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r/CryptoMoonShotsSee Post

Copiosa ($COP) Crypto Made Easy! The App your Grandma and her nursing home friends will use to invest into small cap gems. It’s as easy as 1, 2, 3! Be like Grandma, Aunt Debbie and your Uncle Mark… Copiosa is Making it easy for the average Joe! Low MCAP!

r/SatoshiStreetBetsSee Post

Copiosa ($COP) is Crypto Made Easy! The App your Grandmum and her nursing home chums will use to invest into small cap alt-coins. It’s as easy as 1, 2, 3! Be like Grandmum, Aunti Susi and your Uncle Tom… join the Copiosa experience before it’s too late… (Low Bear MCap!)

r/CryptoMoonShotsSee Post

Copiosa ($COP) is Crypto Made Easy! The App your Grandmum and her nursing home chums will use to invest into small cap alt-coins. It’s as easy as 1, 2, 3! Be like Grandmum, Aunti Susi and your Uncle Tom… join the Copiosa experience before it’s too late (Low Mcap!)

r/SatoshiStreetBetsSee Post

Copiosa ($COP) is Crypto Made Easy! The App your Grandma and all her nursing home buddies will use to invest their life savings into small cap alt-coins. It’s as easy as 1, 2, 3! Be like Grandma, Papi and your Uncle George… join the Copiosa experience and get in before it's too late...

r/CryptoMoonShotsSee Post

Copiosa ($COP) is Crypto Made Easy! The App your Grandma and all her nursing home buddies will use to invest their life savings into small cap alt-coins. It’s as easy as 1, 2, 3! Be like Grandma, Papi and your Uncle George… join the Copiosa experience and get in before the Bull and our 100x!

r/CryptoMoonShotsSee Post

Copiosa ($COP) is Crypto Made Easy! The App your grandma and all her nursing home buddies will use to invest into small cap alt-coins. It’s as easy as 1, 2, 3! Be like Grandma, Papi and your uncle George… join the Copiosa experience and get in before the Bull!

r/SatoshiStreetBetsSee Post

Copiosa - Crypto Made Easy! The App your grandma and all her nursing home buddies will use to invest into small cap alt-coins. It’s as easy as 1, 2, 3! Be like Grandma, Papi and your uncle George… join the Copiosa experience and get in before the Bull!

r/CryptoMoonShotsSee Post

Copiosa - Crypto Made Easy! The App your grandma and all her nursing home friends will use to invest into alt-coins. It’s as easy as 1, 2, 3!

r/CryptoMoonShotsSee Post

We are now Live on iOS and Playstores, Copiosa ($COP) is Crypto Made Easy. A Dex/Wallet with unique features making it easy as 1, 2, 3! The app your Grandma and all her nursing home friends will use to invest in small caps!

r/CryptoCurrencySee Post

Personal tax by the platform

r/SatoshiStreetBetsSee Post

Wednesday Addams Token $WED

r/CryptoMoonShotsSee Post

Wednesday Addams Token $WED

r/BitcoinSee Post

Bitcoin ATM requirements

r/BitcoinSee Post

Can I buy bitcoin for my business without asking the personal details from the Seller

r/BitcoinSee Post

Buy BTC with Onevanilla or other prepaid cards

r/CryptoMoonShotsSee Post

An Ultimate Change to Get Ready for Web3

r/CryptoCurrencySee Post

Digital Finance Solution At HedPay

r/CryptoMoonShotsSee Post

An Ultimate Change to Get Ready for Web3

r/CryptoMoonShotsSee Post

An Ultimate Change to Get Ready for Web3

r/CryptoMoonShotsSee Post

An Ultimate Change to Get Ready for Web3 BIB Exchange is the world's first crypto exchange with a Web3 ecosystem.

r/CryptoMoonShotsSee Post

An Ultimate Change to Get Ready for Web3

r/CryptoCurrencySee Post

Binance U.S. Security

r/BitcoinSee Post

Beaver Bitcoin | A new way for Canadians to buy and save Bitcoin

r/CryptoMarketsSee Post

How are crypto companies dealing with the ongoing bear market?

r/CryptoCurrencySee Post

During this bear market, some crypto firms cut jobs, while others strive for long-term growth - how are companies surviving these hard times?

r/BitcoinSee Post

USDT TRADING IN American and Hongkong Stock

r/CryptoMarketsSee Post

Rethinking "Not Your Keys, Not Your Crypto"

r/CryptoCurrencySee Post

Why Tornado Cash = MSB; CBDCs, eCash & Lotus Developments + More w/ Developer Tobias Ruck

r/CryptoCurrencySee Post

Crypto friendly business banking?

r/BitcoinSee Post

Banking for crypto MSB?

r/CryptoCurrencySee Post

仮想通貨ゲーム

r/CryptoCurrencySee Post

DOLLTRX-The best secure TRX mining platform in 2022.

r/CryptoCurrencySee Post

DOLLTRX-The best secure TRX mining platform in 2022.

r/CryptoCurrencySee Post

Fellow degenerates, your opinion wanted!

r/CryptoCurrencySee Post

🔥 COTPS Crypto Exchange 🔥

r/CryptoCurrencySee Post

Passive opportunity for Crypto trading...

r/CryptoCurrencySee Post

Passive Crypto trading. LIVE traders as well as AI trading!

r/CryptoCurrencySee Post

Kraken Warning. Account Still Under Review Part Two Electric Boogaloo

r/CryptoCurrencySee Post

My story with eToro CopyTrader and why I would avoid doing any business with them

r/CryptoMoonShotsSee Post

🔥Multi Shiba - Recently Launched Only 30K MCAP🚀 | The Next Meme Coin With P2E Game 🎮| Rare NFTs Collection 💎| Audited Project By Rate Tech & InterFi Network ✅ | Massive Marketing and Massive Giveaways 💰| Easy 100x ⚡️ |

r/CryptoMoonShotsSee Post

Multi Shiba | Pinksale Presale At 4 PM UTC 31 January | | 5% Shiba Rewards | ⭕️ The Next Meme Coin With P2E Game | Audited Project By Rate Tech | Launch Soon!🚨

r/CryptoMoonShotsSee Post

Multi Shiba | Pinksale Presale At 4 PM UTC 31 January | | 5% Shiba Rewards | ⭕️ The Next Meme Coin With P2E Game | Audited Project By Rate Tech | Launch Soon!🚨

r/CryptoCurrencySee Post

Binance in Ontario

r/CryptoMarketsSee Post

Canada Continues Crypto-Friendly Wave as Binance Registers as MSB

r/CryptoMoonShotsSee Post

A revolutionary one-stop-shop cryptocurrency platform for both CeFi and DeFi space. Multi-million dollar company to create a multi-currency dual wallet. This is the game changer - it's seamless, secure and innovative

r/CryptoMoonShotsSee Post

A revolutionary one-stop-shop cryptocurrency platform for both CeFi and DeFi space. Multi-million dollar company to create a multi-currency dual wallet. A game changer - seamless, secure and innovative

r/CryptoMoonShotsSee Post

A revolutionary one-stop-shop cryptocurrency platform for both CeFi and DeFi space. Multi-million dollar company to create a multi-currency dual wallet. This is the game changer - it's seamless, secure and innovative

r/CryptoMoonShotsSee Post

MetaSquidBnb || Early Low Cap Gem || Stealth Launching Today || 100xPotential || Youtubers & Tiktok Promotion Today || Active Community

r/CryptoMoonShotsSee Post

Steam Exchange 🔱| Global, Hybrid, Digital Assets Trading Platform ⚖️| Registered Canadian Corporation | TV + Radio Ads 📺 | Largest Asian Blockchain Committee AMA | 16k+ Holders📈| University of Waterloo Partnership 💡

r/CryptoMoonShotsSee Post

Steam Exchange 🔱| Global Hybrid Digital Assets Trading Platform ⚖️| Registered Canadian Corporation | MSB & FINTRAC ✅ l 16k+ Holders📈| University of Waterloo Partnership 💡

r/CryptoMoonShotsSee Post

Steam Exchange 🔱| Extra Life 2021 Partner 🎮 | CryptoWendyO Interview | Global Hybrid Digital Assets Trading Platform ⚖️| Registered Canadian Corporation | ~15k Holders | University of Waterloo Partnership 💡

r/CryptoMoonShotsSee Post

💎 4JNET Crypto - The PINNACLE of fairness 💎 | Join NFT Presale🚀 | Fair Treatment For Investors | audited by the blockchain security company CertiK | Transparency Is The Name Of The Game |

r/CryptoMarketsSee Post

THORBot is officially launched. Check Link in The Comment.

