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Regardless of whatever private insurance it has, Coinbase does not have a money transmission license in California or a surety bond as required by federal and s
by thinkcomp 12y ago
Regardless of whatever private insurance it has, Coinbase does not have a money transmission license in California or a surety bond as required by federal and state law.
They know they need one; they have applied in other states, such as Florida. See https://archive.org/download/coinbasefloridamtl/20140415.coinbaseflorida.pdf https://archive.org/download/coinbasefloridamtl/20140415.coi....
Interestingly, Coinbase appears to offer false information to the State of Florida in item 6(A)(2) of its application, which has since been withdrawn. Coinbase did receive a subpoena in the NY DFS's investigation of various Bitcoin companies in August, 2013. See http://www.reuters.com/article/2013/08/12/us-digitalcurrency-subpoena-bitcoin-idUSBRE97B03720130812 http://www.reuters.com/article/2013/08/12/us-digitalcurrency....
- aidenn0 12y agoI don't know how anyone who reads your experience with facecash could come to any conclusion other than the only way to innovate in payments is to brazenly break the law and never even try to deal with the California DFI.
- thinkcomp 12y agoOne difference between my experience with regulators and Coinbase's is about $31.7 million in venture capital funding. Compliance is expensive, but they can afford it.
- icelancer 12y agoIt wouldn't be a BTC or alternative money processing thread without Aaron thread-crapping.