until this is sorted out. Virginia has given them 30 days to explain why they think this doesn't apply to them.
Re: A Bitcoin service suspended by state of Virginia
#3one unlicensed money transmitter is being suspended, not all bitcoin services and not the entire state of VA.
Re: A Bitcoin service suspended by state of Virginia
#4It sounds like they are voluntarily suspending service until this is sorted out. Virginia has given them 30 days to explain why they think this doesn't apply to them.
"The commission has formally stated that unless exempt from licensing we must stop further activity until such time as we apply for and obtain a Money Transmitter license."
Re: A Bitcoin service suspended by state of Virginia
#5>Effective the May 31st, 2013 Tangible Cryptography has suspended new purchases of Bitcoins through our service FastCash4Bitcoins. We take this step in response to a notice received, the same day from the Commonwealth of Virginia, that a complaint has been made that our company is operating as an unlicensed money transmitter.
Note that they're basically acting as the middle-man, not storing anything - I'm not really sure how the terms work in this situation. They seem to think it doesn't apply, maybe they're right.
It sounds like they did this voluntarily, and they go on to explain there have been no freezes, and all transactions have been completed. Probably a good choice (IANAL of course) while they mount a defense, which it sounds like they plan to do.
Re: A Bitcoin service suspended by state of Virginia
#6This is a pretty bad headline. First off, there should be a article in there, like "A Bitcoin service". Secondly, the service appears to have been shutdown to protect the owners/operators of the site from further legal action. They are not being forced to close. The state thinks they need a license and they think they don't. Instead of risking jail time on the possibility they don't need a license, they are taking the cautious route and shutting down until the legal issues are resolved.
Re: A Bitcoin service suspended by state of Virginia
#7This is a pretty bad headline. First off, there should be a article in there, like "A Bitcoin service". Secondly, the service appears to have been shutdown to protect the owners/operators of the site from further legal action. They are not being forced to close. The state thinks they need a license and they think they don't. Instead of risking jail time on the possibility they don't need a license, they are taking th…
"They are not being forced to close."
"Instead of risking jail time (...)"
I see some contradiction in here. If you feel a threat of violence upon you, isn't it very definition of "being forced"?
Re: A Bitcoin service suspended by state of Virginia
#8This is a pretty bad headline. First off, there should be a article in there, like "A Bitcoin service". Secondly, the service appears to have been shutdown to protect the owners/operators of the site from further legal action. They are not being forced to close. The state thinks they need a license and they think they don't. Instead of risking jail time on the possibility they don't need a license, they are taking th…
> They are not being forced to close.
They were told they "must" close by the state. I'm not sure how anyone can construe that as voluntary.
Re: A Bitcoin service suspended by state of Virginia
#9> Effective the May 31st, 2013 Tangible Cryptography has suspended new purchases of Bitcoins through our service FastCash4Bitcoins. We take this step in response to a notice received, the same day from the Commonwealth of Virginia, that a complaint has been made that our company is operating as an unlicensed money transmitter. Note that they're basically acting as the middle-man, not storing anything - I'm not really…
> It sounds like they did this voluntarily
No, they were forced by the state.
Re: A Bitcoin service suspended by state of Virginia
#10one unlicensed money transmitter is being suspended, not all bitcoin services and not the entire state of VA.
The state of VA is making the argument that bitcoin services are money transmitters, so it seems like they'll go after everyone in the state.