CoinBase - Not licensed | Bitcointalksearch.org

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: axel2078 on January 29, 2015, 10:03:32 PM

Quote from: Gumbork on January 29, 2015, 10:00:00 PM

Quote from: hongw on January 29, 2015, 09:00:58 PM

Quote from: ChuckBuck on January 29, 2015, 10:51:17 AM

Coinbase isn't licensed, correct, because they're still awaiting regulators to iron out the wrinkles of the Bit-License. They launched ahead of regulators, because that's what most tech startups do. It's nothing new. Run the business, add license and approvals later.

That said, they are fully licensed as a money tranmitter in the following states:

https://www.coinbase.com/legal/licenses

It's just a matter of time before New York and California pass their licensing requirements.

No this is not true. As it stands now, coinbase is operating in states that it either has a license to operate in or that, in it's legal opinion does not need a license. As of now neither CA nor NY require licenses to operate a bitcoin exchange

a lot of ppl are getting confuse from the bit license for exchanges and the license as a money transmitter, they still dont have the bit license, thats why they are operating in a gray area.

I thought the bit license thing only applied to New York since it was their brain child. Is that not correct?

no, it is not correct. The BITlicense does NOT exist yet. it can be from tomorrow but it is not today. I repeat, make a search on internet: "bitcoin unlicensed money transmitter".

you will find things like this "2 year prison term for bitcoin unlicensed money transmitter ". So, New York is not so grey area. People are in jail for bitcoin exchanges.

Come-In-Behind

full member

Activity: 182

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Quote from: mayax on January 28, 2015, 09:33:05 PM

you ignore the facts.

Coinbase is registered with FINCEN as being MSB for ALL THE USA

http://www.fincen.gov/financial_institutions/msb/msbstateselector.html

What does mean? It means they admit the fact that they are MSB in all the US. Are they licensed in all the US? No, they are not.

Let's take the New York state. Make a search on internet: "bitcoin unlicensed money transmitter". See what you can find and then you come to comment

Before searching, I will tell you what you will see; something like : 2 year prison term for bitcoin unlicensed money transmitter

Now, see Florida : "charged with felony violations of Florida’s law against unlicensed money transmitters — which prohibits “currency or payment instruments

So, Coinbase is operating illegally New York and Florida. These are only 2 cases. But they operate illegally in many other states

The law MUST be for everybody.

Maybe you just don't know, maybe you're just a ravaging moron. Who knows, but as people in this thread have said over and over.

California is a grey area, they haven't decide whether to regulate virtual currencies or not, so Obviously, operating as an exchange in California wouldn't be illegal, it'd just be slightly risky.

axel2078

full member

Activity: 532

Merit: 100

Quote from: Gumbork on January 29, 2015, 10:00:00 PM

Quote from: hongw on January 29, 2015, 09:00:58 PM

Quote from: ChuckBuck on January 29, 2015, 10:51:17 AM

Coinbase isn't licensed, correct, because they're still awaiting regulators to iron out the wrinkles of the Bit-License. They launched ahead of regulators, because that's what most tech startups do. It's nothing new. Run the business, add license and approvals later.

That said, they are fully licensed as a money tranmitter in the following states:

https://www.coinbase.com/legal/licenses

It's just a matter of time before New York and California pass their licensing requirements.

No this is not true. As it stands now, coinbase is operating in states that it either has a license to operate in or that, in it's legal opinion does not need a license. As of now neither CA nor NY require licenses to operate a bitcoin exchange

a lot of ppl are getting confuse from the bit license for exchanges and the license as a money transmitter, they still dont have the bit license, thats why they are operating in a gray area.

I thought the bit license thing only applied to New York since it was their brain child. Is that not correct?

Gumbork

hero member

Activity: 583

Merit: 500

Quote from: hongw on January 29, 2015, 09:00:58 PM

Quote from: ChuckBuck on January 29, 2015, 10:51:17 AM

Coinbase isn't licensed, correct, because they're still awaiting regulators to iron out the wrinkles of the Bit-License. They launched ahead of regulators, because that's what most tech startups do. It's nothing new. Run the business, add license and approvals later.

