Coinpayments.net shutting down

[bitvestor]

I just got this email now, saying they shutting down, this is very sad and unbelievable, the news today has been all bad news about bitcoins, we need to do something to get this right, MT GOX started all this, this greedy and selfish individuals, i am getting bored of this, bitcoin is supposed not to be regulated but the way the top guns behave and act i think its better off regulated..

Hello "username",

It is with a heavy heart that we have to announce the closure of CoinPayments.net. FinCEN has ruled that Bitcoin is in their purview which would make us a money transmitter. We simply do not have the resources to register with FinCEN and most of the 50 states as a MSB and comply with all of the AML/KYC laws (and no realistic way to raise the funds to do so.)

The shutdown will happen in 3 stages:
1. We will stop accepting new user registrations effective immediately.
2. We will stop processing new transactions at 11:59:59 PM EST on March 24, 2014 (transactions already in progress at that time will be completed).
3. The website will otherwise remain operational until 11:59:59 PM EST on March 31st, 2014 when it will be shut down.

Any refunds due must be requested by the end of March 31st, 2014 and any funds held in your account withdrawn. Keeping the website open for a week from the last new transaction should give everyone ample time to wrap up their affairs in the site.

We extend our sincerest apologies to you and everyone else who has relied on CoinPayments for over 7 months,
MrData & pr0d1gy

[bananas]

You can still run this kind of business in most parts of the world without expensive bureaucracy. USA is the only one losing here.

[bitvestor]

Well, someone should buy it from them and use it else where, but the truth be told, once United States is aganist bitcoins the whole world will join the race against it..

[Lethn]

It's quite simple really, boycott any business deals and avoid doing business in the U.S, the only reason coinpayments had to shut down was because FinCEN had declared their business a money transmitter, if they had been somewhere like the UK they'd have been ignored as long as they paid their taxes.

[metropolit]

Sorry for raising this thread from the grave but does anyone know what is this all about?
Site looks live today, is the service working?

I'm asking because i might use it in one project.

[eckmar]

Sorry for raising this thread from the grave but does anyone know what is this all about?
Site looks live today, is the service working?

I'm asking because i might use it in one project.

Could be fake, Could be that coinpayments.net just changed their company location so they don't have to comply with those laws we don't know now. I used their api few months ago for some project and If you want to use it I think it's pretty safe

[metropolit]

Could be fake, Could be that coinpayments.net just changed their company location so they don't have to comply with those laws we don't know now. I used their api few months ago for some project and If you want to use it I think it's pretty safe

Thanks man, that's exactly what i wanted to know.