In Michigan local bitcoins charged with unlicensed money transmitting. A regular user of Localbitcoins (a facilitator of exchanging fiat currencies for bitcoin) was formally charged in United States District Court. The Michigan man is accused of violating money transmitting business licensing requirements.
If you are doing business why would you not have all the proper licenses to operate.....
people arent taking this shit seriously, because the government didnt send strong enough signals in the beginning. at first they kind of ignored btc; there were aware of the criminal aspects of the sphere but the price was entirely too low to create a serious risk of capital flight, or money laundering. we heard stirrings about tax when we breached 1k; a little bit before this it became imperative to treat this as though you are a msb, an to get all the proper lics.
notice how at this price level, we are seeing prosecution pick up, as well as rapid regulation. if we gain any more any faster, they will come down increasingly harder
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