There is an update on their website:
Update: CoinPayments.net has been sold to a trusted member of the Bitcoin community, Cycloid. His team will be running the site starting on a TBD future date.
I think they are doing a poor job communicating with their users, this is important news and you'll only know it when visiting their website.
Their service is great, but marketing and communicating should be improved. I'd be willing to help them with that. I hope their service continues and that the new owner will soon tell us more.
Topic: Coinpayment is shutting down.... (Read 507 times)
What I don't understand is why they don't charge a membership fee. I would pay for this service.
I may know of one ----v
So I just received an email from coinpayment stating they are shutting down due to being regulated as a payment system and they are not able to pay for the legal fees of registering or whatnot, so....whats next?
C+P from email:
Hello ______,
It is with a heavy heart that we have to announce the closure of CoinPayments.net. FinCEN has ruled that Bitcoin is in their purview which would make us a money transmitter. We simply do not have the resources to register with FinCEN and most of the 50 states as a MSB and comply with all of the AML/KYC laws (and no realistic way to raise the funds to do so.)
The shutdown will happen in 3 stages:
1. We will stop accepting new user registrations effective immediately.
2. We will stop processing new transactions at 11:59:59 PM EST on March 24, 2014 (transactions already in progress at that time will be completed).
3. The website will otherwise remain operational until 11:59:59 PM EST on March 31st, 2014 when it will be shut down.
Any refunds due must be requested by the end of March 31st, 2014 and any funds held in your account withdrawn. Keeping the website open for a week from the last new transaction should give everyone ample time to wrap up their affairs in the site.
We extend our sincerest apologies to you and everyone else who has relied on CoinPayments for over 7 months,
MrData & pr0d1gy
C+P from email:
Hello ______,
It is with a heavy heart that we have to announce the closure of CoinPayments.net. FinCEN has ruled that Bitcoin is in their purview which would make us a money transmitter. We simply do not have the resources to register with FinCEN and most of the 50 states as a MSB and comply with all of the AML/KYC laws (and no realistic way to raise the funds to do so.)
The shutdown will happen in 3 stages:
1. We will stop accepting new user registrations effective immediately.
2. We will stop processing new transactions at 11:59:59 PM EST on March 24, 2014 (transactions already in progress at that time will be completed).
3. The website will otherwise remain operational until 11:59:59 PM EST on March 31st, 2014 when it will be shut down.
Any refunds due must be requested by the end of March 31st, 2014 and any funds held in your account withdrawn. Keeping the website open for a week from the last new transaction should give everyone ample time to wrap up their affairs in the site.
We extend our sincerest apologies to you and everyone else who has relied on CoinPayments for over 7 months,
MrData & pr0d1gy
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