BitLicense Strikes Again? MonetaGo Shuts Down
MonetaGo, one of the US-based Bitcoin exchanges, has announced they will be shutting down for good. The company tweeted that regulation was a key hurdle it could not overcome. UPDATE: MonetaGo confirmed they will only shut down the exchange part of the business. As most Bitcoin enthusiasts are well aware of, running a financial company in the US requires....
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MonetaGo, a new exchange with ambitions to take bitcoin "global", launched across 40 countries today. First announced in April, the platform offers bitcoin buying and selling in 28 local currencies. As a twist, MonetaGo users can also 'fix' or 'peg' their bitcoin to these various exchange rates. Speaking to CoinDesk, serial entrepreneur Jesse Chenard, MonetaGo's CEO, said: "Digital currency is supposed to be this global phenomenon that is going to enable the seamless transmission of funds across borders, but the reality of it is that 90-something percent of all bitcoin trading happens in....
Named after an ancient Roman Goddess, MonetaGo is looking to provide liquidity to Bitcoin exchanges in 35 countries around the world, with the goal to expand to 50 by the end of the year. "We want to be the umbrella to the other exchanges," Margaux Avedisian, co-founder and business development officer, told Bitcoin Magazineat Inside Bitcoins New York. Whereas other exchanges launch in one country and look to sign up consumer traders, MonetaGo aims to connect all of these exchanges together to increase liquidity for them all. Further, MonetaGo allows trades to be settled in multiple....
UPDATE (10th August 10:16 BST): Since the publication of this article, bitcoin exchanges Kraken and Bitfinex have also confirmed they will not apply for a BitLicense to operate in New York. Bitcoin businesses wanting to continue serving New York residents have approximately 24 hours left to file their BitLicense application. The deadline, set for 8th August, marks the end of a 45-day grace period following the publication of the BitLicense in the New York State register. Formulated by the New York State Department of Financial Services (NYDFS), the long-awaited regulatory framework has....
In its plan to become a global bitcoin exchange, MonetaGo launched its services in 40 countries this month. The company offers bitcoin buying and selling against 28 currencies and even has a special feature that allows its users to peg bitcoin prices at various exchange rates. "Digital currency is supposed to be this global phenomenon that is going to enable the seamless transmission of funds across borders, but the reality of it is that 90-something percent of all bitcoin trading happens in three currencies only," said MonetaGo CEO Jesse Chenard. Global Bitcoin Exchange Services. Chenard....
After an aborted closure of BTCGuild, when BitLicense was first announced, the company’s owner has now decided to close it for good on June 30, 2015. With NYDFS using BitLicense to try and regulate businesses inside and outside of NY, the closure comes as no surprise; the owner has stated before he will not put miners and himself through the invasive and vague regulatory hassles. Even after the release of the final BitLicense draft — revised based on a round of public comments — BTCGuild’s owner feels that there is still enough “gray area” the NYDFS can use to intervene in the company’s....