Is Kraken government-backed in the US?

[mayax]

Just email them directly, don't take my word for it. I'm guessing all states

it's a fake information. Kraken is not registered as MSB in any state.

[DaemonHell]

Just email them directly, don't take my word for it. I'm guessing all states

it's a fake information. Kraken is not registered as MSB in any state.

Oh really?
Put in kraken into DBA name and see what is going to show up
https://www.fincen.gov/msb-registrant-search

[mayax]

Just email them directly, don't take my word for it. I'm guessing all states

it's a fake information. Kraken is not registered as MSB in any state.

Oh really?
Put in kraken into DBA name and see what is going to show up
https://www.fincen.gov/msb-registrant-search

I keep saying that by registering with FINCEN, it does NOT mean that a company is a MSB.

"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."

You can register on FINCEN website yourself... right now with any name you want.  make a try.


So, being registered with FINCEN means nothing. First a company MUST be a MSB and then to submit on Fincen.

A US company must be registered as MSB in all the states if they want to deal in all of them. See Coinbase, Gemini, Itbit, Circle. Look to their websites. You will notice something like :

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

https://gemini.com/about/


See? BIG difference between Kraken and these ones

Again, being registered on FINCEN page without being MSB = zero (outlaw, illegal)

Please show me on Kraken website(or ask them via email, phone) where they are registered as MSB

[Daemon_Hell]

Just email them directly, don't take my word for it. I'm guessing all states

it's a fake information. Kraken is not registered as MSB in any state.

Oh really?
Put in kraken into DBA name and see what is going to show up
https://www.fincen.gov/msb-registrant-search

I keep saying that by registering with FINCEN, it does NOT mean that a company is a MSB.

"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."

You can register on FINCEN website yourself... right now with any name you want.  make a try.


So, being registered with FINCEN means nothing. First a company MUST be a MSB and then to submit on Fincen.

A US company must be registered as MSB in all the states if they want to deal in all of them. See Coinbase, Gemini, Itbit, Circle. Look to their websites. You will notice something like :

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

https://gemini.com/about/


See? BIG difference between Kraken and these ones

Again, being registered on FINCEN page without being MSB = zero (outlaw, illegal)

Please show me on Kraken website(or ask them via email, phone) where they are registered as MSB

In my opinion - you got it backward.
You become MSB just by providing some types of services. Indeed, in some states you should apply for a license (but it depends on type of operations - if you check coinbase licenses - none of them were issued to conduct crypto-related operations)
So if you provide certain services - you should register with FinCen. Check out bitstamp - they are licensed in EU, registered in FinCen, but I could not find any state licenses.

[mayax]

Just email them directly, don't take my word for it. I'm guessing all states

it's a fake information. Kraken is not registered as MSB in any state.

Oh really?
Put in kraken into DBA name and see what is going to show up
https://www.fincen.gov/msb-registrant-search

I keep saying that by registering with FINCEN, it does NOT mean that a company is a MSB.

"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."

You can register on FINCEN website yourself... right now with any name you want.  make a try.


So, being registered with FINCEN means nothing. First a company MUST be a MSB and then to submit on Fincen.

A US company must be registered as MSB in all the states if they want to deal in all of them. See Coinbase, Gemini, Itbit, Circle. Look to their websites. You will notice something like :

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

https://gemini.com/about/


See? BIG difference between Kraken and these ones

Again, being registered on FINCEN page without being MSB = zero (outlaw, illegal)

Please show me on Kraken website(or ask them via email, phone) where they are registered as MSB

In my opinion - you got it backward.
You become MSB just by providing some types of services. Indeed, in some states you should apply for a license (but it depends on type of operations - if you check coinbase licenses - none of them were issued to conduct crypto-related operations)
So if you provide certain services - you should register with FinCen. Check out bitstamp - they are licensed in EU, registered in FinCen, but I could not find any state licenses.

Kraken provides the types of services which require to be MSB and FINCEN registration (but only in this order)

Coinbase is registered as MSB in almost all the states and this gives them the right to do many other operations not only dealing with virtual currencies. Except NY, no other state have a special license for Bitcoin (Coinbase have that special license too).

crypto-related operations= virtual currency. MSB law is referring to the virtual currency not to cryptoshit or any other name.

Each money services business (MSB) must register with the Department of the Treasury (FINCEN).  Note that failure to register when required to do so or obtain necessary state licensed, can lead to jail time

Most states require money services businesses operating within their territory to be licensed with the state banking department.  Note that many states also require registration of foreign MSBs that transact with their residents.  For example, money transmitters with no physical presence in Texas that transact with residents of Texas must be licensed in the State of Texas; same with all the other states.

