15 May '13, 8pm

The Feds Are Cracking Down On Mt. Gox (Not On Bitcoin)

, Mt. Gox’s CEO who also owns Mutum Sigillum and who claimed when he opened a Wells Fargo account for the latter in May 2011 that his business would not be exchanging currencies for customers nor acting as a money transmitter. HSI says that Karpeles has been using payment processor Dwolla to allow customers to buy Bitcoins, and using Mutum Sigillum to transfer money back and forth from Dwolla to Mt. Gox. HSI has now seized the money in both the Wells Fargo and Dwolla accounts, meaning Bitcoin users can’t use Dwolla right now as a way to buy, sell, or transact their Bitcoins. Iowa-based Dwolla offered an easier way for people to buy or sell Bitcoins through Mt. Gox, rather than doing international wire transfers to and from the company’s Japanese bank. (When I tried to buy my Bitcoins from Mt. Gox, Bank of America refused to send a transfer to the Japanese account; I used U...

Full article: http://www.forbes.com/sites/kashmirhill/2013/05/15/the-fe...

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