2013-06-03 Bitcoin Magazine: FastCash4Bitcoins Suspends Sales

[JohannSummers]

http://bitcoinmagazine.com/fastcash4bitcoins-suspends-sales/

Short version, complaint to Virginia State Corporation Commission prompts investigation as to whether FC4B is a money transmitter operating without a licence, they take themselves offline while they work to resolve the issue, all pending transactions completed.

[davecoin]

Relevant link:

https://bitcointalk.org/index.php?topic=224553.0

[aigeezer]

"Tangible Cryptography may have been a victim of its own attempts to over-comply with perceived existing and future regulation. Tangible Cryptography, LLC was registered with FinCEN as a Money Services Business on 20 March, 2013. The FinCEN database lists “Money transmitter” as the MSB activity connected with the registration. Thus, it is possible that by registering as an MSB when it may not have needed to, Tangible confused state regulators into thinking that it also needed the state money transmitter license which it did not have, needlessly bringing this regulatory action onto itself."

The thicket of regulations does not appear to have much to do with the public interest. Gulliver in Lilliput.