Western Union BitLicense Response is Pro-Bitcoin, Legal Experts Say
For many in the bitcoin industry, Western Union is the epitome of everything that's wrong with traditional finance - one might say it's the Blockbuster Video of a financial world that is on the verge of a Netflix solution. As a result of this complicated history, bitcoin commentators took aim at Western Union's latest act in the digital currency space: its public comment on New York's controversial BitLicense proposal. Published last week as part of a release of more than 3,700 comments that included big-name brands like Amazon and Walmart, it was Western Union's submission that perhaps....
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In the world of cash-transfers, few other companies come to mind as instantaneously as Western Union. If you’ve walked in a convenience store anywhere between the west and east coast of the United States, you’ve probably seen a banner for Western Union. The remittance provider is currently facing a preliminary antitrust inquiry as the EU examines allegations of Western Union intentionally driving rivals out of business. Allegedly, Western Union is giving their retail outlet partners contracts with exclusivity contracts in them which don’t allow other cash-transfer services to operate....
The New York State Department of Financial Services (NYDFS) has today made public over 3,700 comments it received regarding its BitLicense proposal. The move provides new insight into the organisations and individuals that have taken an interest in the proposed regulation. Perhaps most notably, the full release included submissions from some of the largest businesses in the US, including e-commerce giant Amazon, retail juggernaut Walmart and global remittance specialist Western Union. The filings suggest that the BitLicense is being interpreted broadly by the legal representatives of these....
Earlier today, NYDFS Ben Lawsky posted to Twitter stating that all the BitLicense comments received by the department have been published. All in all, the NYDFS received 3,746 comments from around the world. The vast majority of commentators are individuals are the average length of comments vary greatly. However, some notable large companies also submitted comments to the NYDFS to seek clarification or provide suggestions. Walmart, Amazon, and Western Union are three of the largest companies that have publicly commented on the BitLicense. Despite releasing the comments, Lawsky still has....
Remittance giant Western Union has joined other financial services companies supporting sanctions in response to Russia’s invasion of Ukraine. The decision will affect customers in the Russian Federation as well as those in Belarus, an ally of Moscow, backing its military operation. Western Union Condemns Invasion of Ukraine, Halts Services in Russia and Belarus Money transfer specialist Western Union has condemned Russia’s military assault on neighboring Ukraine, expressing “shock, disbelief, and sadness around this tragedy and humanitarian disaster.” The....
Western Union is about to add its first partner to a digital asset network designed to let crypto move through its global payment system and convert into local cash at more than 360,000 collection points around the world. Related Reading: Countdown To Clarity: Key US Crypto Bill Nears May Approval: CEO Western Union Plants Its […]