r/CryptoCurrencySee Post

THORBot is officially launched. Check Link in The Comment.

r/CryptoMoonShotsSee Post

Steam Exchange 🔱| Extra Life 2021 Partner 📍| CryptoWendyO Interview | Highly Anticipated Hybrid Exchange ⚖️| Registered Canadian Corporation | 13.8k Holders | 💸 +11k Telegram Members | 18k+ Twitter Followers | University of Waterloo Partnership 💡

r/CryptoCurrencySee Post

AEX Global Accelerates Global Strategic Development, Adds Banxa, Xanpool and Other Fiat Channels

r/CryptoCurrencySee Post

AEX Compliance is Accelerating its Globalization Strategy

r/CryptoCurrencySee Post

AEX Compliance is Accelerating its Globalization Strategy

r/SatoshiStreetBetsSee Post

SteamXchange (CEX and DEX) - Putting regulatory requirements first. Doxxed Canadian team utilizing the amazing talent at the University of Waterloo. Listed on CoinMarketCap today!

r/CryptoMoonShotsSee Post

Steam Exchange 🔱| Just Listed on CMC 📍| BSC Scan Ads are Live | Highly Anticipated Hybrid Exchange ⚖️| Registered Canadian Corporation |Actively Hiring In Canada | 💸 +9k Telegram Members | 17K Twitter Followers | University of Waterloo Partnership 💡

r/CryptoMoonShotsSee Post

SteamXchange (CEX and DEX) - Putting regulatory requirements first. Doxxed Canadian team utilizing the amazing talent at the University of Waterloo. Up 42% in the last 24 hours - choo choo!

r/CryptoMoonShotsSee Post

Steam Exchange 🔱| BSC Scan Ads are Live| Highly Anticipated Hybrid Exchange | Registered Canadian Corporation | CG Listed, CMC Incoming📍 | True Tokenomics Integration 💸 | +9k Telegram Members | 17K Twitter Followers | First True Burn on the BSC🪐 | University of Waterloo Partnership 💡

r/CryptoCurrencySee Post

Ants focuses on solving the trust crisis

r/CryptoMoonShotsSee Post

$MSB⚽️ | Just Launched 1 hours ago💰 | Lp Locked 🔐| Anti-Whale Mechanism | Renounce Ownership 💎 | Crazy Marketing Plan

r/CryptoCurrencySee Post

are all crypto exchanges which are registered as MSB with fincen are safe ?

r/CryptoCurrencySee Post

The road to mass adoption is paved with dynamite - Cryptocurrency has been regulated in the US since 2013

r/CryptoMarketsSee Post

AOFEX – An Advanced Exchange Ecosystem with Top DeFi Features

r/BitcoinSee Post

Seeking Honest Opinion

r/BitcoinSee Post

Warning of account closure at Bitwala / Nuri / Solarisbank

r/CryptoCurrencySee Post

Warning of Account Closure at Bitwala Bank (now NURI) and Solarisbank

r/CryptoCurrencySee Post

There is no such thing as "no KYC" for Bitcoin ATMs in the US.

r/BitcoinSee Post

Paxful Theft by "Compliance Review"

r/BitcoinSee Post

IRS is demanding to know BTC balance

r/BitcoinSee Post

I'm the director of the marketing department of the cryptocurrency exchange bityard. Our Bityard platform is hiring agents. Are you interested? The profit is very substantial.

Mentions

I'm margin trading on [BYDFii](https://bydfii.com/en/) since two years back and they accept US traders without VPN or KYC thanks to the MSB license they obtained in the USA with FinCEN. 200x leverage, 400+ altcoins (list keeps growing), and much lower fees than most mainstream platforms like Binance and Bybit. 0.02% for limit orders and 0.06% for market orders. Seems like they are growing fast in the US.

Mentions:#MSB#USA

> I’m holding out for a DEX that covers me legally in the process. That means the DEX would need to have built in KYC, suspicious transaction reporting, and the DEX itself be registered as an MSB, et Never going to happen.

Mentions:#DEX#MSB

Ahh! I’ve looked at Bisq before when it was just fiat<->BTC. Looked like just an overly expensive peer to peer version of Local Bitcoins, and at the time the US was arresting Local Bitcoins traders that weren’t registered as MSB’s https://bisq.community/t/can-someone-explain-the-enormous-fees-please/4354 I suppose that’s another place where a CEX protects you. The CEX handles the regulatory, sanctions checking, and reporting for you. When you trade on Bisq, *you* are legally on the hook for any reporting, money laundering, or sanctions violations that occur in the process If you trade to make money? That’s an MSB registration requirement (and part of the registering is agreeing to KYC your counter-parties) If you accidentally trade with a sanctioned terrorist? That’s potential prison time You get the idea I’m holding out for a DEX that covers me legally in the process. That means the DEX would need to have built in KYC, suspicious transaction reporting, and the DEX itself be registered as an MSB, etc

r/BitcoinSee Comment

This is what happened. The first coins were funded but that was the whole MSB case so then he sold DIY fund it yourself coins

Mentions:#MSB
r/CryptoCurrencySee Comment

We are registered as a Money Service Business (MSB) in the US, have both business and technical support from the UK, and an R&D grant from the EU. The underlying technology is complex and took years to build but the result is a fully distributed, self-custodial storage system that is effortless and safe.

Mentions:#MSB
r/BitcoinSee Comment

US Gov has control over money in its jurisdiction. Binance did not follow several requirements to transact in US jurisdiction. Fincen is an organization that help police these requirements. KYC, MSB, and suspicious activity reports etc Why? Because they have been given that authority by US congress. Why does congress give so much oversight and authority to FinCen? Because financial crimes hurt tax payers normally. Why is it important to have a solid tax structure so we can collect taxes from everyone? Somebody needs to pay for all this stuff

Mentions:#MSB
r/BitcoinSee Comment

You're probably but I hear credit unions are starting to be more crypto friendly but so far I checked a few in Michigan and no luck. Like I said I am in full compliance. I have a compliance team that audits me .I have a 30 page compliance program and I am registered as a MSB with Fincen. I'm fully legit as far as risk. And I make over a million a year. These banks should be more open to the idea . Anyway thanks for your input

Mentions:#MSB
r/BitcoinSee Comment

If you're selling bitcoin as a business in the US, then you need to register with FinCEN and get a money service business licence and a money transmitter license. You also need to get a MSB license and money transmitter license from your state. If you sell more than $10,000 worth of bitcoin or anything to someone in the US for cash within a 24 hour period, then you need to file a Form 8300 with the IRS within 15 days. It's not illegal to sell some of your own personal bitcoin to someone else in the US but if you continue with a bitcoin sale after a buyer informs you that the cash they are using to buy your bitcoin was obtained illegally or that they will be using the bitcoin in the commission of a crime, then you have committed a serious crime. Undercover agents have been known to pose as P2P bitcoin buyers and they inform the seller that the cash they are using to buy your bitcoin was obtained illegally or that they will be using the bitcoin in the commission of a crime.

Mentions:#MSB
r/BitcoinSee Comment

They are often operating illegal money service business without a MSB license and without a money transmitters license. In simple terms, they are often illegally selling bitcoin on P2P exchanges without the proper licenses. Something that often happens to sellers on P2P exchanges is that a buyer sends them stolen money using a hacked bank account. This gets the sellers bank account frozen and then shut down. Banks in the US do not have a problem with their customers sending money to and from licensed exchanges like Coinbase, Kraken, Gemini, etc. Just use a normal exchange like Coinbase, Kraken, Gemini, etc and you wont have a problem.

Mentions:#MSB
r/BitcoinSee Comment

I think you probably don't need to do anything...bitcoin is maybe working as intended for you I think and you can contine to evangelize it to others (or not) for the purposes you use it for. For libertarians, there's a huge issue in that governments have massively hobbled bitcoin's development into an actualized (unit of account) money, and relegated on/off ramps to centralized regulated casinos. We need to get tax classifications changed and get government out of regulating buying and selling and mining of crypto as MSB's.

