Bitcoin Foundation Strikes Back on Cease and Desist Order
The Bitcoin Foundation has published a reply to the cease and desist order that the organization received on May 30 from California's Department of Financial Institutions. The cease and desist order was a vague one, telling the foundation to "cease and desist from the business of conducting money transmission in this state" without specifying what the....
Related News
The bitcoin community was reeling over the weekend, after it was revealed that California's state financial regulator had issued a cease and desist order against the Bitcoin Foundation. The cease and desist order was dated May 30, one and a half weeks after the Bitcoin 2013 conference in San Jose. The letter said that the Bitcoin Foundation may be a money transmission business (MTB), and threatened it with fines and jail time. Jon Matonis, who is a board member at the Foundation, revealed the letter in his Forbes column over the weekend. The letter threatens the Foundation with penalties....
Six days ago, the securities regulators from New Jersey and Texas cracked down on the cryptocurrency lending platform Celsius. Additionally, the Alabama Securities Commission joined in and filed a cease and desist order against Celsius. Now the state of Kentucky is following suit and has filed a cease and desist order against the crypto lending platform. Kentucky Sends Cease and Desist Order to Celsius Four states in the U.S. have an issue with the cryptocurrency lending platform Celsius and the company’s interest-earning accounts. The same issues have affected the crypto lender....
The Bitcoin Foundation has issued an incredibly detailed response to the cease and desist letter it was sent by the Department of Financial Institutions (DFI) in California. According to the DFI's letter, which was sent on May 30, the Bitcoin Foundation requires licensure as a money transmitter under California law. "The California state DFI said this was an invitation to talk. I've received nicer invitations, but we took it then as an opportunity to engage in a discussion about what we think the issues are and how we think the law agrees," Patrick Murck of the Bitcoin Foundation told....
An article on Forbes.com by Bitcoin Foundation Board Member and Secretary Jon Matonis announced today that the Bitcoin Foundation had been the recipient of of a "cease and desist" letter from the State of California's Department of Financial Instututions(DFI). The letter alleges that the "BitCoin Foundation" is operating as a money transmitting business without "proper authorization." It proceeds to threaten "APPROPRIATE ACTION" if the Foundation fails to "CEASE AND DESIST FROM CONDUCTING THE BUSINESS OF MONEY TRANSMISSION" in the State of California, and requires a response in writing....
The U.S. Securities and Exchange Commission (SEC) has charged Poloniex with operating an unregistered cryptocurrency exchange. Poloniex has agreed to a cease-and-desist order and to pay $10.34 million. SEC Hits Poloniex With Cease-and-Desist Order, Penalties The SEC announced Monday that “Poloniex LLC has agreed to pay more than $10 million to settle charges for operating an unregistered online digital asset exchange.” From July 2017 through November 2019, Poloniex “facilitated buying and selling of digital asset securities.” The SEC explained that the platform was....