That said, they are fully licensed as a money tranmitter in the following states:

https://www.coinbase.com/legal/licenses

It's just a matter of time before New York and California pass their licensing requirements.

No this is not true. As it stands now, coinbase is operating in states that it either has a license to operate in or that, in it's legal opinion does not need a license. As of now neither CA nor NY require licenses to operate a bitcoin exchange

a lot of ppl are getting confuse from the bit license for exchanges and the license as a money transmitter, they still dont have the bit license, thats why they are operating in a gray area.

hongw

sr. member

Activity: 306

Merit: 250

Quote from: ChuckBuck on January 29, 2015, 10:51:17 AM

Coinbase isn't licensed, correct, because they're still awaiting regulators to iron out the wrinkles of the Bit-License. They launched ahead of regulators, because that's what most tech startups do. It's nothing new. Run the business, add license and approvals later.

That said, they are fully licensed as a money tranmitter in the following states:

https://www.coinbase.com/legal/licenses

It's just a matter of time before New York and California pass their licensing requirements.

No this is not true. As it stands now, coinbase is operating in states that it either has a license to operate in or that, in it's legal opinion does not need a license. As of now neither CA nor NY require licenses to operate a bitcoin exchange

KizerWilhelm

newbie

Activity: 45

Merit: 0

I also heard that Coin base was having a problem with the government in California?

funtotry

sr. member

Activity: 420

Merit: 250

Ever wanted to run your own casino? PM me for info

Isn't there a decentralized exchange that is popping up soon and being worked on? I would be excited to see how that worked. No huge hot wallets being hacked with thousands of btc being lost.

Nagle

legendary

Activity: 1204

Merit: 1002

Don't make excuses for flaky Bitcoin exchanges. The track record in the Bitcoin exchange industry is so awful that any compliance or withdrawal problem has to be considered a red flag.

Back in the forums for mid-2013 there are lots of postings along the lines of "Mt Gox is fine/great/safe/not a crook".

tss

hero member

Activity: 742

Merit: 500

Quote from: axel2078 on January 29, 2015, 04:07:48 PM

Quote from: mayax on January 29, 2015, 01:56:18 PM

Quote from: Gimpeline on January 29, 2015, 01:52:04 PM

Quote from: pawel7777 on January 29, 2015, 12:01:15 PM

Quote from: mayax on January 29, 2015, 10:57:34 AM

the way is like that: approval, license and the business. you cannot make the business and then license

It is also a felony to engage in money transmission without a license in any state that requires a license to operate.

Coinbase did business without ANY license since 2 years ago.

Why are you on this forum anyway? You seem to be spending a significant part of your (free?) time to attack anything bitcoin related.

If you have a genuine concern about Coinbase or any other, the solution is simple and it has been suggested to you:

Quote from: Come-from-Beyond on January 28, 2015, 05:18:26 PM

As a law abiding citizen you ought to report them. Do it and move on.

If you know someone is committing a felony, it is your responsibility to report that to authorities.

So do it already and move on.

Never. I like it when I know what I am doing wont be reported. Thats pretty much the idea behind Bitcoin if you read the whitepaper. If you want a currency that is fully regulated, make an altcoin and let the rest of us live free

this is my point too.

Is it not BTC about anonymity and freedom? Why do the people want regulated exchanges who will report them to their gov? it's a non-sense.

It's seems that the BTC community is not quite a community... First, "we don't want regulations" and then "wow, Coinbase will be regulated, so cool. I want to be reported ! "

If you want regulation, chose some other form of so called investment. Bitcoin is/was all about free unregulated markets. right?