Mentions:#MSB
r/CryptoCurrencySee Comment

This is such a poor (if common) understanding of how all of this works. The scammy part of the crypto ecosystem is a product of government and regulations. Speculating on large centralized casinos is literally all that's left for people to legally do with crypto, since the tax classification makes it next-to impossible to actually use any cryptocurrency as an everyday spending/earning money, and the MSB/banking regs and various bit licenses mean that on/off-ramping can't occur on p2p services like Localbitcoins or on DAPs.... All the actual decentralized/blockchain usage and activity that we used to see developing in bitcoin, pre-2014, has been driven underground to coins like Monero. Stop looking at the world around you and imagining that everything bad you see is a clear sign that goverent needs to come intervene. You live in a statist world with high levels of intervention everywhere- always start by looking at how existing laws and regs and interventions (or regulatory uncertainty) create or shape the behavior of people and firms.

Mentions:#MSB
r/CryptoCurrencySee Comment

Government created the crypto ecosystem as it currently exists with the tax classification and the MSB regs; so that people would clamor for it to be "regulated" (as if it weren't already) further into dysfunction and uselessness.

Mentions:#MSB
r/CryptoCurrencySee Comment

In the US it only applies to USD from the MSB side

Mentions:#MSB
r/CryptoCurrencySee Comment

It definitely is in the US. State MSB laws cover this and a Federal MSB registration is mandatory and requires compliance with all state laws.

Mentions:#MSB
r/CryptoCurrencySee Comment

tldr; Bitcoin, the peer-to-peer digital currency, is not issued, endorsed, or regulated by any central bank. It is created through a computer-generated process known as mining. The US Treasury has defined bitcoin not as currency, but as a money services business (MSB). Canada considers bitcoin exchanges to be money service businesses under anti-money laundering laws. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Mentions:#MSB#DYOR
r/CryptoCurrencySee Comment

Binance's exit from Canada due to regulatory reasons emphasizes the need for balanced cryptocurrency regulation. While it highlights the potential pitfalls of over-regulation, it also underscores the importance of a regulatory framework that supports growth. Bitget's acquisition of a Canadian MSB license demonstrates its commitment to navigating regulations.

Mentions:#MSB
r/BitcoinSee Comment

They're the same thing. A business that operates as an MSB needs a money transmitter license. You can also get into business with someone who already has a license.

Mentions:#MSB
r/CryptoCurrencySee Comment

Nice write up. Here’s my take: it was a security but time has passed and we can’t go back and regulate something that has evolved. ETH is in the same sort of spot as btc was before the March, 2013 FinCEN guidance paper: **Users of Virtual Currency** **A user who obtains convertible virtual currency and uses it to purchase real or virtual goods or services is not an MSB under FinCEN’s regulations. Such activity, in and of itself, does not fit within the definition of “money transmission services” and therefore is not subject to FinCEN’s registration, reporting, and recordkeeping regulations for MSBs.** Before this it sort of was “is it legal for us to use this? Will we one day be regulated out of existence? Im just a snow plow polisher, so grain of salt, but I feel we will soon finally have some sort of legal event that finally removes the cloud over ETH….and any fear of it being a security will go the way the fear of bitcoin “even being legal to use” ETH is over 50% of my holdings. But I don’t fool myself. After the DAO Hack fork it sort of is clear that ETH is closer to a firm then gold or corn. And I prefer not to think about what The Merge or Shapella means when we try to debate both sides. Which we should always do. At this point I believe if Vitalik and the Foundation disappeared ETH would be fine. Wind the clock back to certain points in ethereum’s existence….I’m not sure that would be the case at all. What is key is to go back and look at all the arguments defending ETH. One of the strongest ones was ETH being POW. Here’s the Sauce if you rightfully want to read sources yourself and not trust the judgement of a mouth breathing snow plow polisher who watches YouTube tutorials on how to change a lightbulb. https://www.fincen.gov/sites/default/files/shared/FIN-2013-G001.pdf If you want to firm up your own view on the matter, here’s a descent 2018 WSJ article on the issue. https://www.wsj.com/articles/worlds-second-most-valuable-cryptocurrency-under-regulatory-scrutiny-1525167000 As well as a Cointelegraph 2018 article if you don’t want to be paywalled. https://cointelegraph.com/news/it-never-was-a-security-ethereum-under-the-regulatory-spotlight

r/CryptoCurrencySee Comment

>Isn't that what the Howey test is? the test designed in the 1930's isnt easily applied to todays technology. It needs to be "updated" >So these companies applied the Howey test in their own analysis, didn't like the results, then went whining to the SEC, "we're gonna go ahead with this stuff anyway, please tell us it's OK pretty please because if you don't tell us to stop we're going to go ahead anyway." If you look at the Ripple case. they met with the SEC in 2014 to discuss XRP and met hundreds of times between then and dec 2020 (when the SEC sued them) Ripple lost their case vs Fincen in 2015 which deems XRP to be a digital currency. So you have 2 separate government agencies claiming the same thing is something completely different with different regulations/laws. One securities laws, the other breaks MSB (money services business and BSA (bank secrecy act)currency laws somehow. hopefully you can see how it is hard to apply Howey to digital assets of today with this example. You could have lawyers telling you it isnt a security and then the SEC charges you anyways (like they've done with Ripple) >I don't think that's absurd at all. The text message evidence in this case seems to show very clearly that Bittrex did know all along that many of these products should be classified as securities. There was no need for them to ask the SEC when their own analysis resulted in them privately coaching whitepaper authors to retroactively remove securities-like language from whitepapers. Bittrex knew exactly what they were doing wrong here. I havnt looked at the specifics of this case yet so if that is true, thats a pretty bad look for Bittrex I agree. but I still have to ask, Why not Sue the Algorand foundation instead of just Bittrex themselves and then claim ALGO is a security? it seems like a bit of a power play in an attempt to muddy the waters and then take more control over this new sector instead of "to protect investors" imo.

Mentions:#XRP#MSB#ALGO
r/BitcoinSee Comment

> will the powers that be come after me for money laundering? If your customer is laundering money using your service, you are guilty of money laundering by not properly reporting her transactions. Without KYC, you do not have this customer's identity, which is required for anti-money laundering compliance If you do not register as a money services business, Federal and State if you're in the USA, you will be charged for that, and probably also for money laundering If you do register as a MSB, your registration is conditional on you having procedures to monitor and report money laundering. These procedures require KYC If an undercover law enforcement agent buys Bitcoin from you, and says, "This is for my drug dealing enterprise", he will charge you with money laundering https://www.justice.gov/usao-az/pr/bitcoin-trader-sentenced-41-months https://www.justice.gov/usao-sdca/pr/bitcoin-dealer-indicted-money-laundering-charges-held-without-bond https://www.justice.gov/usao-sdca/pr/man-sentenced-fraud-and-operating-unlicensed-money-transmitting-business

Mentions:#MSB
r/BitcoinSee Comment

Fun fact. This is why gift cards are not redeemable for cash. If you could redeem a gift card then all transactions involving their purchase or sale would also require an MSB license and proper AML implementation. Mastercard, Visa, and your local big chain grocery store all have MSB licensing or work with a third party that has a license. These licenses are \_per state\_ so you need 50 of them if you want to work in all the US. New York has overriding rules for crypto which replace MSB licensing and I believe the same is true for 2 or 3 other states.

Mentions:#MSB
r/BitcoinSee Comment

You cannot do no KYC. What you are describing is a Money Services Business so you need an MSB license and then you need to follow AML by doing KYC. [https://ciphertrace.com/glossary/money-service-business-msb/](https://ciphertrace.com/glossary/money-service-business-msb/) Some states, like Illinois, exclude crypto-to-crypto transactions from MSB but any crypto-to-fiat needs to be registered. If you Google around there are several people doing real time (single digit years) for doing exactly this.

Mentions:#MSB
r/BitcoinSee Comment

I've read the details of dozens of these cases in the US and in every single case that I've read about, one or more of the following applies 1) the undercover agent told the bitcoin seller that the cash they are using to buy bitcoin was obtained illegally. 2) the undercover agent told the bitcoin seller that the bitcoin they are buying will be used in the commission of a crime. 3) the bitcoin seller was involved in some type of crime like purposely laundering proceeds of crime, selling drugs, or fraud. If any of those three apply, then the bitcoin seller is committing a crime and can be arrested and prosecuted. It's not illegal to sell some of your own personal bitcoin to someone else in the US. But if you continue with a bitcoin sale after an undercover agent informs you that the cash they are using to buy your bitcoin was obtained illegally or that they will be using the bitcoin in the commission of a crime, then you will be arrested. If you sell more than $10,000 worth of bitcoin to someone in the US within a 24 hour period, then you need to file a Form 8300 with the IRS within 15 days. If you're selling bitcoin as a business in the US, then you need to register with FinCEN and get a money service business licence and a money transmitter license. You also need to get a MSB license and money transmitter license from your state. It's not illegal to buy bitcoin directly from someone else in the US.

