CoinBase - Not licensed

[axel2078]

Coinbase isn't licensed, correct, because they're still awaiting regulators to iron out the wrinkles of the Bit-License.  They launched ahead of regulators, because that's what most tech startups do.  It's nothing new.  Run the business, add license and approvals later.

That said, they are fully licensed as a money tranmitter in the following states:

https://www.coinbase.com/legal/licenses

It's just a matter of time before New York and California pass their licensing requirements.

No this is not true. As it stands now, coinbase is operating in states that it either has a license to operate in or that, in it's legal opinion does not need a license. As of now neither CA nor NY require licenses to operate a bitcoin exchange

a lot of ppl are getting confuse from the bit license for exchanges and the license as a money transmitter, they still dont have the bit license, thats why they are operating in a gray area.

I thought the bit license thing only applied to New York since it was their brain child.  Is that not correct?

[Come-In-Behind]

you ignore the facts.

Coinbase is registered with FINCEN as being MSB for ALL THE USA

http://www.fincen.gov/financial_institutions/msb/msbstateselector.html

What does mean? It means they admit the fact that they are MSB in all the US. Are they licensed in all the US? No, they are not.

Let's take the New York state. Make a search on internet: "bitcoin unlicensed money transmitter". See what you can find and then you come to comment

Before searching, I will tell you what you will see; something like : 2 year prison term for bitcoin unlicensed money transmitter

Now, see Florida : "charged with felony violations of Florida’s law against unlicensed money transmitters — which prohibits “currency or payment instruments
 

So, Coinbase is operating illegally New York and Florida. These are only 2 cases. But they operate illegally in many other states

The law MUST be for everybody.

Maybe you just don't know, maybe you're just a ravaging moron. Who knows, but as people in this thread have said over and over.

California is a grey area, they haven't decide whether to regulate virtual currencies or not, so Obviously, operating as an exchange in California wouldn't be illegal, it'd just be slightly risky.

[mayax]

Coinbase isn't licensed, correct, because they're still awaiting regulators to iron out the wrinkles of the Bit-License.  They launched ahead of regulators, because that's what most tech startups do.  It's nothing new.  Run the business, add license and approvals later.

That said, they are fully licensed as a money tranmitter in the following states:

https://www.coinbase.com/legal/licenses

It's just a matter of time before New York and California pass their licensing requirements.

No this is not true. As it stands now, coinbase is operating in states that it either has a license to operate in or that, in it's legal opinion does not need a license. As of now neither CA nor NY require licenses to operate a bitcoin exchange

a lot of ppl are getting confuse from the bit license for exchanges and the license as a money transmitter, they still dont have the bit license, thats why they are operating in a gray area.

I thought the bit license thing only applied to New York since it was their brain child.  Is that not correct?

no, it is not correct. The BITlicense does NOT exist yet. it can be from tomorrow but it is not today. I repeat, make a search on internet: "bitcoin unlicensed money transmitter".

you will find things like this "2 year prison term for bitcoin unlicensed money transmitter ". So, New York is not so grey area. People are in jail for bitcoin exchanges.