Could someone kindly please explain in layman's terms the difference between currency exchange vs money transmission - in regards to bitcoin, of course.
And is using localbitcoins considered currency exchange or money transmission?
I was arrested, had my Bitcoins, cash, all my computers, and other property seized, was thrown into solitary confinement and charged with operating a money transmittal business without a license all for simply trading Bitcoins on localbitcoins.com.
I claimed I was an investor trading for my own account, they claimed it was a business.
In the end, after about $300,000 in legal fees and extortion payments, we agreed to disagree.
You can read all about it here:
http://www.burtw.comhttp://www.jmwagner.comhttps://bitcointalk.org/index.php?topic=1182005(and many other threads here on this forum, just google my name + Bitcoin)