So this guy started a website called FastCash4Btcoins.com. It was a good idea and he gathered quite a following. Then when the Federal Government (FinCEN) came out with their guidance he did the right thing and he filed to become an MSB. Only he never bothered finishing the filing process in his home state and they forced him to shut down.
So he shut down.
But now before he hears back from his state regulators he is deliberating starting up operations again under a new corporate name and in a new state and even a new country.
Here's his post from August 1:
https://bitcointalk.org/index.php?topic=224057.msg2848889#msg2848889Update 08/01/2013
It has been more than thirty days since we provided a response to the Commonwealth of Virginia with corrections to errors made by the commission and the legal analysis on why our activity falls outside the scope scope of "transmission" set by Virginia statute. As of today, we have not received an official response confirming or refuting our conclusions. The lack of a response make it impossible to resume operations within the state in a prudent manner. Doing so would put the company's assets and shareholder's equity at risk to potential fines and civil action.
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The lack of clarification from regulators in Virginia, has forced management to relocate the company outside the jurisdiction of those regulators....
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Thank You,
Gerald Davis
Director & Chairman
Tangible Cryptography, LLC
When I tried to ask the following question he removed my post:
Update 08/01/2013
...
Initially clients who are residents of the states of Virginia, California, and New York, as well as residents of the country of Thailand, will be blocked from selling Bitcoins.
...
Will people in these locations also be barred from
buying bitcoins?
Yes. We will be not engage in any transaction (purchase or sale) with residents of restricted locations.
I suspect greed has gotten the better of common sense in this one.
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