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Title: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: sttroon on June 28, 2013, 10:35:20 PM http://online.wsj.com/article/SB10001424127887323873904578574000957464468.html
Quote WASHINGTON—The world's largest bitcoin trading exchange appears to have taken a key step to comply with U.S. anti-money-laundering rules and potentially avoid additional run-ins with authorities. A company listed as Mt. Gox this week registered as a money services business with the Treasury Department's Financial Crimes Enforcement Network, according to FinCen's website. Tokyo-based Mt. Gox, which says it handles about 80% of all trading in the virtual currency, couldn't immediately be reached for comment. FinCen in March started applying traditional money-laundering rules to "virtual currencies" amid growing concern that new forms of digital cash are being used for illicit activities. Those rules mandate that exchanges register with FinCen, follow stricter bookkeeping requirements and report transactions of more than $10,000. About a month after the edict, the Department of Homeland Security seized an account tied to Mt. Gox, alleging the company and a subsidiary were conducting transactions "as part of an unlicensed money service business." According to FinCen's website, the agency received Mt. Gox's registration on Thursday. The online form listed a street in Dover, Del., as the company's address. Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: Stephen Gornick on June 28, 2013, 11:51:23 PM Quote MSB Registration Status Information Date: 06/28/2013 MSB Registration Number: 31000029348132 Registration Type: Initial Registration Legal Name: MtGox Inc DBA Name: Street Address: 615 S Dupont Hwy City: Dover State: DELAWARE Zip: 19901 MSB Activities: Money transmitter, Other States of MSB Activities: Alabama, Alaska, American Samoa, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District Of Columbia, Federated States Of Micronesia, Florida, Georgia, Guam, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Marshall Islands, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Northern Mariana Islands, Ohio, Oklahoma, Oregon, Palau, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virgin Islands, US, Virginia, Washington, West Virginia, Wisconsin, Wyoming All States & Territories & Foreign Flag: All States/Territories Number of Branches: Authorized Signature Date: 06/26/2013 Received Date: 06/27/2013 Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: deadweasel on June 29, 2013, 12:01:37 AM Quote MSB Registration Status Information Date: 06/28/2013 MSB Registration Number: 31000029348132 Registration Type: Initial Registration Legal Name: MtGox Inc DBA Name: Street Address: 615 S Dupont Hwy City: Dover State: DELAWARE Zip: 19901 MSB Activities: Money transmitter, Other States of MSB Activities: Alabama, Alaska, American Samoa, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District Of Columbia, Federated States Of Micronesia, Florida, Georgia, Guam, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Marshall Islands, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Northern Mariana Islands, Ohio, Oklahoma, Oregon, Palau, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virgin Islands, US, Virginia, Washington, West Virginia, Wisconsin, Wyoming All States & Territories & Foreign Flag: All States/Territories Number of Branches: Authorized Signature Date: 06/26/2013 Received Date: 06/27/2013 :D Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: samson on June 29, 2013, 12:04:43 AM This is good news
Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: vokain on June 29, 2013, 12:06:59 AM yay
Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: ninjaboon on June 29, 2013, 12:09:31 AM nice but I don't trade on their site anymore.
:-[ Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: vokain on June 29, 2013, 12:11:08 AM How did we hear this first from a mainstream outlet?
Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: samson on June 29, 2013, 12:19:01 AM How did we hear this first from a mainstream outlet? Because MtGox PR doesn't exist - they should have announced this everywhere. Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: vokain on June 29, 2013, 12:28:39 AM How did we hear this first from a mainstream outlet? Because MtGox PR doesn't exist - they should have announced this everywhere. man, every move in Bitcoin is scrutinized. I bet eventually journalists will be the next sizeable demographic that hop on board the gravy train :) Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: No_2 on June 29, 2013, 12:52:40 AM How did we hear this first from a mainstream outlet? Because MtGox PR doesn't exist - they should have announced this everywhere. I agree, although their PR does seem to be getting better. Perhaps they will centralise their communicators more when they relaunch other services next month. Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: jackthebeanstalk on June 29, 2013, 12:57:21 AM Good, at least I can start withdrawing and depositing into Mtgox without the worries that my money will be confiscated.
Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: Severian on June 29, 2013, 01:04:26 AM Good, at least I can start withdrawing and depositing into Mtgox without the worries that my money will be confiscated. There's no guarantee of that. Fincen is an arbitrary authority and could hit Mtgox with an imagined infraction. Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: aigeezer on June 29, 2013, 01:28:20 AM "According to FinCen's website, the agency received Mt. Gox's registration on Thursday" where the WSJ conveniently found it in time to publicize it on Friday. A government agency receives an application and publicizes it on its website on the same day or within a day? Hmmn. Gox may not yet have been told their registration has been approved. Come to think of it - the story doesn't actually say it has been approved. Is approval necessary? I assume Gox has to get some kind of response before they can breathe any easier. Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: vokain on June 29, 2013, 01:40:41 AM "According to FinCen's website, the agency received Mt. Gox's registration on Thursday" where the WSJ conveniently found it in time to publicize it on Friday. A government agency receives an application and publicizes it on its website on the same day or within a day? Hmmn. Gox may not yet have been told their registration has been approved. Come to think of it - the story doesn't actually say it has been approved. Is approval necessary? I assume Gox has to get some kind of response before they can breathe any easier. Is registering the same thing as applying? edit: nope, found my answer Quote from: http://www.reddit.com/r/Bitcoin/comments/1ha8s5/mtgox_co_ltd_approved_to_be_a_licensed_msb_by/cascmco FinCEN doesn't approve registrants. It processes the registration and enters them into a database. PirateAt40 could register as an MSB and they would still list it. What registering does is express intention to comply with the regulations. Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: aigeezer on June 29, 2013, 01:47:57 AM "According to FinCen's website, the agency received Mt. Gox's registration on Thursday" where the WSJ conveniently found it in time to publicize it on Friday. A government agency receives an application and publicizes it on its website on the same day or within a day? Hmmn. Gox may not yet have been told their registration has been approved. Come to think of it - the story doesn't actually say it has been approved. Is approval necessary? I assume Gox has to get some kind of response before they can breathe any easier. Is registering the same thing as applying? I don't know how it works. I would guess you are not registered until you get some paper back from FinCen. Otherwise companies could just say they had sent in their registration and it must have gotten lost in the mail. Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: bitcoinstarter on June 29, 2013, 02:06:58 AM That was getting sketchy!
Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: aigeezer on June 29, 2013, 02:11:40 AM "According to FinCen's website, the agency received Mt. Gox's registration on Thursday" where the WSJ conveniently found it in time to publicize it on Friday. A government agency receives an application and publicizes it on its website on the same day or within a day? Hmmn. Gox may not yet have been told their registration has been approved. Come to think of it - the story doesn't actually say it has been approved. Is approval necessary? I assume Gox has to get some kind of response before they can breathe any easier. Is registering the same thing as applying? edit: nope, found my answer Quote from: http://www.reddit.com/r/Bitcoin/comments/1ha8s5/mtgox_co_ltd_approved_to_be_a_licensed_msb_by/cascmco FinCEN doesn't approve registrants. It processes the registration and enters them into a database. PirateAt40 could register as an MSB and they would still list it. What registering does is express intention to comply with the regulations. Wow - so if it really does get lost in the mail it gets messy? "He said, she said". I'm still wondering how an incoming registration makes it to a government website so quickly. That's not any government service I've ever seen. :) Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: bitdigger2013 on June 29, 2013, 03:48:42 AM From FinCEN website:
The inclusion of a business on the MSB Registrant Search Web page is not a recommendation, certification of legitimacy, or endorsement of the business by any government agency. The MSB Registrant Search Web page, which is updated on a weekly basis, contains entities that have registered as Money Services Businesses (MSBs) pursuant to the Bank Secrecy Act (BSA) regulations at 31 CFR 1022.380(a)-(f), administered by the Financial Crimes Enforcement Network (FinCEN). Information contained on this site has been provided by the MSB registrant. FinCEN does not verify information submitted by the MSB. Information provided on this site reflects only what was provided directly to FinCEN. If an error or incomplete information is detected on this site, the registrant should follow the appropriate instructions for correcting a Registration of Money Services Business (RMSB) form. Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: Book on June 29, 2013, 06:39:35 AM Mt Gox looks like it's turning into the bitcoin equivalent of paypal. Soon there will be random uncalled for account limitations too. I will probably be using trusted exchangers on forums like this one. I hope a good unregulated exchange site emerges soon, one completely out of reach of US law enforcement so people can just do their trades without extended verification.
Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: molecular on June 29, 2013, 08:20:05 AM so more of our money flows to the parasites.
Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: runam0k on June 29, 2013, 09:47:11 AM so more of our money flows to the parasites. If you're referring to bitcoiners wanting to trade bitcoins for USD and vice versa, then yes.If there was no need to exchange bitcoins for USD, we wouldn't have a problem. Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: samson on June 29, 2013, 10:09:52 AM This news was reported by THE Wall Street Journal, not some small specialist crypto currency news site and the surprising thing is - that's kind of normal these days. So normal that nobody commented OMG Bitcoin and MtGox was mentioned in the WSJ.
