BitLicense Damage: Eobot Ceases New York Operations
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....
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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....
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....
Mere weeks after New York state's BitLicense requirements were said to be “in effect,” two Bitcoin mining pools have been forced to deny their services to New York IP addresses (one shutting down entirely), and one exchange has done the same. BTC Guild and Eobot are among Bitcoin's smaller mining pools — you know, the kind that have kept Bitcoin mining sort of “decentralized.” But BTC Guild has now shut down entirely, telling its members: Similarly, Eobot explained to their members who use New York IP addresses that the mining pool could no longer afford to deal with them: “The fact that....
The New York Department of Financial Services has released the application for a "License to Engage in Virtual Currency Business Activity" more commonly known as the Bitlicense. You can view it here (PDF). Bitlicense Controversy. The Bitlicense application is 31 pages. I just checked my handy bible, and Genesis is only 33 pages. God needed 2 more pages to create the world than Ben Lawsky needs to vet Bitcoin companies. In case you're not familiar, Ben Lawsky is a former regulator who is primarily responsible for the new virtual currency regulations in New York. Eric Voorhees, CEO of....
The digital currency ecosystem in New York State is currently hanging on a string as the deadline to apply for BitLicense closes. Today, the 8th of August 2015 marks the end of 45 day grace period extended to Bitcoin and digital currency companies in the state to apply for BitLicense. Few Bitcoin companies like ShapeShift, Eobot and Poloniex have already left New York State for good. ItBit became the first company to receive BitLicense and Gemini, the exchange whose promoters are Winklevoss Twins is still awaiting confirmation. All these companies falls on either side of the spectrum,....