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Author Topic: What happened to bitme.com?  (Read 1260 times)
fork
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March 21, 2013, 06:32:17 AM
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On Bitme's website (bitme.com) has the below message. Does anyone know why BitMe is shutting down?

    Important!

    BitMe is suspending operations indefinitely. The website will remain up until April 15.

    Great thanks to all of our customers, it's been a lot of fun serving you!
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Stephen Gornick
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March 21, 2013, 12:20:27 PM
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Does anyone know why BitMe is shutting down?

Operating an exchange is an expensive venture, especially with having to perform ID verification, etc.

I wouldn't doubt FinCEN's guidance pretty much cleared up any confusion about how they view exchanges (with regards to MSB registration as a money transmitter).

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March 22, 2013, 11:37:14 PM
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I don't think the creator was very invested in the project. Also, as mentioned, they did ID verification and receipt scanning which is why I stopped using them as well as a few other co-workers. I had a thread about the exchange when I had a problem using it:

https://bitcointalk.org/index.php?topic=139762.0

Despite my problem being pretty dumb, I had 3 other people that thought the same thing I did. It was not advertised in their FAQ or other areas that receipt/ID scanning was part of their service, and the only part that describes it is on the page that tells you where to go deposit the money. The wording also was confusing, most thinking they only needed to do that after 24 hours if their transaction was not yet finished. No, you have to scan the receipt for every exchange.

BitFloor is back (with a few changes) and I've always been quite happy with them.
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March 29, 2013, 12:37:59 AM
 #4

Does anyone know why BitMe is shutting down?

Operating an exchange is an expensive venture, especially with having to perform ID verification, etc.

I wouldn't doubt FinCEN's guidance pretty much cleared up any confusion about how they view exchanges (with regards to MSB registration as a money transmitter).

what does finCEN do

Donations: 1JVhKjUKSjBd7fPXQJsBs5P3Yphk38AqPr - TIPS
the hacks, the hacks, secure your bits!
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March 29, 2013, 12:40:36 AM
 #5

Does anyone know why BitMe is shutting down?

Operating an exchange is an expensive venture, especially with having to perform ID verification, etc.

I wouldn't doubt FinCEN's guidance pretty much cleared up any confusion about how they view exchanges (with regards to MSB registration as a money transmitter).

what does finCEN do

http://www.fincen.gov/

It is to help stop illegal uses of currency.

Want to earn 2500 SATOSHIS per hour? Come Chat and Chill in https://goseemybits.com/lobby
420
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March 29, 2013, 12:41:49 AM
 #6

Does anyone know why BitMe is shutting down?

Operating an exchange is an expensive venture, especially with having to perform ID verification, etc.

I wouldn't doubt FinCEN's guidance pretty much cleared up any confusion about how they view exchanges (with regards to MSB registration as a money transmitter).

what does finCEN do

http://www.fincen.gov/

It is to help stop illegal uses of currency.

in other words they're not needed in the new digital age

Donations: 1JVhKjUKSjBd7fPXQJsBs5P3Yphk38AqPr - TIPS
the hacks, the hacks, secure your bits!
gweedo
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March 29, 2013, 12:48:45 AM
 #7

Does anyone know why BitMe is shutting down?

Operating an exchange is an expensive venture, especially with having to perform ID verification, etc.

I wouldn't doubt FinCEN's guidance pretty much cleared up any confusion about how they view exchanges (with regards to MSB registration as a money transmitter).

what does finCEN do

http://www.fincen.gov/

It is to help stop illegal uses of currency.

in other words they're not needed in the new digital age

In other words bitcoins is making there life hell, and they have to put the pressure on these exchanges to make sure it hard to get the currency in the first place, thru trading.

Want to earn 2500 SATOSHIS per hour? Come Chat and Chill in https://goseemybits.com/lobby
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