Mentions:#MSB
r/BitcoinSee Comment

Not a MSB, no money laundering monitoring required Ask a lawyer whether selling for profit makes you a MSB, even though you do it rarely. I'd guess not. I assume you're not profiting by skimming from your contractors payments. More likely, making a small loss because of your seller's markup

Mentions:#MSB
r/CryptoCurrencySee Comment

they gambled, but there's an accounting trick that these MSB's are on paper worth the nominal value as they are in the HTM portfolio.

Mentions:#MSB
r/CryptoCurrencySee Comment

I would like to vouch for BitGet as they have been regulated by: -United States-MSB License Money Services Business: FinCEN, U.S. Department of the Treasury -Canada- MSB License Money Services Business: FINTRAC They also have a very easy on the eyes charting setup straight off of tradingview and it is easy to navigate.

Mentions:#MSB
r/BitcoinSee Comment

I think it has to do with the APY yield. It's not really a stablecoin if there's yield, where is the yield from? That's an "expectation of profit" which just does not need to be there (except Binance was borrowing the deposits so there was a reason they ran it as a security, because people will make deposits for that APY and then profits abusing their money). Just don't give yield and there's no way it's a security, then you just need MSB registration. It would be like running an in game currency or gift card.

Mentions:#MSB
r/CryptoCurrencySee Comment

They already created two of the most potent set of laws, which have stagnated crypto into the nearly pointless speculation on speculation most people do in these giant AML/KYC approved casinos: By classifying crypto as a capital good, and putting banking/MSB regulatory requirements on the fiat on/off ramps, they've already ensured that no crypto can reasonably be used as a currency (i.e. nobody can realistically comply with the capital gains tracking and reporting requirements while using bitcoin or eth as an actual everyday spending/earning money). And so the space has stagnated. It's either going to require that somehow we gather the political will to reclassify crypto (most countries have it as a capital good or a foreign currency which requires tracking and reporting of basis and profit/loss on most or all transactions)...or else governments and central banks are going to get irresponsible enough or authoritarian enough that the masses revolt and flaunt the laws en masse; and it will be good that we have crypto there to help facilitate that and serve as a fallback to failing state institutions.

Mentions:#MSB
r/BitcoinSee Comment

>I would have completed a transaction like that without giving it a second thought. You would have completed a transaction after the person buying bitcoin from you told you that the cash they are using to buy your bitcoin was obtained illegally or that they will be using the bitcoin in the commission of a crime? Because that's what the undercover agents do in all of these cases. If you complete the transaction after the undercover agent informs you that the cash they are using to buy your bitcoin was obtained illegally or that they will be using the bitcoin in the commission of a crime, then you have committed a crime. In every single case like this that I've read about in the US, one or more of the following applies 1) the undercover agent told the bitcoin seller that the cash they are using to buy bitcoin was obtained illegally. 2) the undercover agent told the bitcoin seller that the bitcoin they are buying will be used in the commission of a crime. 3) the bitcoin seller was involved in some type of crime like purposely laundering proceeds of crime, selling drugs, or fraud. If any of those three apply, then the bitcoin seller is committing a crime and can be arrested and prosecuted. >What is the threshold for requiring those things? If you are only selling some of your own personal bitcoin and you're not charging the bitcoin buyer a fee, then it technically doesn't matter how much you sell. But I doubt that you would want to accidentally sell a large amount of your own personal bitcoin to an undercover agent and then have to go to court and have your lawyer argue that you're not selling bitcoin as a business. It really has to be your own personal bitcoin for you to be able to legally sell bitcoin to someone in the US without an MTL and MSB license. You can't buy bitcoin from an exchange for the purpose of reselling it to someone else because then you're acting as a business and you would need a money service business license and a money transmitter license. Selling some of your own personal bitcoin to someone else is like selling some of your own personal gold to someone else. Both are legal. If you're selling gold to people as a business, then there are licenses that you need to obtain. If you're selling bitcoin to people as a business, then there are licenses that you need to obtain. You should not be charging a fee when you sell some of your own personal bitcoin to someone. If you're charging a fee, then a prosecutor can say that you're selling bitcoin as a business. If you sell more than $10,000 worth of bitcoin to someone in the US within a 24 hour period, then you need to file a Form 8300 with the IRS within 15 days. If I were to sell some of my own personal bitcoin to someone in the US, I would not sell more than $2,999 to a single person within a 24 hour period and I would not charge the buyer a fee. I would use one of the big local exchanges to determine the current market value of the bitcoin at the time of the sale and that's what I would charge the buyer. >Is bisq different than localbitcoins in that regard? No difference. The same laws apply.

Mentions:#MTL#MSB
r/BitcoinSee Comment

That's dope, man. I remember reading about it and being so jelly, I was planning on building my own Skyhook (they're pretty simple, a bill exchanger, raspberry pi, android tablet and receipt printer). I did a project about it for one of my classes. It was still kind of up in the air if running one that only sold BTC would constitute a money transmission business (requiring an MSB license). A reasonable person would say it doesn't, but the government disagreed. Hope you held onto them sats!

Mentions:#BTC#MSB
r/CryptoCurrencySee Comment

U.S. government- [classifies crypto as capital good for taxes and forces small on-ramps and OTC sellers to comply with banking/MSB regs] "Why are you all treating crypto as a speculative investment and only exchanging on giant casinos?" [hangs securities regulation and regulatory uncertainty over the space for a decade to the point that even the biggest scammers like SBF are the ones championing formal regulation] [In order to get good liquidity in an exchange that can even feasibly fund itself without massive fees, everyone uses giant casinos outside the U.S. like FTX, and everyone predictably loses their shirts] "See?! Why would *crypto* do this? The space inherently needs government regulation!1! Crypto is the wild west!"

Mentions:#MSB#FTX
r/BitcoinSee Comment

No arrest, just interviews. Forensic evidence suggests he didn't take any money from it so I don't think the US would prosecute. They might have earlier on, when it wasn't as clear what BTC was legally, but once BTC was accepted by a few larger business people it gets less likely law enforcement would touch it. Then it was declared a commodity and threat of prosecution for invention is pretty much a zero now. There would be people up in arms including members of the US congress. Would they harass him to make changes to the protocol? You bet. Already happens to the existing devs. Thankfully none of them have the clout and anyone who tried to take BTC in their own direction has been shut down. This includes undoing their changes as well as revoking their access rights. That said, it is sad to see how many people face prosecution for handling (buying/selling) BTC in illegal ways. Glad to see more corporate prosecution for violating securities law (even if it's civil) given how actively they enforce KYC/AML/MSB laws on individuals. Though it probably is due to the civil vs. criminal nature of the crimes... now that I think about it.

Mentions:#BTC#MSB
r/BitcoinSee Comment

Bitcoin (and all other crypto), are not used much as money because government policies prevent people from being able to reasonably use crypto as money. Especially the tax classification and the MSB/banking laws applied to all crypto on/off ramps....leaving people nothing to do with crypto but speculatively trade on giant centralized casinos which predictably fail or scam. Milton Friedman likely would have been against the government interventions which have stifled bitcoin and other marker proto-monies.

Mentions:#MSB
r/CryptoCurrencySee Comment

If we're going to focus on the casino aspect of crypto, and use price as the only gauge for how well we did...then at least ask the pertinent question: How have the people done who listened to those of us evangelizing bitcoin as early as 2010 and 2011; trying to get anyone and everyone we could to invest early (or rather to at least try out the tech to understand it and hold a bit as a hedge)...how have they done compared to the people who went full buttcoin immediately and mocked and derided us? I understand that not every human being on earth will have heard enough about bitcoin to be able to have the chance to form an educated opinion before say 2014 or so, but I would bet that the vast majority of people *here*, over the age of 25, probably heard enough about it before 2014. The question is what did you do with that information? Did you immediately form a politically biased opinion? Did you take cues from some particular source or mainstream news outlets? Or did you read the white paper? Did you watch the free courses offered by Princeton University on the computer science of cryptography and bitcoin and proof of work? Did you listen to any of us begging people to research the actual history of money and banking in the u.s. and elsewhere, which calls into question the mainstream doctrines about how superior and infallible governments and central banks are? Are you even paying attention now, to how the MSB regs and tax classifications have stifled all crypto development and relegated it to centralized casinos which were always going to act the way they've been acting?

