CoinBase - Not licensed - page 3. | Bitcointalksearch.org

Klestin

hero member

Activity: 493

Merit: 500

Quote from: suchmoon on January 28, 2015, 07:13:22 PM

Why do you keep ignoring this?

Quote

The California Department of Business Oversight has not decided whether to regulate virtual currency transactions

How can you then claim that "California requires a such license"?

Indeed. As to how he can keep ignoring facts:

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: suchmoon on January 28, 2015, 07:13:22 PM

Quote from: mayax on January 28, 2015, 07:02:39 PM

IF they are not licensed, they are outlaw. California requires a such license, New York the same. There is no grey area at all.

Why do you keep ignoring this?

Quote

The California Department of Business Oversight has not decided whether to regulate virtual currency transactions

How can you then claim that "California requires a such license"?

What you do not want to see is that Coinbase is a Money Transmitter Business. CoinBase SAID THAT !

Please look to the FEDERAL REGULATOR - FINCEN's website :

Coinbase IS a money transmitter registered with FINCEN since 12/05/2014, meaning Coinbase knows that they fall under this law.

one can look up the Coinbase registration with FinCEN

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

That means Coinbase admitted they are MSB in ALL THE STATES. According to FINCEN you must be MSB registered with each state if you want to be a money transmitter in all the States.

Coinbase IS NOT. That means the FEDs can come any day to close the boutique which is operating illegally according to the FINCEN LAW

"Whoever knowingly conducts, controls, manages, supervises, directs, or owns all or part of an unlicensed money transmitting business, shall be fined in accordance with this title or imprisoned not more than 5 years, or both."

flipstyle

sr. member

Activity: 406

Merit: 250

The empire will fall, most assuredly. So you have all been warned.

Seen this play out the same way with online poker gambling in the U.S. and vague circumventing of existing laws.

Then the feds came through on 'black friday' without warning and slapped a big ol' 'this domain has been seized by the FBI' splash page, and customer funds were gone.

I hope people will learn from the mt. gox debacle and not keep money in coinbase accounts. Just because states haven't taken action yet, does not mean they aren't currently pursuing the issue.

I'll be sure to re-quote this when it happens and slap the hell out of all you who left money in there thinking it couldn't happen.

suchmoon

legendary

Activity: 3654

Merit: 8909

https://bpip.org

Quote from: mayax on January 28, 2015, 07:02:39 PM

IF they are not licensed, they are outlaw. California requires a such license, New York the same. There is no grey area at all.

Why do you keep ignoring this?

Quote

The California Department of Business Oversight has not decided whether to regulate virtual currency transactions

How can you then claim that "California requires a such license"?

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: Klestin on January 28, 2015, 06:52:56 PM

Quote from: Nagle on January 28, 2015, 06:32:47 PM

Quote from: Klestin on January 28, 2015, 06:22:27 PM

Please link to where CoinBase said they are licensed and regulated in California.

Right here.

Um... that page says they're licensed, and it says they are operating in (among other states) California. It does not, however, claim that they're licensed in California. In fact, one link deep on the very page you posted:

"The USD wallet is only available to Coinbase customers located in US states where Coinbase is either licensed to engage in money transmission, where it has determined that no such license is currently required, or where licenses are not yet being issued with respect to Coinbase's business."

This seems pretty clear.

Once again, please post where they said they're licensed in California.

IF they are not licensed, they are outlaw. California requires a such license, New York the same. There is no grey area at all.

read that with an open mind : http://www.corporatefinancialweeklydigest.com/2014/08/articles/litigation/judge-rakoff-rules-that-bitcoin-is-money-in-new-york-federal-court

Nagle

legendary

Activity: 1204

Merit: 1002

For what it's worth, their Iowa license has a location for Coinbase:

1 Front Street
Suite 2600
San Francisco CA 94111

The Market St. address they give on their web site is a mail drop. The Bluxome St. they gave on their SEC filing to issue stock is someone's apartment. This is at least an office in an office building.

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: redsn0w on January 28, 2015, 05:27:38 PM

Quote from: mayax on January 28, 2015, 05:26:27 PM

Quote from: suchmoon on January 28, 2015, 05:22:50 PM

Quote from: mayax on January 28, 2015, 05:13:56 PM

Coinbase is operating illegally in California, New York and others.

