BitLicense casualties mount

August 21, 2015

Another week, another bitcoin company packing up the Family Truckster and leaving New York for greener pastures. LocalBitcoins announced its exit from the Empire State market in a recent company blog post. This followed similar announcements from other high-profile companies, including Kraken, BitFinex, ArtByte, Genesis Mining, Satoshi Citadel Industries, and ShapeShift, just to name a few.

The BitLicense makes it a criminal offense to sell digital currency to citizens of New York unless the seller is licensed. For LocalBitcoins, this would mean that every seller on its platform would have to be individually licensed. Further, LocalBitcoins would be compelled to review and held to account for the licensing of each trader and his/her AML program.

Similiar Blog Post

California’s Crypto Regulatory Framework Is Back In Play

August 17, 2020
This old-fashioned scam is more prevalent than you think — and your customers could be at risk. If you run a cryptocurrency exchange, kiosk...

Why Banks Becoming Crypto Custodians Is Such A Big Story

August 17, 2020
This old-fashioned scam is more prevalent than you think — and your customers could be at risk. If you run a cryptocurrency exchange, kiosk...

Is the U.S. too hard on cryptocurrency?

August 17, 2020
This old-fashioned scam is more prevalent than you think — and your customers could be at risk. If you run a cryptocurrency exchange, kiosk...