CoinBase - Not licensed

[mayax]

Coinbase is stating on their website " we have license" .

That means, the company is LYING and misleading customers.


https://support.coinbase.com/customer/portal/articles/1780543-what-is-the-usd-wallet-

Official announcements from:

California : California Department of Business Oversight:  "California consumers should be aware Coinbase Exchange is not regulated or licensed by the State.”

New York : NYDFS  statement : "...that said, we have not yet issued any licenses to virtual currency firms.”

 How can you trust a such company?

You are not licensed. OK ! But do not say otherwise


Now, Coinbase is very exposed and it's most likely "someone" will knock on their door. Reason? Unlicensed Money Transmitter

[suchmoon]

Quote from your link:

The USD wallet is only available to Coinbase customers located in US states where Coinbase is either licensed to engage in money transmission, where it has determined that no such license is currently required, or where licenses are not yet being issued with respect to Coinbase's business.

So which category NY and CA fall into? Where did you get those quotes from?

[mayax]

Quote from your link:

The USD wallet is only available to Coinbase customers located in US states where Coinbase is either licensed to engage in money transmission, where it has determined that no such license is currently required, or where licenses are not yet being issued with respect to Coinbase's business.

So which category NY and CA fall into? Where did you get those quotes from?

The quotes are not from an obscure "news websites". Btw, the internet is full of these so call "news websites" . A lot of lies in them. I am wondering how can  they still resit and how  can they pay defamation damages.


http://www.zdnet.com/article/regulator-refutes-coinbase-exchange-regulation-claims/

http://dealbook.nytimes.com/2015/01/28/coinbase-a-bitcoin-exchange-is-operating-without-licenses-so-far/?_r=0

[redsn0w]

What does it mean  [" we have license" but they DO NOT HAVE]  ?

[mayax]

What does it mean  [" we have license" but they DO NOT HAVE]   ?

it means LIE , misleading

[suchmoon]

California is in the "where licenses are not yet being issued with respect to Coinbase's business" category:

http://www.coindesk.com/california-regulator-coinbase-exchange-regulated-licensed/

When reached for comment, a Coinbase representative said that the company had received licenses in 14 US states, as well as indications from eight other states including Massachusetts where such licenses were not required.

The California Department of Business Oversight has not decided whether to regulate virtual currency transactions, or the businesses that arrange such transactions, under the state’s Money Transmission Act. California consumers should be aware Coinbase Exchange is not regulated or licensed by the State.

Same with New York:

http://www.coindesk.com/nydfs-coinbase-licensed-new-york/

The remarks, relayed by a spokesman to The New York Times, suggest that the department, which is currently working on a final version of its BitLicense regulation, is still in talks with Coinbase about its legal status in the state, but that no decisions have been finalized.

The NYDFS spokesman said:

“We are working with several companies, including Coinbase, on licensing and will continue to move forward expeditiously. That said, we have not yet issued any licenses to virtual currency firms.”

To me it sounds like Coinbase has exactly what they claim they have - licenses in some states plus no licenses required (yet) in some others.

[Blazr]

It's not Coinbase's fault guys, the dog ate the California license, and they accidentally left the New York license at home. LEAVE COINBASE ALONE! it wasn't their fault!

[suchmoon]

What does it mean  [" we have license" but they DO NOT HAVE]   ?

it means LIE , misleading

Which part is a lie? From your own link that you posted in the OP?

[mayax]

Coinbase is operating illegally in California, New York and others.

The law MUST be for everybody. How many people were or are in "custody" for unlicensed money transmitter? MANY !

Why are Brian Armstrong and Fred Ehrsam different than others? Do they have 3 balls. 3 brains or what?

[Blazr]

Coinbase is operating illegally in California, New York and others.

The law MUST be for everybody. How many people were or are in "custody" for unlicensed money transmitter? MANY !

Don't worry Coinbase is legit and doesn't afraid of anything.

[Come-from-Beyond]

Coinbase is operating illegally in California, New York and others.

The law MUST be for everybody. How many people were or are in "custody" for unlicensed money transmitter? MANY !

As a law abiding citizen you ought to report them. Do it and move on.

[redsn0w]

Coinbase is operating illegally in California, New York and others.

The law MUST be for everybody. How many people were or are in "custody" for unlicensed money transmitter? MANY !

As a law abiding citizen you ought to report them. Do it and move on.

You made my day , however I also think they are legit ( maybe not "legal" because bitcoin is not regulated , that's normal).

[mayax]

Coinbase is operating illegally in California, New York and others.

The law MUST be for everybody. How many people were or are in "custody" for unlicensed money transmitter? MANY !