For any kind of mass adoption to happen some exchanges (the large ones) are going to have to follow all Goverment rules - that's no problem for me and won't be an issue for many others. If it's a problem for you then there are plenty of alternative exchanges who operate completely outside the 'land of the free' who don't require such draconian legislation compliance so it's still relatively easy to stay anonymous and trade Bitcoin if you want to. This is Bullish news and I think that if we weren't in the middle of the largest bear market in the history of Bitcoin we would rally on this news. Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: aigeezer on June 29, 2013, 12:11:50 PM so more of our money flows to the parasites. If you're referring to bitcoiners wanting to trade bitcoins for USD and vice versa, then yes.If there was no need to exchange bitcoins for USD, we wouldn't have a problem. I suppose the need/want ratio will change over time but for now I imagine most people think it is a "need" and their perception makes the reality. I'm not American so it is even more irksome to be affected by this kind of thing. On the "parasite" front, it strikes me that the FinCen website becomes an invitation to all the other jurisdictions listed in the registration to send Gox a C&D threat/invitation for $5000 (California-style). If so that would be at least a quick quarter-million dollars into various government coffers. (Are these things renewable annually?). Gox can treat it as a cost of doing business with Americans, but the fees will come out of somebody's pocket eventually, perhaps customers globally. So far the parasites are not killing the host, but it's early days. Mischief questions: if an American in McMurdo Station, Antarctica does business with Gox, does that put Gox in violation of FinCen's guidelines? How about CIA operatives around the world who might want to use BTC "on business" - should Gox just decline to deal with them in case it might annoy FinCen? Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: polarhei on June 29, 2013, 12:50:45 PM Good.
Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: Stephen Gornick on June 29, 2013, 01:33:40 PM Incidentally, the corporation that filed this MSB registration is:
MtGOX Inc. Incorporated 06/11/2013. File number: 5346105 Accessed from: https://delecorp.delaware.gov/tin/GINameSearch.jsp Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: samson on June 29, 2013, 01:56:57 PM Incidentally, the corporation that filed this MSB registration is: MtGOX Inc. Incorporated 06/11/2013. File number: 5346105 Accessed from: https://delecorp.delaware.gov/tin/GINameSearch.jsp It looks like they decided to form a new US company and serve the American people directly. Coinlab must be pissed off at this. Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: kjlimo on June 29, 2013, 02:20:46 PM Incidentally, the corporation that filed this MSB registration is: MtGOX Inc. Incorporated 06/11/2013. File number: 5346105 Accessed from: https://delecorp.delaware.gov/tin/GINameSearch.jsp It looks like they decided to form a new US company and serve the American people directly. Coinlab must be pissed off at this. Perhaps they'll sue them ;) Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: deadweasel on June 29, 2013, 02:21:35 PM Incidentally, the corporation that filed this MSB registration is: MtGOX Inc. Incorporated 06/11/2013. File number: 5346105 Accessed from: https://delecorp.delaware.gov/tin/GINameSearch.jsp It looks like they decided to form a new US company and serve the American people directly. Coinlab must be pissed off at this. Perhaps they'll sue them ;) don't care as long as they're legit and their new new engine is rockin'. Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: samson on June 29, 2013, 02:26:21 PM Incidentally, the corporation that filed this MSB registration is: MtGOX Inc. Incorporated 06/11/2013. File number: 5346105 Accessed from: https://delecorp.delaware.gov/tin/GINameSearch.jsp It looks like they decided to form a new US company and serve the American people directly. Coinlab must be pissed off at this. Perhaps they'll sue them ;) Maybe they already settled. MtGox Japan and MtGox Inc appear will be two completely separate entities so I doubt you could sue MtGox in over something MtGox Japan did even if it's owned by the same person. Who's on the board of directors for MtGox Inc ? Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: Beta-coiner1 on June 29, 2013, 08:07:44 PM I wonder if this will satisfy the Dwolla issue?
Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: samson on June 29, 2013, 08:17:05 PM I wonder if this will satisfy the Dwolla issue? I can't imagine why not. Is this just an application for a license which will be processed at some point in the future ? Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: pembo210 on June 30, 2013, 01:43:22 PM I really hope this works out. :D
Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: kjlimo on June 30, 2013, 04:45:50 PM I wonder if this will satisfy the Dwolla issue? I can't imagine why not. Is this just an application for a license which will be processed at some point in the future ? A few posts up explained this is not an application, but merely a notice of intent to follow and comply with rules/regulations. Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: sergio on July 02, 2013, 07:35:24 AM This is a mistake, the government/fed are trying to kill bitcoin based on all the recent actions in the last 60 days.
Well it is a good thing Bitcoin is p2p and does not depend on mtgox. This will make btc-e.com grow, and before the end of the year they will probably be equal in size to mtgox. Title: Re: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN Post by: Severian on July 02, 2013, 04:09:29 PM the government/fed are trying to kill bitcoin based on all the recent actions in the last 60 days. And there's a large number of Bitcoiners willing to help the government in the process. There are two choices with government: give in and let them tax and kill you or dig in and fight for your rights. There's no middle ground. |