I see where you're coming from, but the U.S. government is making that harder and harder to do. Aren't they now basically saying that if you buy or sell bitcoins outside of a way that they can track/monitor, you are guilty of money laundering and acting as a money transmitter?

yes. selling bitcoin locally for cash is now worse than selling hard drugs. coinbase verifies your identity and bank to report you to the gov on your sales and purchases.

axel2078

full member

Activity: 532

Merit: 100

Quote from: mayax on January 29, 2015, 01:56:18 PM

Quote from: Gimpeline on January 29, 2015, 01:52:04 PM

Quote from: pawel7777 on January 29, 2015, 12:01:15 PM

Quote from: mayax on January 29, 2015, 10:57:34 AM

the way is like that: approval, license and the business. you cannot make the business and then license

It is also a felony to engage in money transmission without a license in any state that requires a license to operate.

Coinbase did business without ANY license since 2 years ago.

Why are you on this forum anyway? You seem to be spending a significant part of your (free?) time to attack anything bitcoin related.

If you have a genuine concern about Coinbase or any other, the solution is simple and it has been suggested to you:

Quote from: Come-from-Beyond on January 28, 2015, 05:18:26 PM

As a law abiding citizen you ought to report them. Do it and move on.

If you know someone is committing a felony, it is your responsibility to report that to authorities.

So do it already and move on.

Never. I like it when I know what I am doing wont be reported. Thats pretty much the idea behind Bitcoin if you read the whitepaper. If you want a currency that is fully regulated, make an altcoin and let the rest of us live free

this is my point too.

Is it not BTC about anonymity and freedom? Why do the people want regulated exchanges who will report them to their gov? it's a non-sense.

It's seems that the BTC community is not quite a community... First, "we don't want regulations" and then "wow, Coinbase will be regulated, so cool. I want to be reported ! "

If you want regulation, chose some other form of so called investment. Bitcoin is/was all about free unregulated markets. right?

I see where you're coming from, but the U.S. government is making that harder and harder to do. Aren't they now basically saying that if you buy or sell bitcoins outside of a way that they can track/monitor, you are guilty of money laundering and acting as a money transmitter?

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: Gimpeline on January 29, 2015, 01:52:04 PM

Quote from: pawel7777 on January 29, 2015, 12:01:15 PM

Quote from: mayax on January 29, 2015, 10:57:34 AM

the way is like that: approval, license and the business. you cannot make the business and then license

It is also a felony to engage in money transmission without a license in any state that requires a license to operate.

Coinbase did business without ANY license since 2 years ago.

Why are you on this forum anyway? You seem to be spending a significant part of your (free?) time to attack anything bitcoin related.

If you have a genuine concern about Coinbase or any other, the solution is simple and it has been suggested to you:

Quote from: Come-from-Beyond on January 28, 2015, 05:18:26 PM

As a law abiding citizen you ought to report them. Do it and move on.

If you know someone is committing a felony, it is your responsibility to report that to authorities.

So do it already and move on.

Never. I like it when I know what I am doing wont be reported. Thats pretty much the idea behind Bitcoin if you read the whitepaper. If you want a currency that is fully regulated, make an altcoin and let the rest of us live free

this is my point too.

Is it not BTC about anonymity and freedom? Why do the people want regulated exchanges who will report them to their gov? it's a non-sense.

It's seems that the BTC community is not quite a community... First, "we don't want regulations" and then "wow, Coinbase will be regulated, so cool. I want to be reported ! "

If you want regulation, chose some other form of so called investment. Bitcoin is/was all about free unregulated markets. right?

Gimpeline

hero member

Activity: 555

Merit: 507

Quote from: pawel7777 on January 29, 2015, 12:01:15 PM

Quote from: mayax on January 29, 2015, 10:57:34 AM

the way is like that: approval, license and the business. you cannot make the business and then license

It is also a felony to engage in money transmission without a license in any state that requires a license to operate.

Coinbase did business without ANY license since 2 years ago.

Why are you on this forum anyway? You seem to be spending a significant part of your (free?) time to attack anything bitcoin related.

