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The response of No only became incorrect after the release of the FinCen document, these forms were completed before the FinCen report was released.

waterlesscloud 14y ago
The United States Dollar, which the company in question accepted and transmitted based on customer instructions, was a currency at the time the forms were filled out.
- axus 14y ago
  Is there a person or business that does not exchange US Dollars for goods/services? Any reasonable person would understand it to mean exchanging for foreign currency. Mt.Gox does not transmit dollars (or euros, etc) from one person to another. Every transaction involves a trade of bitcoin for a currency, or returning the currency (of the original type) to the original account holder.
  - michaelt 14y ago
    If we rearrange the quote from the article: "Does your business accept funds from customers and send the funds based on customers' instructions (Money Transmitter)?" Most businesses accept funds from customers, but few outside the financial services industry transmit the funds based on customers' instructions (assuming refunds and gift cards do not count).
- celticninja 14y ago
  yes but you only become a money transmitter when they confirm that bitcoin is money, prior to that it could easily be considered a commodity the same as any other good, thus people were sending $ to buy a commodity. After FinCen changed the playing field they should then have required businesses dealign with BTC to update forms or resubmit, not go crazy shutting things down. but that is how the US govt works, without sense, just blunders in. Much like the DefenceDistributed issue, they come blundering in and make things more difficult for themselves in the long run.
dragonwriter 14y ago
> The response of No only became incorrect after the release of the FinCen document, these forms were completed before the FinCen report was released. No, while the FinCEN guidance on the application of money service bureau laws and regulations including those specific to money transmitting businesses to participants in various roles with regard to virtual currency systems summarized the FinCEN's understanding of application of existing law to that domain, the applicable statute requiring licensing for money transmitters, and defining what "money transmitting" means (which is the basis for the seizure warrant), existed for quite some time prior.

waterlesscloud 14y ago

The United States Dollar, which the company in question accepted and transmitted based on customer instructions, was a currency at the time the forms were filled out.

axus 14y ago
Is there a person or business that does not exchange US Dollars for goods/services? Any reasonable person would understand it to mean exchanging for foreign currency. Mt.Gox does not transmit dollars (or euros, etc) from one person to another. Every transaction involves a trade of bitcoin for a currency, or returning the currency (of the original type) to the original account holder.
- michaelt 14y ago
  If we rearrange the quote from the article: "Does your business accept funds from customers and send the funds based on customers' instructions (Money Transmitter)?" Most businesses accept funds from customers, but few outside the financial services industry transmit the funds based on customers' instructions (assuming refunds and gift cards do not count).
celticninja 14y ago
yes but you only become a money transmitter when they confirm that bitcoin is money, prior to that it could easily be considered a commodity the same as any other good, thus people were sending $ to buy a commodity. After FinCen changed the playing field they should then have required businesses dealign with BTC to update forms or resubmit, not go crazy shutting things down. but that is how the US govt works, without sense, just blunders in. Much like the DefenceDistributed issue, they come blundering in and make things more difficult for themselves in the long run.

dragonwriter 14y ago

> The response of No only became incorrect after the release of the FinCen document, these forms were completed before the FinCen report was released. No, while the FinCEN guidance on the application of money service bureau laws and regulations including those specific to money transmitting businesses to participants in various roles with regard to virtual currency systems summarized the FinCEN's understanding of application of existing law to that domain, the applicable statute requiring licensing for money transmitters, and defining what "money transmitting" means (which is the basis for the seizure warrant), existed for quite some time prior.