BitLicense Shoots Down Another Bitcoin Company in New York
If New York was Jurassic World, BitLicense would undoubtedly be its Indominus Rex. The highly constrained New York Bitcoin regulatory framework has apparently forced another local company to shutdown its operations. This time, it is Eobot, a Bitcoin cloud miner, which decided to take down its banners within New York, stating that the state's new license requirements are putting additional cost burdens on them. "We regret that we must cease Eobot business within New York State, however the new BitLicense requirements in this state place compliance and cost burdens upon Eobot that we believe....
Related News
BitLicense has been a huge pain to many bitcoin and digital currency based startups operating in the State of New York. Once BitLicense was made mandatory and the deadline to apply for BitLicense surpassed, few of the companies decided to withdraw their services from New York while other companies who considered New York to be an important market decided to stick on and apply for it. Circle, a bitcoin based money transfer application was one among the many bitcoin companies that applied for BitLicense and recently it went on to become the first company to receive BitLicense from New York....
Eobot, a cryptocurrency cloud mining company, will not serve customers in New York State as of July 1, 2015, on account of the recently finalized New York State BitLicense requirements. "If you are residing in and/or accessing Eobot within the State of New York, U. S., please withdraw all coins and cease all mining with Eobot as of July 1, 2015, as we are ceasing all Eobot mining connections from within New York at that time," the company announced on its website. We regret that we must cease Eobot business within New York State, however the new BitLicense requirements in this state place....
The highly restrictive and controversial New York BitLicense has claimed another victim. Eobot, a Bitcoin cloud mining company, will be ceasing operations in New York state as of July 1, 2015. Eobot has made the decision to cut off its services to New York because it believes the BitLicense requirements are “excessive”: From Eobot: “To All Customers: If you are residing in and/or accessing Eobot within the State of New York, US, please withdraw all coins and cease all mining with Eobot as of July 1, 2015, as we are ceasing all Eobot mining connections from within New York at that time. We....
Following its implementation earlier this year and the exodus of some bitcoin companies from New York, the BitLicense framework granted its very first regulatory license to mobile payments company Circle this week. With this, Circle can now be able to offer its service that allows sending, receiving, and holding U. S. dollars and bitcoin. Circle Internet Financial Ltd. was founded by Jeremy Allaire two years ago and is backed by Goldman Sachs Group Inc. It is now the first startup legally allowed to offer digital currency services in the state of New York. New York BitLicense Framework.....
Genesis Mining is the latest company to announce its departure from New York, following the formal introduction of the state's BitLicense. In a blog post released yesterday, the cloud mining firm - which claims to serve over 50,000 customers - said it had no choice but to block anyone with a New York IP address from using its services. 'While advocates for the BitLicense say they want to protect consumers, what the act really does is stifle innovation. It's complex, expensive, and comes with a set of guidelines that make it nearly impossible for any startup to comply with.'