BTCGuild Shuts Down Because of BitLicense
After an aborted closure of BTCGuild, when BitLicense was first announced, the company’s owner has now decided to close it for good on June 30, 2015. With NYDFS using BitLicense to try and regulate businesses inside and outside of NY, the closure comes as no surprise; the owner has stated before he will not put miners and himself through the invasive and vague regulatory hassles. Even after the release of the final BitLicense draft — revised based on a round of public comments — BTCGuild’s owner feels that there is still enough “gray area” the NYDFS can use to intervene in the company’s....
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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....
MonetaGo, one of the US-based Bitcoin exchanges, has announced they will be shutting down for good. The company tweeted that regulation was a key hurdle it could not overcome. UPDATE: MonetaGo confirmed they will only shut down the exchange part of the business. As most Bitcoin enthusiasts are well aware of, running a financial company in the US requires....
Since the New York State Department of Financial Services (NYDFS) launched its new means of regulating companies operating in the cryptocurrency industry, BitLicense, eight months ago in June 2015, the regulatory process has only approved one application. When it was announced that the NYDFS was launching its BitLicense programme in New York, the news was met with positive remarks by leading industry professionals. Many take the view that regulation, although it may limit the cryptocurrency industry temporarily, is in reality hugely beneficial as it means there is growing acceptance by....
The new BitLicense will open for a 30-day public comment period in just a few days. In a speech to the Bipartisan Policy Council, a Washington D. C. think tank, New York Department of Financial Services (NYDFS) Superintendent Ben Lawsky told the world about the new BitLicense's impending release date as well as several planned changes. Also read: NYDFS's Ben Lawsky Reveals Plan for Transitional BitLicense at #Money2020. Changes in the new BitLicense. Notably, a new BitLicense is not required for consumers or merchants seeking to transact in Bitcoin; furthermore, Bitcoin-related software....
BitLicense has been there on the news for a while now and recently the outgoing superintendent of New York State Department of Financial Services (NYSDFS) announced the final version of the BitLicense. By finalizing the BitLicense after almost a year of deliberations and amendments, NY became the first State in the United States to regulate cryptocurrency based businesses. Once the BitLicense regulations come into effect in full force, any Bitcoin or digital currency related business wishing to set shop in the State of New York would have to gain approval from the NYSDFS after meeting all....