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Author Topic: CoinPayments.net - Unbiased Unified Money Solution - Multi Payment Procesing  (Read 46930 times)
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MrData
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CoinPayments - SetEscrow


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March 07, 2014, 10:08:58 PM
 #181

Are there any alternative payment processors accepting multiple cryptocurrencies? Sad

There is nothing even close to the scale of CoinPayments in terms of currencies supported, no.

There are a few that accept both Bitcoin and Litecoin such as https://www.btcmerch.com/ and https://www.gocoin.com/
Paysha at http://paysha.com/ is going to accept 4+ coins once they launch.

Note: We have not used any of these processors and cannot vouch for their reliability or legality.

CoinPayments - The original multi-cryptocurrency payment processor.
SetEscrow - Secure escrow service for multiple coins.
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bitcoinlitcoinbtcltc
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March 07, 2014, 10:17:55 PM
 #182

Are there any alternative payment processors accepting multiple cryptocurrencies? Sad

There is nothing even close to the scale of CoinPayments in terms of currencies supported, no.

There are a few that accept both Bitcoin and Litecoin such as https://www.btcmerch.com/ and https://www.gocoin.com/
Paysha at http://paysha.com/ is going to accept 4+ coins once they launch.

Note: We have not used any of these processors and cannot vouch for their reliability or legality.

O man, this is bad news. CoinPayments was great for Opencart, easy to use and install.

Why are you guys closing? It wasn't really clear what you meant, I thought they allowed investors etc. to continue dealing in bitcoins?
MrData
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March 07, 2014, 10:25:34 PM
 #183

It's because we accept money from buyer X and send it to seller Y, that makes us a money transmitter (even though we don't touch fiat).

CoinPayments - The original multi-cryptocurrency payment processor.
SetEscrow - Secure escrow service for multiple coins.
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March 07, 2014, 10:29:32 PM
 #184

It's because we accept money from buyer X and send it to seller Y, that makes us a money transmitter (even though we don't touch fiat).

And there is no way to stay open?
There are a lot of other smaller coin processors. You were like, very reliable, great offer, easy to use, everything well integrated. It would be a shame if all of that is gone, especially now that cryptocurrencies are gaining popularity. You could become one of the biggest payment processors in the future..
MrData
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March 07, 2014, 10:39:14 PM
 #185

Not that I can see, anyone based in the U.S. and very shortly other major countries as they regulate crypto will not be able to legally run a processor without having substantial cash backing already and registering with and following all of their AML/KYC laws. If we'd started a year or two earlier we would probably be in a position to make that happen but we were too late for the game.

CoinPayments - The original multi-cryptocurrency payment processor.
SetEscrow - Secure escrow service for multiple coins.
MrData
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March 07, 2014, 11:01:00 PM
 #186

CoinPayments isn't mining or investing coins, we accept coins from party X and send them to party Y. Those smaller unregistered processors will have to get licensed or shut down eventually (if they are based in the USA or other countries that decide to regulate in the same way).

CoinPayments - The original multi-cryptocurrency payment processor.
SetEscrow - Secure escrow service for multiple coins.
DeathAndTaxes
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March 07, 2014, 11:05:53 PM
 #187

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It's because we accept money from buyer X and send it to seller Y, that makes us a money transmitter (even though we don't touch fiat).

Have you obtained legal counsel advising you that?  There is an exception to MT definition at federal level and that is for a payment processor.  As an example credit card processors and BitPay are NOT money transmitters.

http://www.fincen.gov/news_room/rp/rulings/html/fincenruling2003-8.html


Quote
(5) Money transmitter—(i) In general. (A) A person that provides money transmission services. The term “money transmission services” means the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means. “Any means” includes, but is not limited to, through a financial agency or institution; a Federal Reserve Bank or other facility of one or more Federal Reserve Banks, the Board of Governors of the Federal Reserve System, or both; an electronic funds transfer network; or an informal value transfer system; or

(B) Any other person engaged in the transfer of funds.

(ii) Facts and circumstances; Limitations. Whether a person is a money transmitter as described in this section is a matter of facts and circumstances. The term “money transmitter” shall not include a person that only:

(A) Provides the delivery, communication, or network access services used by a money transmitter to support money transmission services;

(B) Acts as a payment processor to facilitate the purchase of, or payment of a bill for, a good or service through a clearance and settlement system by agreement with the creditor or seller;

(C) Operates a clearance and settlement system or otherwise acts as an intermediary solely between BSA regulated institutions. This includes but is not limited to the Fedwire system, electronic funds transfer networks, certain registered clearing agencies regulated by the Securities and Exchange Commission (“SEC”), and derivatives clearing organizations, or other clearinghouse arrangements established by a financial agency or institution;

(D) Physically transports currency, other monetary instruments, other commercial paper, or other value that substitutes for currency as a person primarily engaged in such business, such as an armored car, from one person to the same person at another location or to an account belonging to the same person at a financial institution, provided that the person engaged in physical transportation has no more than a custodial interest in the currency, other monetary instruments, other commercial paper, or other value at any point during the transportation;

(E) Provides prepaid access; or

(F) Accepts and transmits funds only integral to the sale of goods or the provision of services, other than money transmission services, by the person who is accepting and transmitting the funds.
http://www.ecfr.gov/cgi-bin/text-idx?SID=6e68addf743067048f93c5740352a74f&node=31:3.1.6.1.2.1.3.1&rgn=div8

In the event this is useful to your cause and you decide to not close, nobody can again say that "D&T is an altcoin hater" (although for the record I find most of them of dubious value).