If you have a genuine concern about Coinbase or any other, the solution is simple and it has been suggested to you:

Quote from: Come-from-Beyond on January 28, 2015, 05:18:26 PM

As a law abiding citizen you ought to report them. Do it and move on.

If you know someone is committing a felony, it is your responsibility to report that to authorities.

So do it already and move on.

Never. I like it when I know what I am doing wont be reported. Thats pretty much the idea behind Bitcoin if you read the whitepaper. If you want a currency that is fully regulated, make an altcoin and let the rest of us live free

thejaytiesto

legendary

Activity: 1358

Merit: 1014

So what are the big european whales waiting to imitate the Winklevii and Coinbase and create a big, serious European exchanges? If I was a whale i would be on it as we speak.

pawel7777

legendary

Activity: 2436

Merit: 1561

Quote from: mayax on January 29, 2015, 10:57:34 AM

the way is like that: approval, license and the business. you cannot make the business and then license

It is also a felony to engage in money transmission without a license in any state that requires a license to operate.

Coinbase did business without ANY license since 2 years ago.

Why are you on this forum anyway? You seem to be spending a significant part of your (free?) time to attack anything bitcoin related.

If you have a genuine concern about Coinbase or any other, the solution is simple and it has been suggested to you:

Quote from: Come-from-Beyond on January 28, 2015, 05:18:26 PM

As a law abiding citizen you ought to report them. Do it and move on.

If you know someone is committing a felony, it is your responsibility to report that to authorities.

So do it already and move on.

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: ChuckBuck on January 29, 2015, 10:51:17 AM

Coinbase isn't licensed, correct, because they're still awaiting regulators to iron out the wrinkles of the Bit-License. They launched ahead of regulators, because that's what most tech startups do. It's nothing new. Run the business, add license and approvals later.

That said, they are fully licensed as a money tranmitter in the following states:

https://www.coinbase.com/legal/licenses

It's just a matter of time before New York and California pass their licensing requirements.

the way is like that: approval, license and the business. you cannot make the business and then license

It is also a felony to engage in money transmission without a license in any state that requires a license to operate.

Coinbase did business without ANY license since 2 years ago.

ChuckBuck

hero member

Activity: 1372

Merit: 783

better everyday ♥

Coinbase isn't licensed, correct, because they're still awaiting regulators to iron out the wrinkles of the Bit-License. They launched ahead of regulators, because that's what most tech startups do. It's nothing new. Run the business, add license and approvals later.

That said, they are fully licensed as a money tranmitter in the following states:

https://www.coinbase.com/legal/licenses

It's just a matter of time before New York and California pass their licensing requirements.

Nagle

legendary

Activity: 1204

Merit: 1002

Quote from: Bit_Happy on January 28, 2015, 09:48:38 PM

In every state (including FL and NY) they are licensed/registered with FINCEN to legally operate a MSB.
The federal requirement is met in all 50 states.

FinCen doesn't "license" anybody to do anything. Financial institutions have to register with FinCen for anti-money-laundering purposes, but that's an additional requirement on top of other regulation. Registering with FinCen is just filling out a form; they don't examine or approve it. It just makes FinCen aware that you exist.

A US Bitcoin exchange could register as a regular securities broker/dealer with the SEC, and that would preempt state regulation. That would be a reasonable direction for Coinbase, which has been a broker/dealer in Bitcoins for a year or so.

Gleb Gamow

vip

Activity: 1428

Merit: 1145

From the desk of...

CPI Antitrust Chronicle October 2013 (1)

Standard Setting:
Should There Be a Level
Playing Field for All FRAND
Commitments?

