Topic: To contact Xapo Support, please use our FAQs (https://support.xapo.com/) - page 15. (Read 64339 times)

Forgive me if I'm wrong, but I think you quote the wrong guy.
And honestly, I'm interested and still curios of the answer for my previous post on this thread. If you can help answering it, I'll be glad.

you didn't understand anything from what you read. maybe you are just a lame hipster or lumbersexual with a taliban beard.

each financial company(like Xapo) must be licensed in almost all the STATES from USA. I am not a Coinbase fan but on contrary. I think Coinbase have an agenda and their investors want to create a new BTC for themself; BUT Coinbase are licensed in almost all USA. Why? Are they stupid to spend millions of dollars on lawyers and bonds and to maintain these licenses? NO! They understand that it's not possible to grow and to have the peace of the mind otherwise.

Of course, I can say the same about Circle : https://www.circle.com/en/legal/licenses  . Are they stupids too?
They are based in Massachusetts but they have licenses in all the states, including Delaware where Xapo is based.   Xapo doesn't have. Why?


California, Texas and Florida are only few examples of states that require a financial license if you run a Bitcoin exchanger.
Again, I recommend you to read the laws properly and here is a recent case.

https://www.versustexas.com/criminal/bitcoin/

In July 2015, Anthony Murgio and Yuri Lebedev faced criminal charges in connection of their operation of a Bitcoin exchange site called Coin.mx. In November 2015, Murgio pleaded not guilty to the following charges:

Conspiracy to operate an unlicensed money transmitting business;
Operation of an unlicensed money transmitting business;
---

Other examples:

New Hampshire:  http://news.dinbits.com/2015/12/bitcoin-now-prohibited-in-state-of-new.html

Florida: https://www.rt.com/usa/bitcoin-florida-laundering-arrest-431/

Colorado : http://www.financemagnates.com/cryptocurrency/news/bitcoin-trader-reportedly-gets-5-years-in-jail-for-unlicensed-money-transmission/

Virginia: https://bitcoinmagazine.com/articles/fastcash4bitcoins-suspends-sales-1370291613

I can find examples for almost all the USA but it's useless.You won't understand the point anyway

Anytime, the feds can knock at your door if you are running an unlicensed money transmitter as the 99% Bitcoin exchangers are.

Back on topic : Xapo is an unlicensed money transmitter

Hey guys. Hopefully somebody can help me with this one.

I've problems logging in. Nothing wrong with either my email or PIN, but once I type both I'm redirected to this link  "https://app.xapo.com/" and there's the xapo logo supposedly loading something but it just stays there and I can't manage to get to my wallet/dashboard. I've tried using different browsers Chrome, Firefox and Opera but the problem remains.

What can I do? Thx

hoping that someone can help me with this.

I have been playing on draftkings with a stealth UK paypal account and now I want to cash out. I was looking at option and it looks like I can use a XAPO debit card to transfer the funds from paypal to my debit card.

Is that correct?



It does suck that I have to wait 14 days to get my money but it's better then nothing!

Ok, I have "come back to talk."

This is the last ten minutes I am going to waste on this because you obviously don't know what you are talking about and, having spent time in these waters, I do.  This is aside from the fact that your coming on a bitcoin forum and damning companies for not sufficiently complying with statist regulation is bizarre and contemptible.

1.  NY Bitlicense provides for a safe harbor for firms in the application process.  If you are too dense to read the entire bitlicense itself, read below a quote from someone who drafted it:

http://reason.com/blog/2016/03/20/bitlicense-bitcoin-lawsky-red-tape

"CoinDesk reached out to former NYDFS attorney Dana Syracuse, who defended the BitLicense on the grounds that "the process so far does not differ from traditional Money Service Business (MSB) licenses" and that firms waiting on approval can continue operating under the law’s safe harbor provision."

Many States provide the same safe harbor, either explicitly or in practice, i.e., if companies are trying to in good faith the apply, they are not treated as "illegal" and they are not shut down.

2.  Many states have not decided on how to treat bitcoin companies.  Bitcoin companies reach out, ask for clarity about whether MTLs apply to them, and are told to wait until the state decides.  As long as the companies are proactively ready to comply, they are allowed to operate.  California is an example of this.  Texas is another (and in fact is very open to letting bitcoin companies operate, so far, without licenses).

3.  If you read MTL statutes in these states, and assume that they apply to bitcoin companies, you are wildly mistaken.  Each state is trying to figure out whether their current MTLs apply to bitcoin companies and in what circumstances.  So you can't say, "The MTL regs say this" and assume it applies to bitcoin companies.  There are 50 different states with 50 different approaches.

4. With regard to PayPal, you are an imbecile.  Of course they are licensed now -- they are a public company and have billions of dollars at their disposal. In their first 2-3 years, however, they violated just about every MTL in existence, as well as the rules of Visa and Mastercard.  They were eventually sued and fined by Louisiana and other states. 

http://www.cnet.com/news/feds-paypal-not-a-bank/

5.  If bitcoin going "mainstream" means being subject to regulation that makes it no better, with no more privacy, than our existing payment systems, then no, I don't want it to go mainstream. 

6.  Finally, what kind of person are you -- what kind of bitcoin user -- that you rely on regulators (state money transmitter licenses!) in order to have trust in bitcoin companies.  All of the financial services companies that tanked the world economy in 2008 were heavily regulated and compliant.  Very few of them broke the law or violated regulations.   Think for yourself, diligence for yourself, and stop being a lemming.

