Dwolla User Agreement as it Relates to Virtual Currency Products

[EuSouBitcoin]

Dwolla's User Agreement is here
https://www.dwolla.com/tos

In part it reads
"User Conduct

You understand and agree that you will not engage in the following activities:

● Use the Dwolla System without written consent to operate or engage in any business regulated by FinCen, including the money service business;

● Act as a marketplace and/or exchange for virtual currency products without prior written consent;"

I think this is the written consent that Mt Gox has been waiting for but not yet received. Have Camp BX and Intersango received this written consent?

As a non-lawyer, I read the above text only to apply to exchanges and those individuals that are trading using Dwolla are doing so within the requirements of the user agreement. Can anyone else shed some light on this issue and how it's affecting the exchanges that use Dwolla?

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[Yankee (BitInstant)]

Yes this is true.

I should probably make a formal announcement but here goes:

Dwolla has officially granted Bitinstant to use their network.

Dear Charlie:

Thank you for your correspondence.

Our previous communication requested information on your security procedures. We were sure to include language that allowed you to continue using the Dwolla system.

High risk marketplaces such as yours pose unique challenges when interfacing with the traditional banking system.  We appreciate your cooperating in working through those with us.

Dwolla formally grants permission for BitInstant to continue using the Dwolla network.

Use of Dwolla is contingent upon maintaining an account in good standing. To maintain an account in good standing, our customers must exhibit responsible use of the Dwolla network and all those networks which are utilized in our network. Dwolla considers bank level reversals totaling more than 1% (one percent) of the volume received  in the trailing 30 banking days through the Dwolla system to be excessive.

Accounts which have excessive returns will remain under close review by Dwolla and our banking partners. These accounts will be subject to a higher likelihood of suspension if those thresholds are exceeded. In the event action is required on our part, or yours, we will reach out directly to you.

Please do not hesitate to contact us if you have further questions.

Sincerely yours,

Dwolla Compliance
(Removed contact info)

[BCB]

Charlie,

Thanks for the continued transparency. 

[Mt.Gox_Alex]

Yes this is true.

I should probably make a formal announcement but here goes:

Dwolla has officially granted Bitinstant to use their network.

Dear Charlie:

Thank you for your correspondence.

Our previous communication requested information on your security procedures. We were sure to include language that allowed you to continue using the Dwolla system.

High risk marketplaces such as yours pose unique challenges when interfacing with the traditional banking system.  We appreciate your cooperating in working through those with us.

Dwolla formally grants permission for BitInstant to continue using the Dwolla network.

Use of Dwolla is contingent upon maintaining an account in good standing. To maintain an account in good standing, our customers must exhibit responsible use of the Dwolla network and all those networks which are utilized in our network. Dwolla considers bank level reversals totaling more than 1% (one percent) of the volume received  in the trailing 30 banking days through the Dwolla system to be excessive.

Accounts which have excessive returns will remain under close review by Dwolla and our banking partners. These accounts will be subject to a higher likelihood of suspension if those thresholds are exceeded. In the event action is required on our part, or yours, we will reach out directly to you.

Please do not hesitate to contact us if you have further questions.

Sincerely yours,

Dwolla Compliance
(Removed contact info)

Welcome to the club ;-)... Soon our customers will see some major change!

[EuSouBitcoin]

Does anyone know if CampBX and/or Intersango have received written permission to use Dwolla?

[Keyur @ Camp BX]

Does anyone know if CampBX and/or Intersango have received written permission to use Dwolla?

Yes, we have received the formal permission from Dwolla compliance after a review of our policies and performance with Dwolla over past 90 days.

[mufa23]

Welcome to the club ;-)... Soon our customers will see some major change!

>Welcome to the club ;-)
>the club ;-)
>;-)


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