sttroon (OP)
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June 28, 2013, 10:35:20 PM |
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http://online.wsj.com/article/SB10001424127887323873904578574000957464468.htmlWASHINGTON—The world's largest bitcoin trading exchange appears to have taken a key step to comply with U.S. anti-money-laundering rules and potentially avoid additional run-ins with authorities.
A company listed as Mt. Gox this week registered as a money services business with the Treasury Department's Financial Crimes Enforcement Network, according to FinCen's website. Tokyo-based Mt. Gox, which says it handles about 80% of all trading in the virtual currency, couldn't immediately be reached for comment.
FinCen in March started applying traditional money-laundering rules to "virtual currencies" amid growing concern that new forms of digital cash are being used for illicit activities. Those rules mandate that exchanges register with FinCen, follow stricter bookkeeping requirements and report transactions of more than $10,000.
About a month after the edict, the Department of Homeland Security seized an account tied to Mt. Gox, alleging the company and a subsidiary were conducting transactions "as part of an unlicensed money service business."
According to FinCen's website, the agency received Mt. Gox's registration on Thursday. The online form listed a street in Dover, Del., as the company's address.
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Stephen Gornick
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June 28, 2013, 11:51:23 PM |
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MSB Registration Status Information
Date: 06/28/2013
MSB Registration Number: 31000029348132 Registration Type: Initial Registration Legal Name: MtGox Inc DBA Name: Street Address: 615 S Dupont Hwy City: Dover State: DELAWARE Zip: 19901
MSB Activities: Money transmitter, Other
States of MSB Activities: Alabama, Alaska, American Samoa, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District Of Columbia, Federated States Of Micronesia, Florida, Georgia, Guam, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Marshall Islands, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Northern Mariana Islands, Ohio, Oklahoma, Oregon, Palau, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virgin Islands, US, Virginia, Washington, West Virginia, Wisconsin, Wyoming All States & Territories & Foreign Flag: All States/Territories
Number of Branches:
Authorized Signature Date: 06/26/2013
Received Date: 06/27/2013
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deadweasel
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June 29, 2013, 12:01:37 AM |
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MSB Registration Status Information
Date: 06/28/2013
MSB Registration Number: 31000029348132 Registration Type: Initial Registration Legal Name: MtGox Inc DBA Name: Street Address: 615 S Dupont Hwy City: Dover State: DELAWARE Zip: 19901
MSB Activities: Money transmitter, Other
States of MSB Activities: Alabama, Alaska, American Samoa, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District Of Columbia, Federated States Of Micronesia, Florida, Georgia, Guam, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Marshall Islands, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Northern Mariana Islands, Ohio, Oklahoma, Oregon, Palau, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virgin Islands, US, Virginia, Washington, West Virginia, Wisconsin, Wyoming All States & Territories & Foreign Flag: All States/Territories
Number of Branches:
Authorized Signature Date: 06/26/2013
Received Date: 06/27/2013
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samson
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June 29, 2013, 12:04:43 AM |
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This is good news
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vokain
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June 29, 2013, 12:06:59 AM |
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yay
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ninjaboon
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June 29, 2013, 12:09:31 AM |
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nice but I don't trade on their site anymore.
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vokain
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June 29, 2013, 12:11:08 AM |
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How did we hear this first from a mainstream outlet?
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samson
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June 29, 2013, 12:19:01 AM |
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How did we hear this first from a mainstream outlet?
Because MtGox PR doesn't exist - they should have announced this everywhere.
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vokain
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June 29, 2013, 12:28:39 AM |
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How did we hear this first from a mainstream outlet?
Because MtGox PR doesn't exist - they should have announced this everywhere. man, every move in Bitcoin is scrutinized. I bet eventually journalists will be the next sizeable demographic that hop on board the gravy train
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No_2
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June 29, 2013, 12:52:40 AM |
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How did we hear this first from a mainstream outlet?
Because MtGox PR doesn't exist - they should have announced this everywhere. I agree, although their PR does seem to be getting better. Perhaps they will centralise their communicators more when they relaunch other services next month.
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jackthebeanstalk
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June 29, 2013, 12:57:21 AM |
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Good, at least I can start withdrawing and depositing into Mtgox without the worries that my money will be confiscated.
