Topic: CoinBase - Not licensed (Read 5222 times)

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

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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

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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

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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

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

funtotry

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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

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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

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

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:

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

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

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:

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

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

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

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

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:

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

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Merit: 507

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

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

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:

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

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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

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

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:

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

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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

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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

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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

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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

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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.

Jordan23

sr. member

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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!

Jordan23

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Activity: 382

Merit: 311

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?

mayax

legendary

Activity: 1470

Merit: 1004

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

Jordan23

sr. member

Activity: 382

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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.

mayax

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

Quote from: mayax on January 28, 2015, 09:41:46 PM

Quote from: Bit_Happy on January 28, 2015, 09:38:54 PM

Quote from: mayax on January 28, 2015, 09:41:46 PM

you ignore the facts.

Coinbase is registered in 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.

"The law MUST be for everybody."
1) Yes, the Federal law is for everybody and Coinbase is registered with FINCEN.
2) State laws vary, and in some states CB does not need anything except the Federal registration.

get to the point. Florida and New York. Are they licensed?

The point was extremely clear:
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.

You make a confusion.

Being registered with FINCEN, it does not mean your are MSB. Anybody can "register" with them

Please read here(footer):

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

Quote

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 Bank Secrecy Act (BSA), which requires money services businesses to register with the U.S. government using FinCEN, clearly states that the FinCEN registration requirement "shall not be construed as superseding any requirement of State law relating to money transmitting businesses operating in such State".

This means that each MSB must investigate and adhere to the licensing requirements of each state that the MSB operates in. Failure to comply with state licensing requirements may lead to violation of both state law and federal law.

for example, Coinbase is a money services businesses in Florida BUT they are not licensed so they are illegal. I hope it is clear now.

I am not saying that they must go to jail. I am just saying that other people are already in jail for the exactly same business as Coinbase is doing now.

funtotry

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

I never trusted coinbase anyways, never trust people who deceive you in any way, even if its not a crime, you never know what else they are deceiving you for.

tss

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this is all new territory for the us. when problems arise i am sure they will be handled swiftly and precedents will be set for the future. with bitcoin now 6 years strong, i doubt the united states will make any attempts at making the transfer of btc to fiat "illegal"

gargantuar

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Mayax is an angry little imbecile that is so proud to yell "fire" in an otherwise safe theater. It (Mayax) even goes so far as to put smileys on the end of offensive sentences.

What is wrong with you, Mayax? Not sure. However, I do think you and your green-eyed lust for whatever it is that keeps you awake at night is one of the things what is wrong with this world.

You post spastically about regulations and the laws that are for all of us. Why? Don't you think you might better serve the world (and yourself) by addressing the idiocy that NY and CA have ruling their states that prevents free enterprise? Probably not. You are either a socialist, Obama's other gay lover, or a government shill.

Remove my post, Mayax. I dare you, turd.

Bit_Happy

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A Great Time to Start Something!

Quote from: Bit_Happy on January 28, 2015, 09:38:54 PM

Quote from: Bit_Happy on January 28, 2015, 09:38:54 PM

you ignore the facts.

Coinbase is registered in 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.

"The law MUST be for everybody."
1) Yes, the Federal law is for everybody and Coinbase is registered with FINCEN.
2) State laws vary, and in some states CB does not need anything except the Federal registration.

get to the point. Florida and New York. Are they licensed?

The point was extremely clear:
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.

mayax

legendary

Activity: 1470

Merit: 1004

you ignore the facts.

Coinbase is registered in 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.

"The law MUST be for everybody."
1) Yes, the Federal law is for everybody and Coinbase is registered with FINCEN.
2) State laws vary, and in some states CB does not need anything except the Federal registration.

get to the point. Florida and New York. Are they licensed?

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

Quote from: Gleb Gamow on January 28, 2015, 09:01:04 PM

you ignore the facts.

Coinbase is registered in 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.

"The law MUST be for everybody."
1) Yes, the Federal law is for everybody and Coinbase is registered with FINCEN.
2) State laws vary, and in some states CB does not need anything except the Federal registration.

mayax

legendary

Activity: 1470

Merit: 1004

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.

hongw

sr. member

Activity: 306

Merit: 250

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.

The thing is that coinbase does not claim to have a license in all the states that the USD wallet is available (nor that their exchange can be used). They only claim that the states that allow the USD wallet they either have a license in or they believe they do not need a license. In the case of CA (and NY) they do not believe they need a license

cozk

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Bit_Happy

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Activity: 2114

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A Great Time to Start Something!

Quote from: suchmoon on January 28, 2015, 08:54:14 PM

Quote from: mayax on January 28, 2015, 07:24:57 PM

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

FinCEN does not regulate state-level licensing. For states that don't require a license Coinbase is still required to register with FinCEN, which they did. For states that require a license Coinbase has either obtained said license or is not including that state in it's list of supported states. What do you suppose Coinbase should do in California? How does it obtain a license there if "The California Department of Business Oversight has not decided whether to regulate virtual currency transactions"?

Good summary:
Coiinbase is looking legit and the negative trolls are running out of ammo.

waterpile

hero member

Activity: 602

Merit: 500

LoL! so coinbase was lying about being a legit company? Oh god then anytime they can be closed and arrested for possessing illegal currency.

Gleb Gamow

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Activity: 1428

Merit: 1145

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.

suchmoon

legendary

Activity: 3654

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https://bpip.org

Quote from: mayax on January 28, 2015, 07:24:57 PM

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

Quote from: mayax on January 28, 2015, 07:42:51 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."

