Virginia compliance issue leads FastCash4Bitcoins to suspend service
Tangible Cryptography says it is suspending new purchases of bitcoins through its FastCash4Bitcoins service while it tries to resolve a compliance issue with the Commonwealth of Virginia. Posts on both FastCash4Bitcoins and the Bitcoin Forum reported that a complaint had been filed alleging that Tangible Cryptography was operating as an unlicensed money transmitter. Following an initial investigation that determined the company's activities might be considered "money transmission" under state law, the Virginia Corporation Commission asked for further information from Tangible Cryptography.....
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Tangible Cryptography, LLC announced last night (UTC + 5) on bitcointalk.org that it had suspended operation of its bitcoin sales site, FastCash4Bitcoins.com. In the announcement, which was mirrored on FastCash4Bitcoins, the company cited communication they received from the Commonwealth (State) of Virginia on Friday, 31 May, as cause for the shutdown, which occurred the same day. According to Tangible Cryptography, a complaint had been received by the Commonwealth of Virginia State Corporation Commission alleging that the company had been acting as an "unlicensed money transmitter." This....
Virginia's first Bitcoin ATM! Today, the first Bitcoin ATM in Virginia launched. The ATM is owned by BlockBox, a company which provides Bitcoin services. According to Coin ATM Radar, the ATM converts fiat to bitcoin, with a 4% fee. The ATM is in Sterling Mower, a mower company, located at 22005 Shaw Rd, Sterling, VA 20164. With this ATM, Virginia joins the club of states in America to have a Bitcoin ATM. Less than two weeks ago, Pennsylvania got its first ATM. Virginia's ATM is a Lamassu machine, so it is small compared to most other Bitcoin ATMs. In images, it is resting on top of a stool....
Trucoin became a pioneer in the Bitcoin space this past July when it opened its service, allowing users to buy bitcoins almost instantly with a Visa or MasterCard. It was billed as the fastest way to buy Bitcoin and became available to residents of Florida, Massachusetts, Missouri, Montana, New Jersey, New Mexico, South Carolina, and Texas. To date, Trucoin is authorized to operate in Alabama, Arkansas, Connecticut, Florida, Georgia, Idaho, Kentucky, Maine, Michigan, Minnesota, Mississippi, Nebraska, New Jersey, North Dakota, Oregon, Rhode Island, South Dakota, and Wyoming with service....
Compliance, and Raising the FBAR. How to get your way, by giving in. Compliance regimes, by their nature are the auditing to a standard and the enforcement of rules of governance in a regulated environment. Compliance regimes will be found wherever there has been a third party harmed by activity outside of their control. Sometimes they are also found where businesses have attempted to erect barriers to entry into a market and have successfully lobbied for controls which they satisfy but may cause difficulty to smaller competition. There are compliance regimes for vast numbers of regulated....
At VAF Compliance a team of experts is ready to help with all of your virtual assets compliance needs. Connect with VAF today; the leading virtual assets compliance company serving the Middle East and customers worldwide. What Is VAF Compliance? The crypto, NFT and metaverse spaces are hot and buzzing, with innovative products launched almost daily. Whilst having an industry swept with technological advancements is good, it is also necessary to ensure that the digital assets and the teams behind them are compliant. Being compliant in this sector means that organizations and investors can....