Mentions:#MSB
r/CryptoMarketsSee Comment

Yes. They should be registered as an MSB with FinCEN in the United States. Separately, roughly half of the states have some kind of state registration as well. Not sure what kind of registration is required outside of the US/in other countries.

Mentions:#MSB
r/CryptoCurrencySee Comment

I got this email from Binance U.S. today regarding their security. What do you all think? \-------------------- &#x200B; Security is our top priority We want our users to be able to invest their assets with peace of mind. Here’s what you should know about our standards and best practices: Binance.US was created to adhere to strict U.S. regulations. We never touch, trade, or lend your assets in any way. For all customer funds that are held on the Binance.US exchange, we always maintain 1:1 reserves. These funds are available to be withdrawn at any time. We are licensed in the U.S. with 43 Money Transmitter Licenses (or the statutory equivalent) and counting. Separately, we are regulated by FinCEN as a money service business or MSB. Binance is subject to regular audits by leading private and government entities. Binance.US maintains an industry-leading security program to keep your funds protected. We do not undertake proprietary trading, offer margin or take on any corporate debt. Our commitment to security starts internally. Our leadership teams have 30+ cumulative years of Department of Justice, SEC, and New York Federal Reserve Bank experience. We believe that our traders need to know this information so that they can make informed decisions about who to trade with and where to stake their assets.

Mentions:#MSB
r/CryptoCurrencySee Comment

It's actually far worse than that. Being classified as an MSB, means having to hire an IT team to support the infrastructure, a security team, compliance officers, CSRs, the list goes on and on. We're talking a couple mill annually just in payroll. The point of this bill isn't AML, that's the smoke screen. The point of this bill and its sister legislation in the EU (formally known as MICA 2.0) is to place regulatory burdens on these projects that are so steep, it kills them in one stroke of the legislative pen. It's akin to sweeping all the chess pieces off the board leaving only the king standing. This bill and many like it soon to follow, is designed to destroy Crypto at its root. Only the major players and likely the only major donors left will be managed and "controlled" until the governments can get their feet under them to take over the entire blockchain space in the interests of "national security". The absolute last thing any centralized power wants is Cryptography getting in to the hands of the average person. There's a reason CIA and NSA have people at a lot of the major universities. Especially places like MIT, CalTech, et al. This is not conspiracy or tin foil hat jargon...this is the plan and anyone who spends a few minutes researching will have seen the writing on the wall a couple years ago. God knows I've been screeching about it for awhile now. Downvoted of course...but the best revenge is vindication.

Mentions:#MSB#CIA#MIT
r/CryptoCurrencySee Comment

So this is almost certainly going to fail. There are too many politicians, in both major parties, that recognize that the US must remain the most competitive place for technological development. If the US essentially outlaws cryptocurrency (which is what this bill does mind you, you literally can't use cryptocurrency, only banks can, you can contract with them to use it on your behalf and anyone that enables otherwise is an illegal MSB, including someone that publishes FOSA code) then development of it will just happen elsewhere. The US can't have that, if the US loses it's forefront position in technological development then the US will fall by the wayside. This woman is wholly owned by the bankers, for those of you that buy her for the people schtick, go look at her track record: a few hurumphs and obvious deliberately failed attempts to get support from you in between endless legislation on behalf of the big banking sector. When we talk about corruption in government she's one of the biggest examples.

Mentions:#MSB
r/CryptoMarketsSee Comment

BlockFi Inc., is registered with the U.S. Department of Treasury Financial Crimes Enforcement Network (“FinCEN”) as a money services business (“MSB”). As a registered MSB, BlockFi Inc., is subject to the Bank Secrecy Act and its implementing regulations (collectively, the “BSA”) which set out the requirements imposed upon financial institutions to implement policies and procedures reasonably designed to detect and prevent money laundering and terrorist financing. Now, according to some searches, in this case, the first ones that get bailed out are the creditors, then the customers (if lucky). However you can do more research on FINCEN, and find a way.

Mentions:#MSB
r/CryptoCurrencySee Comment

It's a fair point on the surface, but what I'm getting at is not that speculation wasn't always going to be a big part of crypto (especially in the early days of bitcoin- nobody had any idea whether this thing was going to take off and develop any kind of a network effect)...and also, the regulatory uncertainty was always part of the dynamic of bitcoin, since the beginning (we did not know, but suspected that OTC markets would be put under something like MSB regs, and we assumed that the IRS and other tax authorities would probably do what they've done). The point is that these laws and regs have completely cut off any way for cryptocurrencies to have an outlet...to have that use case as a money. Leading up to 2014, we did indeed see a lot of merchant adoption and some transaction loops developing, and then that quickly died off once the tax rulings were solidified.

Mentions:#MSB
r/CryptoCurrencySee Comment

Correct me if I'm wrong, but wasn't FTX (and I mean, the main company, not just FTX.us), having to operate under all the same money service business/AML/KYC laws as any fully regulated exchange in the u.s.? I get that neither the SEC or CFTC have been able to formally regulate crypto exchanges; so there's more wash trading, manipulation, wild leverage and derivatives, etc. But this failure of FTX (as far as we know) occurred due to actions which were already illegal for them (hence there are criminal investigations underway). SBF was championing these other regulations and more, to be imposed on the crypto exchanges industry, because for one, that wouldn't have stopped him and his Alameda research company from doing what they were doing, and two, it makes it more expensive for competition to get in to the game with him. At the end of the day, the real story is how the tax classification of crypto and the MSB regs, have left nothing legal to do with crypto except speculatively trade (i.e. nobody can comply with the tax tracking/reporting requirements if they use crypto as an everyday spending/earning money and it's illegal or at least a grey area to sell OTC, without being a licensed MSB). So the base layer of regulations has forced everybody into these giant centralized casinos.

Mentions:#FTX#MSB
r/CryptoCurrencySee Comment

I live in Canada, in Ontario of all places. Your regulations to ours are basically meaningless. You specifically used the qualifier \*heavily\* regulated, which is just not true. I'm a financial advisor here and have working professional knowledge of both of our regulatory environments, and I can tell you now that the compliance required to put up an exchange in the US is distinct, but not stringent. It's just basic AML, AFT, KYC and tax reporting. Your MSB's have what's considered to be mostly free reign in that their reporting requirements and monitoring are minimal so long as they meet those basic criteria.

Mentions:#AFT#MSB
r/BitcoinSee Comment

The one I used to use only required a phone number for smaller amounts. Beyond a certain amount then they require ID. I think at first it was $800, then later $400, then later I believe they started requiring ID for any amount (when selling, at least, I never bought from it). So it probably varies. There used to be a SkyHook bitcoin ATM at the mall in Burlington VT that required no ID, but it only sold bitcoin, you couldn't sell to it. It got shut down because the owner (a college kid) didn't have a MSB license though.

Mentions:#ATM#VT#MSB
r/CryptoCurrencySee Comment

Exactly. A bitlicense is only to serve residents of new York and operate in that state. All other states you apply for an MSB along with a trust license (or a major bank as a fiat custodian instead of the trust license), and a crypto custodian like fireblocks for example. Bitlicense in New York is the most expensive and hard to get and strictly for New York. Finally you need to be FINCEN registered federally as a firm. I got licenses in Wyoming and Florida and going after more states so I know the processes. There is also “alternative trading platform” licenses that the sec requires under certain conditions. Bitboy is absolute garbage.

Mentions:#MSB
r/CryptoCurrencySee Comment

No. He got convicted of both. Two separate crimes. Both convictions. “…a federal jury in Brooklyn convicted Mustafa Goklu, also known as “Mustangy,” of money laundering and operating an unlicensed money transmitting business…” That second charge is *just* for swapping crypto to fiat without a license. And yes it’s illegal to do it for profit OR even to do it “regularly” in the US without being an MSB.

Mentions:#MSB
r/CryptoMoonShotsSee Comment

Copiosa is a registered business and just received its MSB license.

Mentions:#MSB
r/CryptoCurrencySee Comment

He accepted a guilty plea that included his incarceration for operating an unlicensed MSB. Why did he do that? Because a criminal trial would include charging him with money laundering and violation of BSA/AML regs. The DOJs’ findings specifically called out that he was involved in related criminal activity that included knowingly facilitating money laundering and instructing a “client” who he knew was running an elaborate scam on how to structure transactions and avoid detection. The time he could serve for that activity is much more severe, hence him pleading guilty. It’s also unlikely the DOJ would’ve had eyes on his activity at all if it wasn’t related to the Nigerian lottery scam described in the DOJ’s press release, because unlicensed MSBs are extremely common and the DOJ doesn’t have the resources to go after people simply because they’re running an unregistered business of some kind.