FinCEN does not regulate state-level licensing. For states that don't require a license Coinbase is still required to register with FinCEN, which they did. For states that require a license Coinbase has either obtained said license or is not including that state in it's list of supported states. What do you suppose Coinbase should do in California? How does it obtain a license there if "The California Department of Business Oversight has not decided whether to regulate virtual currency transactions"?

Klestin

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Activity: 493

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Please read the federal law and then tell me why you ignore it.

This is a federal policy (not a law, by the way - a policy), and has no bearing on whether a license is required in CA. You are either truly confused, or are willfully ignoring this distinction.

mayax

legendary

Activity: 1470

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Quote from: Klestin on January 28, 2015, 07:39:06 PM

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:

Please read the federal law and then tell me why you ignore it.

Coinbase claims that they are MSB on Fincen's website

Coinbase IS NOT MSB in California, New York and many other States.... so they operate...how? Illegally ! You`re right !

"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." - it's the LAW

This LAW was applicable to many people who are already in JAIL for that. They were in the same biz as CoinBase. Nothing more, nothing less.

Does Coinbase have 3 balls, 3 brains? Why is Coinbase different than others?

Klestin

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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

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: Klestin on January 28, 2015, 06:52:56 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, 06:22:27 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

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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: suchmoon on January 28, 2015, 05:22:50 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: 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

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Activity: 1022

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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

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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

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Activity: 481

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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

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#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

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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

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Activity: 2114

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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

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Activity: 3654

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https://bpip.org

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

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Activity: 882

Merit: 1006

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

redsn0w

legendary

Activity: 1778

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#Free market

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

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

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: mayax on January 28, 2015, 04:53:04 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?

Blazr

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Activity: 882

Merit: 1006

My thoughts: they are probably a operating in a grey area, but more white than black.

Madness

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Activity: 644

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My goal is becaming a billionaire.

Coinbase is stating on their website " we have license" .

That means, the company is LYING and misleading customers.

https://support.coinbase.com/customer/portal/articles/1780543-what-is-the-usd-wallet-

Official announcements from:

California : California Department of Business Oversight: "California consumers should be aware Coinbase Exchange is not regulated or licensed by the State.”

New York : NYDFS statement : "...that said, we have not yet issued any licenses to virtual currency firms.”

How can you trust a such company?

You are not licensed. OK ! But do not say otherwise

Now, Coinbase is very exposed and it's most likely "someone" will knock on their door. Reason? Unlicensed Money Transmitter

Why would they lie for such a thing if they know that their customers are going to find out the truth eventually . weird
Beside why Exchange websites like those need a licence , can't they simply buy from Host providers a host and just run it over the internet without having an official office etc ... ?

redsn0w

legendary

Activity: 1778

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#Free market

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

Quote from: redsn0w on January 28, 2015, 05:20:28 PM

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

Quote from: mayax on January 28, 2015, 05:20:56 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 !

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

You made my day , however I also think they are legit ( maybe not legal because bitcoin is not regulated , that's normal).

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?

If you think that you are right , report them to the authority. Here in the forum we can't do nothing for you (or am I wrong?).

the joint

legendary

Activity: 1834

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Well, they've received well over >$200 Million through crowd-funding. I'm pretty sure everyone threw that money into an illegal operation. Especially the NYSE.

suchmoon

legendary

Activity: 3654

Merit: 8909

https://bpip.org

Quote from: Blazr on January 28, 2015, 05:17:34 PM

Quote from: mayax on January 28, 2015, 05:20:56 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 !

Don't worry Coinbase is legit and doesn't afraid of anything.

Coinbase is NOT legit in California, New York other X states. Now, they are unlicensed money transmitter.

Let me know which part of this is so hard to understand:

Quote

"Numerous press accounts about Coinbase's January 26 launch of Coinbase Exchange erroneously reported the exchange has received regulatory approval from the state of California," DBO commissioner Jan Lynn Owen said in the statement. "The California Department of Business Oversight has not decided whether to regulate virtual currency transactions, or the businesses that arrange such transactions, under the state's Money Transmission Act.

"California consumers should be aware Coinbase Exchange is not regulated or licensed by the state," the DBO said.

http://www.zdnet.com/article/regulator-refutes-coinbase-exchange-regulation-claims/

MineForeman.com

legendary

Activity: 896

Merit: 1000

Quote from: Blazr on January 28, 2015, 05:17:34 PM

Quote from: redsn0w on January 28, 2015, 05:20:28 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 !

Don't worry Coinbase is legit and doesn't afraid of anything.

Coinbase is NOT legit in California, New York other X states. Now, they are unlicensed money transmitter.

If you want to get all pissy and pedantic about things they could have a license in the Vatican City and say "We are a licensed exchange".

When they say they are licensed it is true, they are licensed in many states. It is not as if they are hiding where they are not licensed, they even provide a map. Are you just sore because they are not licensed where you are?

mayax

legendary

Activity: 1470

Merit: 1004

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

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

You made my day , however I also think they are legit ( maybe not legal because bitcoin is not regulated , that's normal).

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?

suchmoon

legendary

Activity: 3654

Merit: 8909

https://bpip.org

Quote from: Blazr on January 28, 2015, 05:17:34 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.

mayax

legendary

Activity: 1470

Merit: 1004

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

Don't worry Coinbase is legit and doesn't afraid of anything.

Coinbase is NOT legit in California, New York other X states. Now, they are unlicensed money transmitter.

redsn0w

legendary

Activity: 1778

Merit: 1043

#Free market

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 !

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

You made my day , however I also think they are legit ( maybe not "legal" because bitcoin is not regulated , that's normal).

Come-from-Beyond

legendary

Activity: 2142

Merit: 1009

Newbie

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 !

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

Blazr

hero member

Activity: 882

Merit: 1006