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Severian
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June 29, 2013, 01:04:26 AM |
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Good, at least I can start withdrawing and depositing into Mtgox without the worries that my money will be confiscated.
There's no guarantee of that. Fincen is an arbitrary authority and could hit Mtgox with an imagined infraction.
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aigeezer
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Cryptanalyst castrated by his government, 1952
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June 29, 2013, 01:28:20 AM |
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"According to FinCen's website, the agency received Mt. Gox's registration on Thursday" where the WSJ conveniently found it in time to publicize it on Friday.
A government agency receives an application and publicizes it on its website on the same day or within a day? Hmmn.
Gox may not yet have been told their registration has been approved. Come to think of it - the story doesn't actually say it has been approved. Is approval necessary? I assume Gox has to get some kind of response before they can breathe any easier.
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vokain
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June 29, 2013, 01:40:41 AM |
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"According to FinCen's website, the agency received Mt. Gox's registration on Thursday" where the WSJ conveniently found it in time to publicize it on Friday.
A government agency receives an application and publicizes it on its website on the same day or within a day? Hmmn.
Gox may not yet have been told their registration has been approved. Come to think of it - the story doesn't actually say it has been approved. Is approval necessary? I assume Gox has to get some kind of response before they can breathe any easier.
Is registering the same thing as applying? edit: nope, found my answer FinCEN doesn't approve registrants. It processes the registration and enters them into a database. PirateAt40 could register as an MSB and they would still list it. What registering does is express intention to comply with the regulations.
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aigeezer
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June 29, 2013, 01:47:57 AM |
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"According to FinCen's website, the agency received Mt. Gox's registration on Thursday" where the WSJ conveniently found it in time to publicize it on Friday.
A government agency receives an application and publicizes it on its website on the same day or within a day? Hmmn.
Gox may not yet have been told their registration has been approved. Come to think of it - the story doesn't actually say it has been approved. Is approval necessary? I assume Gox has to get some kind of response before they can breathe any easier.
Is registering the same thing as applying? I don't know how it works. I would guess you are not registered until you get some paper back from FinCen. Otherwise companies could just say they had sent in their registration and it must have gotten lost in the mail.
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aigeezer
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June 29, 2013, 02:11:40 AM |
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"According to FinCen's website, the agency received Mt. Gox's registration on Thursday" where the WSJ conveniently found it in time to publicize it on Friday.
A government agency receives an application and publicizes it on its website on the same day or within a day? Hmmn.
Gox may not yet have been told their registration has been approved. Come to think of it - the story doesn't actually say it has been approved. Is approval necessary? I assume Gox has to get some kind of response before they can breathe any easier.
Is registering the same thing as applying? edit: nope, found my answer FinCEN doesn't approve registrants. It processes the registration and enters them into a database. PirateAt40 could register as an MSB and they would still list it. What registering does is express intention to comply with the regulations. Wow - so if it really does get lost in the mail it gets messy? "He said, she said". I'm still wondering how an incoming registration makes it to a government website so quickly. That's not any government service I've ever seen.
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bitdigger2013
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June 29, 2013, 03:48:42 AM |
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From FinCEN website:
The inclusion of a business on the MSB Registrant Search Web page is not a recommendation, certification of legitimacy, or endorsement of the business by any government agency.
The MSB Registrant Search Web page, which is updated on a weekly basis, contains entities that have registered as Money Services Businesses (MSBs) pursuant to the Bank Secrecy Act (BSA) regulations at 31 CFR 1022.380(a)-(f), administered by the Financial Crimes Enforcement Network (FinCEN).
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. If an error or incomplete information is detected on this site, the registrant should follow the appropriate instructions for correcting a Registration of Money Services Business (RMSB) form.
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Book
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June 29, 2013, 06:39:35 AM |
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Mt Gox looks like it's turning into the bitcoin equivalent of paypal. Soon there will be random uncalled for account limitations too. I will probably be using trusted exchangers on forums like this one. I hope a good unregulated exchange site emerges soon, one completely out of reach of US law enforcement so people can just do their trades without extended verification.
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molecular
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June 29, 2013, 08:20:05 AM |
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so more of our money flows to the parasites.
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PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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