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Topic: 2013-06-28 WSJ.com - MtGox Appears to Register with FinCEN (Read 4914 times)

sr. member
Activity: 476
Merit: 250
the government/fed are trying to kill bitcoin based on all the recent actions in the last 60 days.

And there's a large number of Bitcoiners willing to help the government in the process.

There are two choices with government: give in and let them tax and kill you or dig in and fight for your rights. There's no middle ground.
sr. member
Activity: 313
Merit: 258
This is a mistake, the government/fed are trying to kill bitcoin based on all the recent actions in the last 60 days.

Well it is a good thing Bitcoin is p2p and does not depend on mtgox.

This will make btc-e.com grow, and before the end of the year they will probably be equal in size to mtgox.

legendary
Activity: 2114
Merit: 1031
I wonder if this will satisfy the Dwolla issue?

I can't imagine why not.

Is this just an application for a license which will be processed at some point in the future ?

A few posts up explained this is not an application, but merely a notice of intent to follow and comply with rules/regulations. 
member
Activity: 74
Merit: 10
I really hope this works out.  Cheesy
legendary
Activity: 2097
Merit: 1070
I wonder if this will satisfy the Dwolla issue?

I can't imagine why not.

Is this just an application for a license which will be processed at some point in the future ?
hero member
Activity: 532
Merit: 500
I wonder if this will satisfy the Dwolla issue?
legendary
Activity: 2097
Merit: 1070
Incidentally, the corporation that filed this MSB registration is:

MtGOX Inc.

Incorporated 06/11/2013.

File number: 5346105

Accessed from: https://delecorp.delaware.gov/tin/GINameSearch.jsp

It looks like they decided to form a new US company and serve the American people directly.

Coinlab must be pissed off at this.

Perhaps they'll sue them Wink

Maybe they already settled.

MtGox Japan and MtGox Inc appear will be two completely separate entities so I doubt you could sue MtGox in over something MtGox Japan did even if it's owned by the same person.

Who's on the board of directors for MtGox Inc ?
sr. member
Activity: 364
Merit: 250
Incidentally, the corporation that filed this MSB registration is:

MtGOX Inc.

Incorporated 06/11/2013.

File number: 5346105

Accessed from: https://delecorp.delaware.gov/tin/GINameSearch.jsp

It looks like they decided to form a new US company and serve the American people directly.

Coinlab must be pissed off at this.

Perhaps they'll sue them Wink

don't care as long as they're legit and their new new engine is rockin'.
legendary
Activity: 2114
Merit: 1031
Incidentally, the corporation that filed this MSB registration is:

MtGOX Inc.

Incorporated 06/11/2013.

File number: 5346105

Accessed from: https://delecorp.delaware.gov/tin/GINameSearch.jsp

It looks like they decided to form a new US company and serve the American people directly.

Coinlab must be pissed off at this.

Perhaps they'll sue them Wink
legendary
Activity: 2097
Merit: 1070
Incidentally, the corporation that filed this MSB registration is:

MtGOX Inc.

Incorporated 06/11/2013.

File number: 5346105

Accessed from: https://delecorp.delaware.gov/tin/GINameSearch.jsp

It looks like they decided to form a new US company and serve the American people directly.

Coinlab must be pissed off at this.
legendary
Activity: 2506
Merit: 1010
Incidentally, the corporation that filed this MSB registration is:

MtGOX Inc.

Incorporated 06/11/2013.

File number: 5346105

Accessed from: https://delecorp.delaware.gov/tin/GINameSearch.jsp
sr. member
Activity: 462
Merit: 250
Firing it up
legendary
Activity: 1450
Merit: 1013
Cryptanalyst castrated by his government, 1952
so more of our money flows to the parasites.

If you're referring to bitcoiners wanting to trade bitcoins for USD and vice versa, then yes.

If there was no need to exchange bitcoins for USD, we wouldn't have a problem.

I suppose the need/want ratio will change over time but for now I imagine most people think it is a "need" and their perception makes the reality. I'm not American so it is even more irksome to be affected by this kind of thing.

