Mt. Gox is an unlicensed money exchanger dealing in "crypto-currency."

[esse83]

http://arstechnica.com/tech-policy/2013/05/feds-reveal-the-search-warrant-that-seized-mt-gox-account/

[NamelessOne]

They better damn well have the license already, or hurry up on getting one.

[Quantum_Negatum]

The real panic sells haven't even started.

[BitPirate]

The real panic sells haven't even started.

Bullshit

[warpio]

The fact that you have to be licensed in order to transmit money, just makes bitcoin seem even more valuable IMO.

[dexX7]

The real panic sells haven't even started.

Not gonna happen. If their USD accounts get frozen, nobody wants to hold USD. Expect buy-ins and transfer to other exchanges instead.

[Kazu]

How does Gox need a US license to transfer money when they are in Japan.

How does anybody need a license to transfer money period. At this point you basically can't do business without transferring money.

[esse83]

Well lets pretend mtgox have to shut down - ppl who have bought btc will most likely experience a huge crash - meaning most will want to get USD out of there asap. Or perhaps they buy btc and act all "rational" assuming that a crash will not occur if this situation escalates.

[BitPirate]

I think it's fair to say the terrorists have won

[deltanine]

How does Gox need a US license to transfer money when they are in Japan.

How does anybody need a license to transfer money period. At this point you basically can't do business without transferring money.

Mutum Sigillum LLC is in the US and apparently lied on an MSB form that they weren't a money services company.

Mt. Gox is so incompetent it is mind boggling.

[KillaMarci]

I don't know what this means, but I'm fucking scared right now.


Winter is coming...

[Dalib]

How does Gox need a US license to transfer money when they are in Japan.

just so:

• mtgox doing business in Japan
• is Bitcoin curency or commodity???

These are just only questions for lawyers

[cypherdoc]

for a real problem to occur you'd need to see CampBx, Coinbase, Gyft, Bitinstant, and the myriad other worldwide exchanges being shuttered.

ain't gonna happen.

[blackreplica]

Just another american bankster-backed economic terrorist organisation under guise of a licensing authority

Land of freedom my ass (my opinions are not directed at honest americans, merely the terrorist 'leaders' of said country who pull the puppet strings)

It's YOUR US Dollars, yours to do with what you wish. If you want to hand it over to a company based in Japan in exchange for something of REAL value...thats none of their concern

[RoadToHell]

Mutum Sigillum LLC is in the US and apparently lied on an MSB form that they weren't a money services company.

They can just say they report to Eric Holder and this will all blow over in a few days.

[esse83]

"Tracing that money, HSI was able to see that the money passed through a Wells Fargo account, number 7657841313, which was created by a single authorized singer: Mark Karpeles, the president and CEO of Mt. Gox. The Dwolla account shows transfers to Dwolla going back to at least December 2011, according to the warrant.

The special agent then explains what appears to be the smoking gun: Karpeles specifically denied he was going to get into the currency exchange business. The warrant reads:"

He probably was too naive to understand his middleman role as a currency exchange. They seem to have a solid case against Mark.

[Lethos]

Strange how it's taken this long to discover Mt.Gox wasn't doing things by the books (according to local laws), as I am fully aware they operate out of Japan, However they do apparently have a US company, with connected US accounts.
Which also the US operations were suppose to been taken over by another company by now, which didn't happen, so they in trouble with that as well.

Their stack of cards seems to be falling apart. Ouch.

There has been a decent number of other exchanges doing the same things shutting every year, obviously not lasting very long, yet they only looked at one of the biggest out there now? Talk about odd. How expensive are the US money service licences anyway, surely Mt.Gox could of afforded them, as one of the largest exchanges out there, right?

[Severian]

Just another american bankster-backed economic terrorist organisation under guise of a licensing authority

Hey now! Don't smear terrorists like that. They'd hate to be associated with banksters.

[esse83]

http://cdn.arstechnica.net/wp-content/uploads/2013/05/Mt-Gox-Dwolla-Warrant-5-14-13.pdf

[Miz4r]

I don't know what this means, but I'm fucking scared right now.


Winter is coming...

You don't know what this all means, but you're scared and think winter is coming... Don't let irrational fears control you and limit your understanding and personal freedom, it's a lesson the US still has to learn.