Paypal is licensed in all the countries they activate. More than that, Paypal owns a bank in Europe. So, chill with Paypal.

Most US states require money services businesses operating within their territory to be licensed with the state banking department. Xapo is accepting US customers.

You said "Xapo applied for the NewYork bitlicense". According to the law, "No person or entity may engage in the business of selling or issuing payment instruments,  or engage in the business of receiving money for transmission or transmit money without a license from the Superintendent". The applying doesn't mean licensed. The licensed can be refused to them.

Also, a license in New York doesn't mean a license in Ohio or Idaho.

So, "Perhaps they are in process with Delaware" it's not according to the law again.  Please read the laws and then come to talk.

Other example: they accept customers from California, Texas, Florida and they are not licensed. What does mean? It means Xapo is operating unlicensed money transmitter.

https://www.fbi.gov/newyork/press-releases/2015/manhattan-u.s.-attorney-announces-charges-against-two-florida-men-for-operating-an-underground-bitcoin-exchange

There are so many example of people who are in jail for what Xapo and OTHER exchangers are doing.

The question is: Do you want BTC to be mainstream or underground? Mainstream means regulation, license, rules, laws.  

And by the way, PayPal, Wonga and dozens of other fintech companies that changed peoples' lives were in some way, in most jurisdictions, "illegal".  Chill out.

Hey Mayax - it's unusual to have a bitcoin user singing the praises of regulation. 
Virtually every company in the fintech space -- not just bitcoin -- is behind in trying to keep up with the maze of licensing required to run their business.
Xapo applied for the bitlicense http://www.coindesk.com/months-bitlicense-bitcoin-still-startups-await-approval-new-york/
and doesn't allow people in my state (North Carolina) access to their services, so I'm assuming they have the state license situation under control.  Perhaps they are in process with Delaware, which would give them a safe harbor?
Also, users outside the US are apparently served by a different entity, so your Delaware issue is irrelevant to people in, e.g., Italy.  The debit card is issued out of Gibraltar.
Unless you have inner knowledge of their licensing situation, or work for Coinbase, it's hard to understand the FUD you are purveying.  Go do something productive.

Hence, I asked. What would this illegality brings us? Would it mean Xapo has a greater tendency to scamming us? Or selling some of our information to public? What I'd like to point out is, does this fact brings so many negative impact upon us? And is it better to leave Xapo as soon as possible or would it still worth staying (because their free service is nice)?

A regulated(licensed) exchanger is someone who invested a lot of money to get. Also, the gov knows about that company and it has a bond from it if something bad is happening.
A financial licensed company has yearly audit and all the information is public. The director is not a shell one, etc...

Once you are using an unlicensed company you should not complain on forums that you were scammed by X or Y exchanger.

What is the impact of this illegal things for us the users? What question is that? Of course, it has a lot of impact if you encourage illegal financial companies to activate.

What is the impact of this illegal things for us the users? Would it made our information less confidential or would it made xapo easier to scam us?
If there were no significant impact, then i think it's fine, they deliver a good free service. Their help desk is lame, i know, i think that's why their support team hadn't post any reply regarding these posts.
If there were some negative impact coming with this illegality, and i mean the ones that directly affecting us, then, maybe it's better to make a thread in scam accusation and discuss it further there, they're designed for this.

---

Err... Anybody realize that the subject of these posts are slightly changed?

Xapo will say nothing. What can they say? "Yes, we are making illegal money transfers?"
The whole BTC market is full of illegal exchangers like Xapo; only 4 exchangers are financial licensed. Even the big ones like Bitstamp, BTC China, BTC-e, Okcoin are illegals.

Now that is a good point, see? Like i'm from italy and if soemone here would say "hey Hamu can you check if this italian company got their license for financial trade?"  i would do the same community service like you just did for xapo! +1 to you mayax and thank you for bringing this up.
Let's see what xapo will answer now...

I did not say that Xapo is not registered as company, I said that Xapo is not financial licensed to make Bitcoin/money/commodity transactions in USA and neither in Hong Kong where they are registered with a company too.

It's very simple. Check this document and you won't find Xapo on it BUT you will find Coinbase

http://banking.delaware.gov/pdfs/alllicensees.pdf

Also, the law requires any licensed company to publish this information on their website and office. Xapo doesn't have any such information. A financial licensed won't hide this thing but on the contrary, it will be VERY visible because it brings trust .

Hey bud you need to give us source if you have proven accusations. I can believe you saying xapo is illegal but you need to bring us proofs of it, even as community service if you believe that. You cant say "they are not registered anywhere" because that would imply us going to check any license office in the world and it is not a walkable path. Please if you have proofs xapo is illegal, give us evicendes.
Thank you

Illegal or not they work fine for me don't see the problem.

There is no transaction fees on xapo.

it's not how you feel, it's about how they are. Even in Hong Kong, they need a financial license to operate with Bitcoin.  They have not.

Xapo, Inc is NOT registered as money transmitter in Delaware nor in any other stare. You can check that with Delaware's Office of State Banking Commissioner.

Xapo is illegal.

Well the Xapo card works 

From their TOS (source https://xapo.com/terms/ )
Source