Mobile payment processor Square was fined $507k by the Florida Office of Financial Regulation for unlicensed activity.
According to The South Florida Business Journal, the office alleged that San Francisco-based Square, which makes credit card readers for mobile devices, began operating in the state without the required license. Under Florida law, the newspaper said, companies that offer payment processing services and stored value/prepaid access card services must be licensed with OFR.
Square applied for the license in November, but the regulator found that the company began operating in Florida in February 2010, without the license.
Square consented to the charges without admitting a violation, the business journal added, and the regulator has approved its license.
http://www.mobilepaymentstoday.com/article/217971/Mobile-payment-processor-Square-fined-for-unlicensed-activity-in-FloridaNot about Bitcoin, but an example that unlicensed financial activity can be costly.