Mentions:#MSB
r/CryptoCurrencySee Comment

You need to have a MSB (money service business) if you want to sell more than 1k per day per person. He was an unlicensed cash-to bitcoin broker

Mentions:#MSB
r/CryptoCurrencySee Comment

Yes, I know that since I work on the reg side of crypto. There are tons of unlicensed MSBs operating out there. He’s going to jail because he was an unlicensed MSB that knowingly helped facilitate scams, including advising the Nigerian Prince scammer to tell anyone who asks (like financial institutions) that transfers between the two of them related to marketing fees. He wouldn’t have a sentence like this if he didn’t knowingly help someone launder money obtained through scamming.

Mentions:#MSB
r/CryptoCurrencySee Comment

You need to have a MSB (money service business) if you want to sell more than 1k per day per person. He was an unlicensed cash-to bitcoin broker

Mentions:#MSB
r/CryptoCurrencySee Comment

from my understanding, you need to have a MSB (money service business) if you want to sell more than 1k per day per person

Mentions:#MSB
r/CryptoMarketsSee Comment

Haru Invest hasn’t gotten the recognition it deserves but after recently obtaining an MSB license from U.S. FinCEN, it will have a major impact on its development.

Mentions:#MSB
r/BitcoinSee Comment

Looks really neat and easy, but have you considered the legal issues to those who will take this technology and DIY a Bitcoin ATM? I hate to be a party pooper, but don't most states and provinces require a MSB (Money Services Business) license to operate these kinds of machines?

Mentions:#ATM#MSB
r/BitcoinSee Comment

Neat. Reminds me of the Skyhook bitcoin atm (which was also open source and easy to build yourself). Some college student in Burlington VT put one in the mall (next to a 3D printing kiosk) and was later shut down for not having a MSB license. IIRC he didn't get any fines, but they threatened to hit him hard if he didn't shut it down.

Mentions:#VT#MSB
r/BitcoinSee Comment

I guess I get downvoted for correcting someone saying that all states require MSB licenses to sell bitcoin, and then you correct something I didn't even say. Thanks man. Thanks.

Mentions:#MSB
r/BitcoinSee Comment

And he's wrong. States do require you to have a MSB in order to legally sell bitcoin as a business and states do issue MSBs to businesses that sell bitcoin. You also need a money transmitter license. I've done business with bitcoin sellers that are properly licensed and operating legally.

Mentions:#MSB
r/BitcoinSee Comment

And he's wrong. States do require you to have a MSB in order to legally sell bitcoin as a business and states do issue MSBs to businesses that sell bitcoin. You also need a money transmitter license.

Mentions:#MSB
r/CryptoMarketsSee Comment

For those wondering what crypto platforms have MSB licenses, you can check the FinCEN website and do an MSB Registrant Search: [https://www.fincen.gov/msb-registrant-search](https://www.fincen.gov/msb-registrant-search) just type in their names and you'll get your results :)

Mentions:#MSB
r/CryptoMarketsSee Comment

So what does this mean for those crypto companies who have MSB licenses?

Mentions:#MSB
r/CryptoMarketsSee Comment

Aside from Haru Invest recently getting the MSB license, The others would have needed to apply as an MSB but have been operating in the US through their app for some time. FinCEN would have started after them if they hadn't, though.

Mentions:#MSB
r/CryptoCurrencySee Comment

tldr; Banxa has opened its USA operating headquarters in Reno, Nevada, which will be led by Banxa's Chief Legal Officer and newly appointed USA CEO Richard Mico. Mico has begun to build out a core team in Reno whose top priority is obtaining local USA Money Transmitter Licenses (MTLs). These licenses will allow Banxa to operate compliantly as a regulated Money Services Business (MSB). *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Mentions:#MSB#DYOR
r/BitcoinSee Comment

In the United States, someone selling some of their own personal bitcoin, not as a business, is not a money service business and does not require a MSB license or a money transmitters license. The government takes things into consideration like is it their own personal bitcoin they are selling, how much bitcoin they are selling and how often they are selling when determining if they are operating as a business or not. It is currently legal for Americans to sell some of their own personal bitcoin to other people without having any licenses like a MLT or MSB license.

Mentions:#MSB#MLT
r/BitcoinSee Comment

> the USA a cash transaction of certain amounts makes you a money transmitter business Selling money for money to make a profit makes you a money services business. And then, a registered MSB is required to report all transactions higher than the limit, as well as any suspicious transactions under the limit In the FBI case against Rockkoons, he was trying to avoid registering by limiting the amount of his Bitcoin sales to less than $10,000. He agreed to sell Bitcoin to an undercover agent for $9,600. The agent put $13,000 in the envelope so that the limit would be triggered

Mentions:#MSB
r/CryptoCurrencySee Comment

Not a scam, we are a licensed MSB! Also unsure of how this is a bad name. It derives from our multisig tech: you have a distributed 'grid' of devices that 'lock' your crypto in an unbreakable vault.

Mentions:#MSB
r/BitcoinSee Comment

If only lawsky had regulated it like the rest of the states and put it under MSB licensing. He had to be different in an attempt to make his mark. He is not missed by NY banking sector.

Mentions:#MSB
r/CryptoCurrencySee Comment

I'm pretty confident that Bitmart is insolvent. They were hacked a while back for quite a bit of money, and have since reopened. There hasn't been a bank-run so they're still going. But I'm still not so sure that they really had the money to reimburse the losses, more so that they're trying to make that money back from keeping things up and running like nothing happened. Much of their volume has been wash-trading and fake bot volume since they opened, so not like they've made big bank on fees and such. They also claim to have a MSB license but refuse to answer what name it's registered under since there's no Bitmart in the registry.

Mentions:#MSB
r/CryptoCurrencySee Comment

FinCEN’s definition of an MSB excludes banks but yes I know what they were getting at. I just thought if the merchant code let the transaction through I’d slip by 😀

Mentions:#MSB
r/CryptoCurrencySee Comment

FinCEN’s definition of an MSB specifically excludes banks, but I know I can’t win semantics with a big corporation 😀

Mentions:#MSB
r/CryptoCurrencySee Comment

It is, they say explicitly that MSB is not allowed which includes this. It works the same way most major CC cashback works. No double dipping. So no paying off CC's and getting cashback for doing so. No paying your mortgage and getting cash back for doin so, No getting money orders with the card and getting cash back for doing so. Etc etc. All of that is not allowed. And that goes for all cards of this type, if you find a way around it they will eventually find out and block your account.

Mentions:#MSB#CC
r/CryptoCurrencySee Comment

MSB

Mentions:#MSB
r/CryptoCurrencySee Comment

First things first. I’m not shilling shit, because I am as stupid as you and don’t know shit about fuck. I came across this project, the guys behind it really know how to do nice talk and talk you into their project/company. At this point I don’t know if they are sharlatans or are they legit. They do have corporation registered but it’s registered to a fucking cabin by the gas station. They do have trademarks for their blockchain and for the rest of the company’s moving parts. Fintrac and duns are also active licenses. My question would be, can sharlatans acquire such licenses, open a corp, and fuck you up? For the reference I will include links to licenses. https://steam-exchange.gitbook.io/rails-network/ https://www10.fintrac-canafe.gc.ca/msb-esm/public/detailed-information/msb-details/7b226d73624f72674e756d626572223a3136353832322c227072696d617279536561726368223a7b226f72674e616d65223a22737465616d2065786368616e6765222c2273656172636854797065223a317d7d/ Article of Incorporation Registration#: 002846823 Money Service Business & FINTRAC MSB#: M21770262 P.S. I don’t know shit about fuck.