On the "parasite" front, it strikes me that the FinCen website becomes an invitation to all the other jurisdictions listed in the registration to send Gox a C&D threat/invitation for $5000 (California-style). If so that would be at least a quick quarter-million dollars into various government coffers. (Are these things renewable annually?). Gox can treat it as a cost of doing business with Americans, but the fees will come out of somebody's pocket eventually, perhaps customers globally.

So far the parasites are not killing the host, but it's early days.

Mischief questions: if an American in McMurdo Station, Antarctica does business with Gox, does that put Gox in violation of FinCen's guidelines? How about CIA operatives around the world who might want to use BTC "on business" - should Gox just decline to deal with them in case it might annoy FinCen?





legendary
Activity: 2097
Merit: 1070
This news was reported by THE Wall Street Journal, not some small specialist crypto currency news site and the surprising thing is - that's kind of normal these days. So normal that nobody commented OMG Bitcoin and MtGox was mentioned in the WSJ.

For any kind of mass adoption to happen some exchanges (the large ones) are going to have to follow all Goverment rules - that's no problem for me and won't be an issue for many others.

If it's a problem for you then there are plenty of alternative exchanges who operate completely outside the 'land of the free' who don't require such draconian legislation compliance so it's still relatively easy to stay anonymous and trade Bitcoin if you want to.

This is Bullish news and I think that if we weren't in the middle of the largest bear market in the history of Bitcoin we would rally on this news.

legendary
Activity: 1092
Merit: 1001
Touchdown
so more of our money flows to the parasites.

If you're referring to bitcoiners wanting to trade bitcoins for USD and vice versa, then yes.

If there was no need to exchange bitcoins for USD, we wouldn't have a problem.
donator
Activity: 2772
Merit: 1019
so more of our money flows to the parasites.
newbie
Activity: 42
Merit: 0
Mt Gox looks like it's turning into the bitcoin equivalent of paypal. Soon there will be random uncalled for account limitations too. I will probably be using trusted exchangers on forums like this one. I hope a good unregulated exchange site emerges soon, one completely out of reach of US law enforcement so people can just do their trades without extended verification.
sr. member
Activity: 397
Merit: 250
From FinCEN website:

The inclusion of a business on the MSB Registrant Search Web page is not a recommendation,
certification of legitimacy, or endorsement of the business by any government agency.

The MSB Registrant Search Web page, which is updated on a weekly basis, contains entities that have registered as Money Services Businesses (MSBs) pursuant to the Bank Secrecy Act (BSA) regulations at 31 CFR 1022.380(a)-(f), administered by the Financial Crimes Enforcement Network (FinCEN).

Information contained on this site has been provided by the MSB registrant. FinCEN does not verify information submitted by the MSB. Information provided on this site reflects only what was provided directly to FinCEN. If an error or incomplete information is detected on this site, the registrant should follow the appropriate instructions for correcting a Registration of Money Services Business (RMSB) form.
legendary
Activity: 1450
Merit: 1013
Cryptanalyst castrated by his government, 1952

"According to FinCen's website, the agency received Mt. Gox's registration on Thursday" where the WSJ conveniently found it in time to publicize it on Friday.

A government agency receives an application and publicizes it on its website on the same day or within a day? Hmmn.

Gox may not yet have been told their registration has been approved. Come to think of it - the story doesn't actually say it has been approved. Is approval necessary? I assume Gox has to get some kind of response before they can breathe any easier.




Is registering the same thing as applying?

edit: nope, found my answer

FinCEN doesn't approve registrants. It processes the registration and enters them into a database.
PirateAt40 could register as an MSB and they would still list it.
What registering does is express intention to comply with the regulations.

Wow - so if it really does get lost in the mail it gets messy? "He said, she said".

I'm still wondering how an incoming registration makes it to a government website so quickly. That's not any government service I've ever seen.       Smiley
hero member
Activity: 484
Merit: 500
That was getting sketchy!
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