On April 3, 11 class action lawsuits were filed in the Southern District of New York against four crypto-asset exchanges and seven digital token issuers. The plaintiffs allege that the defendants offered and sold billions of dollars of unregistered tokens and other financial instruments to investors in violation of federal and state securities laws.  According […]

Just a year ago, the Banking Department of the Vermont Department of Financial Regulation issued a position that was to prove difficult for money transmitter operations. The position in question focused on money transmission law and noted that the law did “…not exempt a payment processor an agent of a payee from licensure.” This law […]

We anticipate that in June the FATF will adopt a final version of its Interpretative Note, along with updated guidance to further assist countries and industry with their obligations.

Crypto exchange Bitfinex ordered by judge for documents of a $850 million misfortune and an ensuing loan from stablecoin backer Tether. Judge Cohen stated “the subject of whether these are securities…”

Erik Voorhees May Have Violated SEC Settlement from 2014 A $50 million cryptocurrency coin offering is being investigated by the U.S. Securities and Exchange Commission (SEC). According to The Wall Street Journal, this cryptocurrency sale may involve a well-known bitcoin entrepreneur, Erik Voorhees, and if this is found to be the case, he will have broken […]

NYDFS Approves First BitLicense for Operating Bitcoin Teller Machines Last week the New York State Department of Financial Services (DFS) granted Coinsource, Inc. a BitLicense to operate Bitcoin Teller Machines (BTM) in the state. Coinsource operates 40 Bitcoin kiosks in New York City, Westchester, and Nassau. The touchscreen kiosks allows customers to convert cash to […]

Defining Blockchain: Blockchain Promotion Act This Monday, October 1, it was announced that members of the Energy and Commerce Subcommittees introduced the Blockchain Promotion Act of 2018 bill (H.R. 6913) to direct the Secretary of Commerce to establish a Blockchain working group. Congresswoman Doris Matsui and Congressman Brett Guthrie of the House of Representatives and members of the […]

The New York Department of Financial Services (NYDFS), the agency responsible for regulating virtual currency and BitLicenses, approved “Stablecoin” on September 10, 2018. This price-stable cryptocurrency is being offered by the Winklevoss brother’s Gemini and Paxos Trust Company, one of the exclusive few companies allowed to operate cryptocurrency in the state of New York. Cameron […]

Bitcoin “Exchanger” without Money Transmitter License Indicted on 28 Counts of Money Laundering California native Jacob Burrell-Campos, 21 years old, has been arrested at the U.S-Mexico border for dealing on bitcoin without a money transmitter license. He was held without bail on charges of operating an “illegal money transmitting business,” the United States Department of […]

Coinbase Renews Wyoming Money Transmitter License Bringing Bitcoin Back to The Cowboy State Coinbase, one of the largest Bitcoin and cryptocurrency exchanges set out with an ambitious goal to operate in all 50 states and beyond, adhering to every federal and state regulations.  That endeavor proved to be a challenge as various states’ regulations had […]