Bitcoin Services Provider Xapo No Longer Operating in North Carolina
Following the advance of North Carolina's revamped Money Transmitters' Act earlier this month, bitcoin services provider Xapo announced that it will no longer be operating in the state. The company cited state-level regulation as the main factor in their decision. The North Carolina Senate has already passed the bill covering bitcoin services regulation and is pending approval of the state's governor. Upon this, the bill would mandate minimum net worth requirement of $250,000 for applicants. Businesses would also be required to post a surety bond of $150,000, an amount subject to change....
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Bitcoin services provider Xapo has confirmed that it will no longer operate in the state of North Carolina. The company, which recently moved its headquarters to Switzerland, cited state-level regulation as the decisive factor behind its decision. Earlier today, one North Carolina customer posted a message on Reddit stating that they had received a 30-day closure notice. Speaking to CoinDesk, Wences Casares, founder of Xapo, said: "It is correct that we are not operating in North Carolina. We do not have a money transmitter license in that state and we think the effort to comply with their....
Following a majority vote of the North Carolina Senate, the General Assembly of the state has now approved the amendment of a statutory article – the North Carolina Money Transmitters Act. The move will see the term “virtual currency” added to the existing law. Bitcoin exchanges and other industry companies in North Carolina will now be mandated to obtain a money transmitter license following a vote by members of the North Carolina Senate. In May 2016, North Carolina state’s House of Representatives overwhelmingly voted in a 117-to-1 vote, seeking the update before the recent approval from....
A legislative bill that would cover bitcoin and digital currency related business activities has advanced in the North Carolina Senate. According to the The Associated Press, the Senate Commerce Committee gave its stamp of approval to SB 680, which was originally filed in March. The bill passed in the North Carolina House of Representatives by a wide majority of 117-1 in May. As noted by a spokesperson for the North Carolina's Commissioner of Banks at the time, the bill - which amends the state's Money Transmitters Act - covers any activity "involving a personal, family or household....
The North Carolina Senate Commerce Committee has agreed to support a House Bill drafted by North Carolina's banking commissioner regarding money transmission. The bill, titled "AN ACT TO ENACT THE NORTH CAROLINA MONEY TRANSMITTERS ACT AS 3 REQUESTED BY THE OFFICE OF THE NORTH CAROLINA COMMISSIONER OF 4 BANKS," states that money transmission includes maintaining control of virtual currency on behalf of others, and that the "online-only money" [bitcoin] is converted to cash using digital currency exchanges and the holder keeps it stored online. The bill passed the House back in May and is in....
Eligible residents of North Carolina can now register to use the Binance.US digital asset marketplace. The United States arm of major crypto exchange Binance is making its services available to North Carolina residents.Binance.US opened registration to U.S. users in September 2019, but excluded the residents of 13 states due to local laws. It has since added four states, including North Carolina.In a Nov. 12 statement to Cointelegraph, Binance.US CEO Catherine Coley said that the digital asset marketplace was now available for North Carolina’s 10.5 million residents, allowing them to buy,....