The law MUST be for everybody. How many people were or are in "custody" for unlicensed money transmitter? MANY !

The fact that CA and NY have not decided yet if and how to regulate "virtual currencies" doesn't necessarily mean that Coinbase operates illegally. If you read past the headlines in the ZDNet and NY Times articles you would see that. Sloppy PR and/or media reporting perhaps (to imply licensing where it's actually a "gray area"), but not the crime you're making it to be.

Wrong : in 2013, Department of Homeland Security had seized $5 million from Mt. Gox’s. Mt. Gox failed to register in the U.S. as a money transmitting company.

I think Mt Gox operated with Bitcoin, right?

Mt Gox was different from coinbase... However report them to the authority come on !

Mt Gox WAS NOT different than Coinbase. Mt. Gox failed to register in the U.S. as a money transmitting company. They were registered in US and they accepted payments.It's simple.

There are many other examples. I gave you MTGox beacuse it's more common.

Klestin

hero member

Activity: 493

Merit: 500

Quote from: Nagle on January 28, 2015, 06:32:47 PM

Quote from: Klestin on January 28, 2015, 06:22:27 PM

Please link to where CoinBase said they are licensed and regulated in California.

Right here.

Um... that page says they're licensed, and it says they are operating in (among other states) California. It does not, however, claim that they're licensed in California. In fact, one link deep on the very page you posted:

"The USD wallet is only available to Coinbase customers located in US states where Coinbase is either licensed to engage in money transmission, where it has determined that no such license is currently required, or where licenses are not yet being issued with respect to Coinbase's business."

This seems pretty clear.

Once again, please post where they said they're licensed in California.

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: redsn0w on January 28, 2015, 05:49:07 PM

Quote from: RocketSingh on January 28, 2015, 05:47:03 PM

Quote from: Bit_Happy on January 28, 2015, 05:31:17 PM

Ca and NY stated that the new Coinbase exchange is not yet licensed.
They still could be a fully legal, licensed money transmitter for their already established services.

LocalBitcoins, BitQuick.co etc operate across the globe. Do they have any license ?

He will not understand you , However coinbase for me is legit _ it is not regulated but this is obviously "bitcoin" is not regulated.

Bitcoin is "regulated". You must report to IRS your revenue from BTC trading(if you have one). Anyway, Coinbase (if you used it) reports to to FINCEN (including IRS).

Remember how many people who deal with BTC are in jail for the same business as Coinbase is making. People from New York, California, Texas and so on... make a search.

Keep in mind the FEDERAL LAW :

"a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter. In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency."

"Whoever knowingly conducts, controls, manages, supervises, directs, or owns all or part of an unlicensed money transmitting business, shall be fined in accordance with this title or imprisoned not more than 5 years, or both."

galbros

legendary

Activity: 1022

Merit: 1000

They have been very clear that they can only operate in selected states and as you point out California is not one of them.

Here is the press account: Press Account

Here is the coinbase post claiming licensed in CA, complete with map. Licensed in CA

It looks like they are really only licensed in 14 states. While this is a little disconcerting, in my mind it is much less bad than them reversing trades like they are reported to have done under their brokerage model from time to time.

Nagle

legendary

Activity: 1204

Merit: 1002

Quote from: Voidcrafter on January 28, 2015, 06:01:02 PM

I do not think a shady business that is in danger of facing charges for illegally transmitting money would get 100s of millions of $ in funding ...

Enron. MF Global. ...

Nagle

legendary

Activity: 1204

Merit: 1002

Quote from: Klestin on January 28, 2015, 06:22:27 PM

Please link to where CoinBase said they are licensed and regulated in California.

Right here.

"We’re happy to announce Coinbase Exchange, the first regulated bitcoin exchange based in the U.S. With this launch our goal is to bring increased stability to the bitcoin ecosystem.

Coinbase Exchange provides a reliable and secure platform for bitcoin trading that is backed by investors such as the New York Stock Exchange. If you are a Coinbase user in one of the 24 supported U.S. states or territories you can begin trading immediately on Coinbase Exchange."