This post should be considered informational and is not legal advice.  Your situation may vary based on unstated or misunderstood circumstances.  You should obtained independent qualified legal counsel.  The statements made her are my own and may not reflect the views of Tangible Cryptography, Inc or it's subsidiaries. 
jonnysomething
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March 08, 2014, 01:22:04 AM
 #188

I always wondered why people were excited to have crypto officially a currency. This is the result.

Very disappointed by this, I was going to contact you soon regarding my coin project.
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March 08, 2014, 04:15:33 AM
 #189

Fincen only cares about the paypal and fiat options.. so why not remove those
options and just work with crypto? If your concerned about regulation whats the difference between you and say an escrow service or sending coins to another person for example? That means any transaction is illegal?

Maybe this opens up a market fora new service
to take coinpayments place?

★☆★Syscoin - Decentralized Marketplace and Multisig Platform
Pay with Bitcoin, ZCash and many more
For more visit Syscoin.org  ★☆★
pr0d1gy
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March 08, 2014, 05:57:14 AM
 #190

Fincen only cares about the paypal and fiat options.. so why not remove those
options and just work with crypto? If your concerned about regulation whats the difference between you and say an escrow service or sending coins to another person for example? That means any transaction is illegal?

Maybe this opens up a market fora new service
to take coinpayments place?

PayPal is only passthru we don't touch the funds or deal with fiat.

Set Escrow
¯\_(ツ)_/¯
sidhujag
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March 08, 2014, 08:48:21 AM
 #191

Fincen only cares about the paypal and fiat options.. so why not remove those
options and just work with crypto? If your concerned about regulation whats the difference between you and say an escrow service or sending coins to another person for example? That means any transaction is illegal?

Maybe this opens up a market fora new service
to take coinpayments place?

PayPal is only passthru we don't touch the funds or deal with fiat.

what if its not for profit of an business or person but a coin? With Devcoin im planning on implementing a business which is paid via devcoin shares accepts coins proivides products but gives all profit back to devcoin to bolster prices.. could this be an acception? Maybe transform coinpayments to conform to sonething like this?

★☆★Syscoin - Decentralized Marketplace and Multisig Platform
Pay with Bitcoin, ZCash and many more
For more visit Syscoin.org  ★☆★
ubi4doges
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March 08, 2014, 11:04:27 AM
 #192

This is terrible news Sad

"We will create a civilization of the Mind in Cyberspace. May it be more humane and fair than the world your governments have made before." - A Declaration of the Independence of Cyberspace. John Perry Barlow. Davos, Switzerland. February 8, 1996
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March 08, 2014, 11:42:15 AM
 #193

This is a real kick in the nuts for currency competition because you guys were one of the few people offering support for altcoins.
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March 08, 2014, 12:09:46 PM
 #194

I've always wondered how much volume there is in purchases made with altcoins.
Would you be willing to share some numbers about different coins used for product purchases from last half year or so?

Thanks for concidderation.

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March 08, 2014, 12:47:05 PM
 #195

Fincen only cares about the paypal and fiat options.. so why not remove those
options and just work with crypto? If your concerned about regulation whats the difference between you and say an escrow service or sending coins to another person for example? That means any transaction is illegal?

Maybe this opens up a market fora new service
to take coinpayments place?

PayPal is only passthru we don't touch the funds or deal with fiat.

We are based in the UK and would be very interested in discussing some sort of profit share, buyout or some sort of takeover deal to keep coinpayments going.

Please pm us Smiley
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March 08, 2014, 01:44:07 PM
 #196

I did an article for you guys :

http://www.cryptoarticles.com/crypto-news/2014/3/8/coinpayments-shutting-down-at-the-end-of-march

Thanks for all the hard work , and if somehow the project would continue, I'm currently unemployed and available for hire Wink

(no coding skills though)
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March 08, 2014, 02:44:34 PM
 #197

Worst email I have received in ages. Sad Sorry to see you guys go, I hope you will find a way to operate especially for such a lame reason. Exactly that kind of government meddling is what made the need for Bitcoin to exist, and now they abuse it to ruin a great *coin payment platform.

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March 08, 2014, 02:45:46 PM
 #198

I did an article for you guys :

http://www.cryptoarticles.com/crypto-news/2014/3/8/coinpayments-shutting-down-at-the-end-of-march

Thanks for all the hard work , and if somehow the project would continue, I'm currently unemployed and available for hire Wink

(no coding skills though)

I can certianly pitch it to the devcoin guys and you would get paid to work for it in shares.. What is your expertise?

It would have to be open source for devcoin to own it.. all projects are open to public...

★☆★Syscoin - Decentralized Marketplace and Multisig Platform
Pay with Bitcoin, ZCash and many more
For more visit Syscoin.org  ★☆★
stickerzlab
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March 12, 2014, 08:27:44 AM
 #199

is there any news regarding the owner change ? and how it'll affect operations and payments processing ?

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CoinPayments - SetEscrow


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March 12, 2014, 02:14:44 PM
 #200

Nothing definite, if everything goes well the changeover will happen with no downtime or anything.

CoinPayments - The original multi-cryptocurrency payment processor.
SetEscrow - Secure escrow service for multiple coins.
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