Don't worry Coinbase is legit and doesn't afraid of anything.

Coinbase is NOT legit in California, New York other X states. Now, they are unlicensed money transmitter.

[suchmoon]

Coinbase is operating illegally in California, New York and others.

The law MUST be for everybody. How many people were or are in "custody" for unlicensed money transmitter? MANY !

The fact that CA and NY have not decided yet if and how to regulate "virtual currencies" doesn't necessarily mean that Coinbase operates illegally. If you read past the headlines in the ZDNet and NY Times articles you would see that. Sloppy PR and/or media reporting perhaps (to imply licensing where it's actually a "gray area"), but not the crime you're making it to be.

[mayax]

Coinbase is operating illegally in California, New York and others.

The law MUST be for everybody. How many people were or are in "custody" for unlicensed money transmitter? MANY !

As a law abiding citizen you ought to report them. Do it and move on.

You made my day , however I also think they are legit ( maybe not legal because bitcoin is not regulated , that's normal).

Please make a search on yahoo or google or msn :   unlicensed money transmitter bitcoin

You will see how many people are "suffering" because of that. The law was applied in their cases. Yes, people like you.... with families: these  people have their lives...ruined. they ran the same biz as Coinbase
, called  unlicensed money transmitter.

Why is Coinbase different?

[MineForeman.com]

Coinbase is operating illegally in California, New York and others.

The law MUST be for everybody. How many people were or are in "custody" for unlicensed money transmitter? MANY !

Don't worry Coinbase is legit and doesn't afraid of anything.

Coinbase is NOT legit in California, New York other X states. Now, they are unlicensed money transmitter.

If you want to get all pissy and pedantic about things they could have a license in the Vatican City and say "We are a licensed exchange".

When they say they are licensed it is true, they are licensed in many states.  It is not as if they are hiding where they are not licensed, they even provide a map.  Are you just sore because they are not licensed where you are?

[suchmoon]

Coinbase is operating illegally in California, New York and others.

The law MUST be for everybody. How many people were or are in "custody" for unlicensed money transmitter? MANY !

Don't worry Coinbase is legit and doesn't afraid of anything.

Coinbase is NOT legit in California, New York other X states. Now, they are unlicensed money transmitter.

Let me know which part of this is so hard to understand:

"Numerous press accounts about Coinbase's January 26 launch of Coinbase Exchange erroneously reported the exchange has received regulatory approval from the state of California," DBO commissioner Jan Lynn Owen said in the statement. "The California Department of Business Oversight has not decided whether to regulate virtual currency transactions, or the businesses that arrange such transactions, under the state's Money Transmission Act.

"California consumers should be aware Coinbase Exchange is not regulated or licensed by the state," the DBO said.

http://www.zdnet.com/article/regulator-refutes-coinbase-exchange-regulation-claims/

[the joint]

Well, they've received well over >$200 Million through crowd-funding.  I'm pretty sure everyone threw that money into an illegal operation.  Especially the NYSE.

[redsn0w]

Coinbase is operating illegally in California, New York and others.

The law MUST be for everybody. How many people were or are in "custody" for unlicensed money transmitter? MANY !

As a law abiding citizen you ought to report them. Do it and move on.

You made my day , however I also think they are legit ( maybe not legal because bitcoin is not regulated , that's normal).

Please make a search on yahoo or google or msn :   unlicensed money transmitter bitcoin

You will see how many people are "suffering" because of that. The law was applied in their cases. Yes, people like you.... with families: these  people have their lives...ruined. they ran the same biz as Coinbase
, called  unlicensed money transmitter.

Why is Coinbase different?

If you think that you are right , report them to the authority. Here in the forum we can't do nothing for you (or am I wrong?).

[Madness]

Coinbase is stating on their website " we have license" .

That means, the company is LYING and misleading customers.


https://support.coinbase.com/customer/portal/articles/1780543-what-is-the-usd-wallet-

Official announcements from:

California : California Department of Business Oversight:  "California consumers should be aware Coinbase Exchange is not regulated or licensed by the State.”

New York : NYDFS  statement : "...that said, we have not yet issued any licenses to virtual currency firms.”

 How can you trust a such company?

You are not licensed. OK ! But do not say otherwise


Now, Coinbase is very exposed and it's most likely "someone" will knock on their door. Reason? Unlicensed Money Transmitter

Why would they lie for such a thing if they know that their customers are going to find out the truth eventually . weird
Beside why Exchange websites like those need a licence , can't they simply buy from Host providers a host and just run it over the internet without having an official office etc ... ?