Mentions:#MSB
r/BitcoinSee Comment

I'm not sure if you are aware, but Kraken had a limited role in the MtGox claim process, if for no other reason than that it was a reputable firm and the executives and employees were capable of helping in the process, I think. [This is a link that describes it](https://support.kraken.com/hc/en-us/articles/360001421326-Kraken-s-limited-role-in-the-MtGox-Claim-Process). If I recall correctly, Kraken's involvement and help in the claims process with MtGox (basically to the extent Kraken could) occurred long before the Wyoming SPDI (Special Purpose Depository Institution) license was eventually applied for by Kraken and eventually approved by the Wyoming Banking Division (that approval was in late 2020), and I don't think any of the funds relating to MtGox would ever have been held in custody with Kraken (to await release) although I could be wrong. (remember, In a January 2015 interview, Kraken bitcoin exchange CEO Jesse Powell discussed being appointed by the bankruptcy trustee to assist in processing claims by the 127,000 creditors of Mt. Gox, but as time went on this role changed, see link in first paragraph of this comment.) And - the law you are asking about - Wyoming's SF0125 - became law in 2019. Which (based on my recollection) I think that there may still have been some limited Kraken involvement in MtGox claims at that time, but I don't think that it had relationship to the custody issue. (It wasn't until late 2020 that the Wyoming SPDI was approved, etc.) Now if I understand your question a different way, let's say **if Wyoming's SF0125 had existed back when MtGox died, how would that law have helped people who had btc on MtGox at that time, to ask your question in a way that emphasizes / rewords it a little to ask "how would it have been different if this law had existed back then?"** Well, MtGox was headquartered in Shibuya, Tokyo. MtGox did get a license from the U.S. (FinCen (as an MSB)), but that's it if I recall. Let's imagine for a moment that MtGox had been developed in Wyoming and had obtained a Wyoming SPDI license (that would have been impossible for Karpeles / MtGox, I think, because of the rigor of the application process). But if we assume that the application process were to have been approved, and the funds were in custody, there would have to have been 1:1 full reserves for those client funds and a mechanism so that the funds that clients could use to withdraw the funds would be fully independent from the bank's operating funds / anything that could be touched by a bankruptcy. In other words, a total financial catastrophe, even malice, would result in funds still being available for clients to withdraw. Not only that, the funds in such a system (the hypothetical "MtGox Wyoming system in the past") would be the clients' property, whereas the MtGox funds under discussion today are not technically the property of those who have made claims for them. Finally, all this would be happening with oversight of the Wyoming Banking Division. Hope that answers your question.

Mentions:#MSB
r/BitcoinSee Comment

Coinbase is a Money Services Business. Kraken is a Bank. Are you really saying that a publicly traded MSB faces more scrutiny than a Bank?

Mentions:#MSB
r/CryptoCurrencySee Comment

>FTX.US, a separate trading platform not owned by FTX, does operate in the United States, and maintains a variety of US regulatory licenses, including an MSB, MTLs, DCO, DCM, and SEF.

Mentions:#FTX#MSB
r/CryptoCurrencySee Comment

tldr; Currency.com has registered its US-only platform Currency.com US with the Financial Crimes Enforcement Network (FinCEN) as a Money Service Business (MSB). With the newly acquired licensing, the platform will initially launch across 48 states and territories. New York and Hawaii residents can expect to gain access to access the platform in the coming months. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Mentions:#MSB#DYOR
r/BitcoinSee Comment

Are you getting that number from uint64\_t and 21m \* 100m? If so, I'm pretty sure you can get 3 more decimals in safely (1000 \* 2.1q = 0x1D24\_B2DF\_AC52\_0000 and still has MSB=0)

Mentions:#DF#AC#MSB
r/BitcoinSee Comment

Congratulations!! Thanks for doing this. I’ve been learning about this space. There are obstacles to overcome: cash handling is problematic because no bank will accept your cash without a MSB License, which you cannot get if there is no KYC. Insurance for the machine without the top of the line bill scanners and industry standard security locks is another problem.

Mentions:#MSB
r/CryptoCurrencySee Comment

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Mentions:#IB#MSB
r/CryptoCurrencySee Comment

I’m Canadian and in Canada they are a registered MSB, must be some agency in Canada I can complain to that has oversight. [MSB Link](https://www10.fintrac-canafe.gc.ca/msb-esm/public/detailed-information/msb-details/7b226d73624f72674e756d626572223a3135393931322c227072696d617279536561726368223a7b226f72674e616d65223a224b72616b656e222c2273656172636854797065223a317d7d/)

Mentions:#MSB
r/CryptoCurrencySee Comment

You sound really angry, and sounds like you're taking it out on me. Take a second, enjoy a pepsi, grab a donut, and read something to help you understand why things are the way they are. Canada Cryptocurrencies: Not legal tender Cryptocurrency exchanges: Legal, required to register with FinTRAC after June 1, 2020 Cryptocurrencies are not legal tender in Canada but can be used to buy goods and services online or in stores that accept them. Canada has been fairly proactive in its treatment of cryptocurrencies, primarily regulating them under provincial securities laws. Canada brought entities dealing in virtual currencies under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) as early as 2014, while in 2017 the British Columbia Securities Commission registered the first cryptocurrency-only investment fund. In August 2017, the Canadian Securities Administrators (CSA) issued a notice on the applicability of existing securities laws to cryptocurrencies, and in January 2018, the head of Canada’s Central Bank characterized them “technically” as securities. The Canada Revenue Agency has taxed cryptocurrencies since 2013 and Canadian tax laws apply to cryptocurrency transactions. Exchanges After an amendment to the PCMLTFA in 2019, exchanges in Canada are essentially regulated in the same way as money services businesses and are subject to the same due diligence and reporting obligations. In February 2020, the Virtual Currency Travel Rule came into effect in Canada, requiring all financial institutions and money services businesses (MSB) to keep a record of all cross-border cryptocurrency transactions (along with all electronic fund transfers). In 2021, the Canadian Securities Administrators (CSA) published guidance for crypto issuers that own or hold crypto assets. The guidance set out regulatory expectations for disclosures that crypto issuers must provide about how they protect their assets against loss and theft, including the need to disclose relevant risk factors. Similarly, further amendments to the PCMLTFA in 2021 introduced the requirement for cryptocurrency exchanges to register with the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC). Future Regulation While regulations are constantly evolving, there are no signs of significant additional legislation on the horizon. We suspect both the Canadian government and crypto exchanges will need time to evaluate how the most recent changes have affected the crypto landscape before considering additional legislation.

Mentions:#MSB
r/BitcoinSee Comment

seriously though, I'm in CA and talk to friends in the pot industry about this reality. Its a big problem! Cash handling comes with risk, that's why there are separate licensure, security measures etc for CHBs, yet the pot industry (growers, manufacturers, distributors, retailers) are all stuck engaging in cash transactions because there is not viable alternative. How can BTC solve this? BTC for purchase is a great first step, but what about changing the cash onsite to BTC and have a MSB like an armored truck service handle the cash from there. I think this is a million dollar business waiting to launch.

Mentions:#CA#BTC#MSB
r/CryptoCurrencySee Comment

Any exchange in the United States is regulated by the department of Treasury’s (FinCEN) as a registered MSB or money service business. If you are using an unregulated exchange I would recommend getting off of it before you lose everything to fraud.

Mentions:#MSB
r/CryptoCurrencySee Comment

FWIW, the they just got an MSB license in Canada. [https://www10.fintrac-canafe.gc.ca/msb-esm/public/detailed-information/msb-details/7b226d73624f72674e756d626572223a3136353837382c227072696d617279536561726368223a7b226f72674e616d65223a225363616c6c6f70222c2273656172636854797065223a317d7d/](https://www10.fintrac-canafe.gc.ca/msb-esm/public/detailed-information/msb-details/7b226d73624f72674e756d626572223a3136353837382c227072696d617279536561726368223a7b226f72674e616d65223a225363616c6c6f70222c2273656172636854797065223a317d7d/) They also just partnered with Norwich City in the Premier League. Norwich is 100% getting relegated but its some good exposure nonetheless. [https://twitter.com/NorwichCityFC/status/1481974378665594887](https://twitter.com/NorwichCityFC/status/1481974378665594887) I think its pretty clear they are not a scam at this point. Just my two cents.

Mentions:#MSB
r/CryptoCurrencySee Comment

I don't know with others but, netcoins is registered MSB by FINTRAC, an entity of the Federal Government of Canada. And they are a publicly-traded company owned by BIGG Digital Assets, so you can trust leaving your money there. Check [here](https://netcoins.ca/)

Mentions:#MSB
r/CryptoCurrencySee Comment

Don't blame Ontario, it was Binance who jumped the gun and said it was okay to continue trading. That's not going to look good. They got an MSB to operate a money business and thought it meant their exchange was approved. It can't possibly be approved in its current state for a number of reasons, margin, competitions and trading bots being some of them. I could see a Binance Canada one day but not the current form of Binance.