Quote

Nadia Soboleva is a Senior Consultant and Lawrence Wu is President of NERA Economic Consulting; [email protected] and [email protected], 1 Front Street Suite 2600, San Francisco CA 94111. Much of this research was done while Wu was a visiting researcher at the Stanford Institute for Economic Policy Research. The authors appreciate the comments and suggestions of Phillip Beutel, Alan Cox, Greg Rosston, and Danny Sokol.

https://plus.google.com/111401337511434435327/about

Quote

NERA Economic Consulting

1 Front Street #2600 San Francisco, CA 94111

(415) 291-1000

nera.com

Economic Development Agency

http://www.bizapedia.com/addresses/1-FRONT-STREET-SUITE-2600-SAN-FRANCISCO-CA-94111.html

Quote

There are 3 companies that have an address matching 1 Front Street, Suite 2600 San Francisco, CA 94111.

The companies are Coinbase Inc, Coinbase Inc, and Coinbase Inc.

http://web.archive.org/web/20040805211847/http://nera.com/MMC_Family.asp
http://web.archive.org/web/20040818023601/http://nera.com/image/MMCFamilyF.GIF

Ian Puddick - City of London Police Corruption Exposed with Kroll & Guy Carpenter

http://web.archive.org/web/20040805202606/http://nera.com/AboutOurFirm.asp

Quote

NERA Economic Consulting is an international firm of economists who understand how markets work. Our clients include corporations, governments, law firms, regulatory agencies, trade associations and international agencies. Our global team of 500 professionals operates in 16 offices across North and South America, Europe, Asia and Australia.

NERA economists devise practical solutions to highly complex business and legal issues arising from competition, regulation, public policy, strategy, finance and litigation. Our more than 40 years of practical experience creating strategies, studies, reports, expert testimony and policy recommendations reflects our specialization in industrial and financial economics. Because of our commitment to deliver unbiased findings, we are widely recognized for our independence. Our clients come to us expecting integrity; they understand this sometimes calls for their willingness to listen to unexpected or even unwelcome news.

NERA Economic Consulting, founded in 1961 as National Economic Research Associates, is a Marsh & McLennan company. Marsh & McLennan Companies (MMC) is a global professional services firm with annual revenues exceeding $11 billion. It is the parent company of Marsh Inc., the world's leading risk and insurance services firm; Putnam Investments, one of the largest investment management companies in the United States; and Mercer Inc., a major global provider of consulting services. More than 63,000 employees provide analysis, advice, and transactional capabilities to clients in over 100 countries. Its stock (ticker symbol: MMC) is listed on the New York, Chicago, Pacific, and London stock exchanges. MMC's website address is www.mmc.com.

mmc.com used to be Lockheed Martin: http://web.archive.org/web/19970214125809/http://www.mmc.com/

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: Jordan23 on January 28, 2015, 10:27:06 PM

Go get Cryptsy too. They are based in Florida and I can buy/sell Bitcoin in NC there. Save us all from this misery. Thanks!

same thing. illegal but at least they are not playing as smart asses. they are "modest", they make the biz without noise.

When you want to play(to pose) as a shit corporation as Coinbase is doing, when you make waves, when you lie alot then you can expect some reactions.

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: Jordan23 on January 28, 2015, 10:25:00 PM

Quote from: mayax on January 28, 2015, 10:22:52 PM

Quote from: Jordan23 on January 28, 2015, 10:18:58 PM

OP is really slow. He wants Coinbase to have a State license in states that require no license at this time. They are Federally legit.

Please read again what i said above.

Florida : they MUST be licensed as MSB and they are not.
New York : the same

People are already doing jail time for that. "charged with felony violations of Florida’s law against unlicensed money transmitters — which prohibits “currency or payment instruments" . Search on google. Do not take my word. Verify yourself

You know more than all their attorneys. We got it. You just saved cryptocurrencies. Thanks man. What's your BTC address so I can tip you for your genius work?

Coinbase knows very well but they are playing their cards. I told you above.
Do not take my words, search yourself. Do it for New York and Florida where Coinbase is not licensed. You will find people arrested/in jail for the same business.

Topic: CoinBase - Not licensed (Read 5222 times)