How the Feds Can Take Even Legally Earned Bitcoins

Re:How the Feds Can Take Even Legally Earned Bitcoins by pmorici on Saturday February 22, 2014 @06:39PM (#7284152)

I doubt that. That's a pretty extraordinary claim care to back it up with some examples or facts.

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Re:How the Feds Can Take Even Legally Earned Bitcoins by thinkcomp on Saturday February 22, 2014 @06:47PM (#7284186)

Legal compliance requires money transmission licenses in 47 states and registration with FinCEN pursuant to 18 U.S.C. § 1960. No exchange fulfills all of these criteria; most haven't even bothered to try.

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Re:How the Feds Can Take Even Legally Earned Bitcoins by pmorici on Saturday February 22, 2014 @07:05PM (#7284264)

Have you checked on each of them? I'm pretty sure Kraken fulfills all the requirements in the jurisdictions in which they operate. CoinSetter also has a unique model which probably precludes them from the definition of money transmission. Not sure about Coinbase but I would be surprised if they weren't on the up and up.

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Re:How the Feds Can Take Even Legally Earned Bitcoins by thinkcomp on Saturday February 22, 2014 @07:13PM (#7284296)

Yes.

Kraken is Payward, Inc., and they're not on this list:

http://www.dbo.ca.gov/Licensees/money_transmitters/money_tra...

Neither is Coinbase. Neither has applied for a license, but since Coinbase and Payward have registered with FinCEN, they [know they] are required to.

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Re:How the Feds Can Take Even Legally Earned Bitcoins by pmorici on Saturday February 22, 2014 @07:26PM (#7284356)

Does kraken allow BTC / USD trading by customers located in CA? I didn't think they did.

Edit: Their FAQ even says their approval in CA and most other US states is pending and customers aren't allowed to trade until it is approved

https://www.kraken.com/help/faq#verification-tiers

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