Mentions:#MSB
r/CryptoCurrencySee Comment

https://www10.fintrac-canafe.gc.ca/msb-esm/public/detailed-information/msb-details/7b226d73624f72674e756d626572223a3136363636312c227072696d617279536561726368223a7b226f72674e616d65223a2262696e616e6365222c2273656172636854797065223a317d7d/ Binanace got their MSB for canada

Mentions:#MSB
r/BitcoinSee Comment

tldr; Crypto exchange Binance has secured an MSB license to offer cryptocurrency services from the Canadian regulatory authorities. The company also received in-principle approval from the central bank of Bahrain. The license is valid for the next four years, i.e., till December 31st, 2024. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Mentions:#MSB
r/CryptoCurrencySee Comment

tldr; Crypto exchange Binance has received an MSB license from Canadian regulators to sell cryptocurrency services. It also received in-principle clearance from Bahrain’s central bank to operate as a cryptocurrency service provider. The Canadian branch of Binance will be known as Binance Canada Capital Markets. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Mentions:#MSB
r/CryptoCurrencySee Comment

tldr; Crypto exchange Binance has secured an MSB license to offer cryptocurrency services from the Canadian regulatory authorities. The company also received in-principle approval from the central bank of Bahrain. The license is valid for the next four years, i.e., till December 31st, 2024. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Mentions:#MSB
r/CryptoCurrencySee Comment

Uhhh I hope you realize that a lot of scams that happen where victims funds are wiped out such as business email compromise, elder exploitation, among others are not returned if they cannot get the funds back a lot of times. Law enforcement has to get involved and then get restitution if they can…it’s not a credit card that just cancels the payment. And crypto is very secure. Hold it in a cold storage wallet and lock it in a safe in your home…don’t leave funds on an exchange for an extended period of time either. And FinCEN already regulates cryptocurrency exchanges as MSB’s. We don’t need the government to get involved for insurance and end up like the atrocity big banking is.

Mentions:#MSB
r/CryptoMarketsSee Comment

I actually have an MSB and have to adhere to standards myself.... And no this is not tipping off as I said this is them doing thier obligatory investigation tiggered by internal processes based on what is required from bodies like FINTRAC. Now if they were given a notice about this client and those addresses and sent this, then yes, that would be considered tipping off.

Mentions:#MSB
r/BitcoinSee Comment

It's pretty much the opposite I think. It has some regulation on MSB and virtual currencies, similar to a number of other states, and certainly less onerous than NY' Bitlicense. They recently passed H.B. 4474, which provides "regulatory clarity" for handling virtual currency in Texas. It allows some new things like having Texas banks provide crypto safekeeping services for example. And of course, a bunch of miners have been moving to Texas, incentivized by cheap energy costs and encouraged by [various Texas politicians](https://twitter.com/GregAbbott_TX/status/1449392437906980871).

Mentions:#MSB
r/BitcoinSee Comment

If you want to buy/sell Bitcoin you're now going to need a MSB license which costs almost 10K$. Something to keep in mind.

Mentions:#MSB
r/BitcoinSee Comment

tldr; Bitcoin, the peer-to-peer digital currency, is not issued, endorsed, or regulated by any central bank. It is created through a computer-generated process known as mining. The US Treasury has defined bitcoin not as currency, but as a money services business (MSB). Canada considers bitcoin exchanges to be money service businesses under anti-money laundering laws. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Mentions:#MSB
r/BitcoinSee Comment

Law enforcement don't need AI to do face matching. They can use humans > Those ATMs can share name + number of the clients and may be they take pics without clients knowledge and share records with govt authorities but what is the use You have a misconception about money laundering law enforcement. Law enforcement agencies don't have the resources to monitor, so they persuaded the lawmakers to offload this role to the banks and money businesses. The information is collected by the MSB, but only shared on request. MSBs waste millions collecting all this data, and it's only useful when an agency wants to collect evidence on a specific subject Or, if the law requires the MSB to recognize a money laundering behavior pattern and report it to an authority. There's a well-known obligation to report amounts over USD10,000, and an additional obligation to report suspicious behavior. That's why the limits are so far under USD10,000, and also why some operators ask for full KYC for any amount

Mentions:#MSB
r/BitcoinSee Comment

1. Yes, financial institutions are more heavily regulated than money service businesses. A simple cash checking store is a money service business. You are a money service business and you need an MSB license if you offer one of the following services: check cashing, prepaid debit cards, currency exchange, traveler’s checks, money transfers, or money orders. 2. I can't answer this because I don't work for FinCEN and I don't operate a bitcoin ATM. I remember reading about a dark web drug ring that was busted because of their suspicious activity using bitcoin ATMs to sell bitcoin for cash. This bust was only possible because of the regulations and reporting of the bitcoin ATM operators. https://www.nytimes.com/2019/04/16/nyregion/dark-web-drug-dealing.html

Mentions:#MSB#ATM
r/BitcoinSee Comment

There is no set dollar amount that bitcoin ATM operators in the US are allowed to sell without requiring ID. Some bitcoin ATMs in the US let you buy $2,000 or more worth of bitcoin without ID. For example, bitcoin ATMs operated by Athena allow customers buy $2,000 worth of bitcoin with just their name and phone number. There is varying levels of KYC. KYC can vary from as little as your name and phone number to as much as your home address, social security number, employment, and income. Bitcoin ATM operators in the United States need to register with FinCEN and have an AML compliance policy in place. State level regulation varies from state to state, and targets requirements to register for money transmitter license (MTL) or money service business (MSB). Most of the states will also require a surety bond to run bitcoin ATM machines. Operators need to keep track of records of transactions, conduct and collect identification information and also report information to agencies under particular circumstances. Apart from registering with FinCEN bitcoin ATM operator has to develop its own KYC/AML compliance policy. This document doesn’t need to be provided to FinCEN during registration, however it should be available on request. The main purpose of such a policy is to prevent your bitcoin machine being used to money laundering. AML program has to address the following items, also known as “4 pillars”: Define Policies, Procedures and Internal Controls. Incorporate policies, procedures and internal controls reasonably designed to assure compliance with the BSA and its implementing regulations. These policies need to address risk size expected by operator based on conditions and area of operation, various transaction monitoring and documenting techniques etc.; Dedicated Compliance Officer. Designate a person to assure day-to-day compliance with the program and the BSA and its implementing regulations. This should be a person with expertise in the field. Moreover, such an officer should have relative independence and authority within organization. This should be a person, who doesn’t obtain other functional roles, e.g. to eliminate conflict of interest, while limiting transaction due to prevention measures will potentially reduce revenue volume of operator; Employee Training. Provide education and training of appropriate personnel concerning their responsibilities under the program, including training in the detection of suspicious transactions, to the extent that the MSB is required to report such transactions under the BSA; Independent Audits. Provide for independent review to monitor and maintain an adequate program. This can be done by other employees / team in the organization, as well as by third-party consultancy service providers. Once the program and processes are implemented — it is recommended for operator to do full test of transactions flow and documenting all steps. Tests need to include checking of set thresholds and limits as well as all KYC verification procedures and tracking and documenting of customers data. Manufacturers of ATMs provide integrated solutions in their software. It is recommended to check with each provider what the implementation is, so that it cover needs of being compliant with law. On state level regulators have another requirement to register as money transmitter. This regulation varies from state to state, while some states being more relaxed, some are very strict in this regard. [Bitcoin ATM Regulatory Requirements in USA.](https://coinatmradar.com/blog/bitcoin-atm-regulatory-requirements-in-usa)

r/CryptoMoonShotsSee Comment

These are the registration numbers for your perusal.. FINTRAC MSB#: M21770262 D-U-N-S No. 20-432-2234 So lucky to be in this early!

Mentions:#MSB#D#S
r/CryptoCurrencySee Comment

Hi u/Just1_More 👋🏻, Val from Kraken here. I hope you don't mind me jumping in, but I've been summoned by u/FutureMoney95 vouching for us 🤓 I just wanted to let you know, that we're fully operational in Canada, Ontario included. 🇨🇦 We care about regional requirements and we have always complied to the regional requirements. We're registered as a Money Services Business (MSB) with FINTRAC in Canada. You can take a look at our registration [here.](https://www10.fintrac-canafe.gc.ca/msb-esm/public/detailed-information/msb-details/7b226d73624f72674e756d626572223a3135393931322c226d7362526567697374726174696f6e4964223a224d3139333433373331222c227072696d617279536561726368223a7b226f72674e616d65223a224d3139333433373331222c2273656172636854797065223a317d7d/) &#x200B; I hope that helps. Let me know if you have any other questions. Back to releasing the Kraken, Val 🐙

Mentions:#MSB
r/BitcoinSee Comment

LN solves this as well as 3rd party MSB's as nasty as that is.

Mentions:#LN#MSB