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Legal compliance requires money transmission licenses in 47 states and registration with FinCEN pursuant to 18 U.S.C. § 1960. No exchange fulfills all of these
by thinkcomp 13y ago
Legal compliance requires money transmission licenses in 47 states and registration with FinCEN pursuant to 18 U.S.C. § 1960. No exchange fulfills all of these criteria; most haven't even bothered to try.
- pmorici 13y agoHave you checked on each of them? I'm pretty sure Kraken fulfills all the requirements in the jurisdictions in which they operate. CoinSetter also has a unique model which probably precludes them from the definition of money transmission. Not sure about Coinbase but I would be surprised if they weren't on the up and up.
- thinkcomp 13y agoYes. Kraken is Payward, Inc., and they're not on this list: http://www.dbo.ca.gov/Licensees/money_transmitters/money_transmitters_directory.asp http://www.dbo.ca.gov/Licensees/money_transmitters/money_tra... Neither is Coinbase. Neither has applied for a license, but since Coinbase and Payward have registered with FinCEN, they [know they] are required to.
- pmorici 13y agoDoes kraken allow BTC / USD trading by customers located in CA? I didn't think they did. Edit: Their FAQ even says their approval in CA and most other US states is pending and customers aren't allowed to trade until it is approved https://www.kraken.com/help/faq#verification-tiers https://www.kraken.com/help/faq#verification-tiers