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Title: How are the "companies" here performing transactions? State/Fed MSB Reg? Post by: WiseOldOwl on April 10, 2013, 09:40:58 PM Just wondering if all these exchange companies are complying with regulations.
From my understanding you need to be registered as a MSB in every state you do business, and federally. I doubt anyone here has pulled that off properly. Any thoughts? Title: Re: How are the "companies" here performing transactions? State/Fed MSB Reg? Post by: Tekkna on April 10, 2013, 09:49:33 PM Interesting question, not sure, although I know that Mt.Gox is located in Japan, and they commonly use Bank Wire Transfers.
Not sure if the laws change around international commerce? Is there a way to register as a MSB for the internet? ;) Title: Re: How are the "companies" here performing transactions? State/Fed MSB Reg? Post by: WiseOldOwl on April 11, 2013, 12:03:37 AM According to the law if you transact with US customers, you are subject to regulation. It seems like MtGox does proper verification, but I don't believe they are registered as a MSB in every state they do business, (do they need to be?).
Either way I don't think any of the smaller exchanges (& exchange services) meet this criteria. Let me assure you this is a law that they don't take lightly, and anyone doing bitcoin to usd (or vice versa) transactions that isn't fully registered (local, state, federal) and reporting/verifying customers, you could be in for a serious surprise. Title: Re: How are the "companies" here performing transactions? State/Fed MSB Reg? Post by: joesmoe2012 on April 11, 2013, 01:19:01 AM MtGox said in an interview that they spent $25mil to become fully compliant in the USA.
While this may be way over stated, registration is required. Title: Re: How are the "companies" here performing transactions? State/Fed MSB Reg? Post by: WiseOldOwl on April 11, 2013, 01:44:26 AM Ok, it would not of cost that much I dont think, but I am assuming this is what they are talking about.
Additionally, if the cost is even 1/100th of this, then no one else on here is legit. Title: Re: How are the "companies" here performing transactions? State/Fed MSB Reg? Post by: Severian on April 11, 2013, 01:47:01 AM Just wondering if all these exchange companies are complying with regulations. I certainly hope not. As more come online, I hope fewer do comply. This overarching Hegelian State bullshit has to stop. Title: Re: How are the "companies" here performing transactions? State/Fed MSB Reg? Post by: shamoons on April 14, 2013, 06:29:04 PM An MSB doesn't need to register in every state, do they? Only an MTB does, I believe.
Title: Re: How are the "companies" here performing transactions? State/Fed MSB Reg? Post by: WiseOldOwl on April 14, 2013, 08:27:06 PM Ive heard conflicting things.
Also what is a MTB. If T stands for transfer, then yeah its the same thing I believe. Title: Re: How are the "companies" here performing transactions? State/Fed MSB Reg? Post by: pheaonix on April 15, 2013, 09:01:31 AM if they come anywhere close to being hit by the feds, just put everything into btc and close shop
Title: Re: How are the "companies" here performing transactions? State/Fed MSB Reg? Post by: shamoons on April 15, 2013, 11:59:17 AM Ive heard conflicting things. Also what is a MTB. If T stands for transfer, then yeah its the same thing I believe. Money transmitter |