Suspension of OhioCrypto.com Announced by Ohio Treasurer

The immediate suspension of the website, OhioCrypto.com, was announced by Ohio Treasurer Robert Sprague in a meeting of the State Board of Deposit in Columbus, Ohio, earlier this month.

The State Board of Deposit, at the recommendation of Treasurer Sprague, has asked the Ohio Attorney General for a formal opinion on whether the payment method facilitated by Bitpay, the program’s third-party processor, is considered a “financial transaction device” under Ohio law.

Since Treasurer Sprague took office in January, his staff has been reviewing the establishment and business practices of OhioCrypto.com. Based on this internal review, the Ohio Treasurer’s office deems that the third-party payment processor does function as a “financial transaction device.” For this reason, the office also holds that this third-party should have been selected through a competitive selection process and necessarily approved by the State Board of Deposit (Ohio Revised Code §113.40).

Treasurer Sprague declared that the website would be suspended until a formal opinion on the matter is issued by the Ohio Attorney General.

“As Ohio Treasurer, it’s my job to provide trusted stewardship and protection of Ohio’s tax dollars, and to follow the laws of this state,” Sprague said. “Until a formal opinion is issued by the Attorney General, I feel it is prudent to suspend the website.”

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