FiNCEN describes very well the exchangers status for so called decentralized virtual currencies.

" a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency."

https://www.fincen.gov/resources/statutes-regulations/guidance/application-fincens-regulations-persons-administering

So, the point that many people are sustaining (without knowledge about the law) that Kraken is registered with FINCEN and it's enough, it's sci-fi, bullshit, etc  

 of course, there are many other exchangers like Kraken.  

[Daemon_Hell]

Most states require money services businesses operating within their territory to be licensed with the state banking department.

So, you can be MSB without a license in some states, huh?

[mayax]

Most states require money services businesses operating within their territory to be licensed with the state banking department.

So, you can be MSB without a license in some states, huh?

being registered as MSB = financial license

[Daemon_Hell]

Most states require money services businesses operating within their territory to be licensed with the state banking department.

So, you can be MSB without a license in some states, huh?

being registered as MSB = financial license

Can you provide a legal information about this?

Btw:

Coinbase is aware the Division is unable under current state law to license Coinbase
to transmit virtual currency, yet wants to pursue a money transmission license regardless of
this limitation. The Division is willing to issue Coinbase an Alaska money transmission
license for transmission using fiat currency

[RodeoX]

If you are not using a legal, registered business then you are handing your money over to criminals plane and simple. If you think that's a good financial decision... then best of luck. The moment they get into any kind of trouble they are going to disappear with your btc. You will have no legal recourse, no legal standing; you may even be considered an accessory to their crimes. At that point you will have more than your financial loss to worry about.


EDIT: well, surprise surprise.
https://bitcointalk.org/index.php?topic=2047405.0;topicseen

[mayax]

If you are not using a legal, registered business then you are handing your money over to criminals plane and simple. If you think that's a good financial decision... then best of luck. The moment they get into any kind of trouble they are going to disappear with your btc. You will have no legal recourse, no legal standing; you may even be considered an accessory to their crimes. At that point you will have more than your financial loss to worry about.


EDIT: well, surprise surprise.
https://bitcointalk.org/index.php?topic=2047405.0;topicseen

yes, i warned for SO many times about these exchangers, including BTC-e.   

now, it's becoming reality

the next ones will be Poloniex, Bitfinex, Kraken.

[Kepler-148b]

The thing about Kraken in particular though is that the founder is already mega-wealthy, it's not in his best interests for it to go down in unpleasant manner because of assassination risks. Everyone knows who Jesse Powell is. If he has enough of it, he will need to wind it down slowly.

[aesma]

If you are not using a legal, registered business then you are handing your money over to criminals plane and simple. If you think that's a good financial decision... then best of luck. The moment they get into any kind of trouble they are going to disappear with your btc. You will have no legal recourse, no legal standing; you may even be considered an accessory to their crimes. At that point you will have more than your financial loss to worry about.


EDIT: well, surprise surprise.
https://bitcointalk.org/index.php?topic=2047405.0;topicseen

I'm sorry but with that kind of thinking, forget cryptocurrencies. States don't have any interest in promoting cyrptocurrencies, lest of which the United States which derives most of its global power from printing its own globally accepted currency. The more cryptos are a threat to that, the more they will crackdown on it.

If I had serious crypto money, the US is the last country on Earth I would live in !

[Daemon_Hell]

Most states require money services businesses operating within their territory to be licensed with the state banking department.

So, you can be MSB without a license in some states, huh?

being registered as MSB = financial license

https://www.justice.gov/usao-ndca/press-release/file/984661/download
Check allegation number 6.

[aesma]

Allegation 6 talks about being licensed, it also talks about AML. Kraken has KYC rules, but how can any exchange have effective measures against money laundering ? It's impossible. Banks' answer is simply to allow authorities to get their data, freeze accounts etc., do "licensed" exchanges do this, and who's to say that would really satisfy authorities hell bent on killing cryptocurrencies ?

Nobody is safe.

[mayax]

Most states require money services businesses operating within their territory to be licensed with the state banking department.

So, you can be MSB without a license in some states, huh?

being registered as MSB = financial license

https://www.justice.gov/usao-ndca/press-release/file/984661/download
Check allegation number 6.

check count 1.  : Operation of an unlicensed Money Service.
allegation number 6 is referring to the fact that BTC-e had no AML process in place. it's something extra