The list of 24 states includes California.

Klestin

hero member

Activity: 493

Merit: 500

Please link to where CoinBase said they are licensed and regulated in California. With regards to California, they've only said that the state has yet to publish regulations. They're licensed in 14 states which currently have published regulations, and are operating in several more where regulations are not yet finalized.

Clearly this is a terrible hidden secret that they hoped you'd never find, which is why they've posted a list of their licenses on their website: https://www.coinbase.com/legal/licenses

Voidcrafter

sr. member

Activity: 481

Merit: 250

I do not think a shady business that is in danger of facing charges for illegally transmitting money would get 100s of millions of $ in funding ...

redsn0w

legendary

Activity: 1778

Merit: 1043

#Free market

Quote from: RocketSingh on January 28, 2015, 05:47:03 PM

Quote from: Bit_Happy on January 28, 2015, 05:31:17 PM

Ca and NY stated that the new Coinbase exchange is not yet licensed.
They still could be a fully legal, licensed money transmitter for their already established services.

LocalBitcoins, BitQuick.co etc operate across the globe. Do they have any license ?

He will not understand you , However coinbase for me is legit _ it is not regulated but this is obviously "bitcoin" is not regulated.

RocketSingh

legendary

Activity: 1662

Merit: 1050

Quote from: Bit_Happy on January 28, 2015, 05:31:17 PM

Ca and NY stated that the new Coinbase exchange is not yet licensed.
They still could be a fully legal, licensed money transmitter for their already established services.

LocalBitcoins, BitQuick.co etc operate across the globe. Do they have any license ?

Come-from-Beyond

legendary

Activity: 2142

Merit: 1009

Newbie

Quote from: mayax on January 28, 2015, 05:23:56 PM

Please make a search on yahoo or google or msn : unlicensed money transmitter bitcoin

You will see how many people are "suffering" because of that. The law was applied in their cases. Yes, people like you.... with families: these people have their lives...ruined. they ran the same biz as Coinbase
, called unlicensed money transmitter.

Why is Coinbase different?

Because...

Quote

Corporation: An ingenious device for obtaining profit without individual responsibility.

Ambrose Bierce

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

Ca and NY stated that the new Coinbase exchange is not yet licensed.
They still could be a fully legal, licensed money transmitter for their already established services.

suchmoon

legendary

Activity: 3654

Merit: 8909

https://bpip.org

Quote from: mayax on January 28, 2015, 05:26:27 PM

Wrong : in 2013, Department of Homeland Security had seized $5 million from Mt. Gox’s. Mt. Gox failed to register in the U.S. as a money transmitting company.

I think Mt Gox operated with Bitcoin, right?

What does it have to do with Gox? Which part of the Coinbase webpage and the articles that you yourself linked to make you think that Coinbase is operating illegally? Please quote and explain your reasoning.

Blazr

hero member

Activity: 882

Merit: 1006

Quote from: mayax on January 28, 2015, 05:26:27 PM

Quote from: suchmoon on January 28, 2015, 05:22:50 PM

Quote from: mayax on January 28, 2015, 05:13:56 PM

Coinbase is operating illegally in California, New York and others.

The law MUST be for everybody. How many people were or are in "custody" for unlicensed money transmitter? MANY !

The fact that CA and NY have not decided yet if and how to regulate "virtual currencies" doesn't necessarily mean that Coinbase operates illegally. If you read past the headlines in the ZDNet and NY Times articles you would see that. Sloppy PR and/or media reporting perhaps (to imply licensing where it's actually a "gray area"), but not the crime you're making it to be.

Wrong : in 2013, Department of Homeland Security had seized $5 million from Mt. Gox’s. Mt. Gox failed to register in the U.S. as a money transmitting company.

I think Mt Gox operated with Bitcoin, right?

Mt Gox were operating in other states that required a money transmission license without one. CA and NY haven't decided what people need yet, hence coinbase operating in these states is grey-area, but not strictly illegal. It is obviously a stretch to claim they are regulated in these states however.

Topic: CoinBase - Not licensed - page 3. (Read 5222 times)