16 May '13, 10am

Biggest Bitcoin exchange violated US financial regulations, CEO faces fine or jail

Biggest Bitcoin exchange violated US financial regulations, CEO faces fine or jail

The agency froze the Dwolla (a US-based online payments system) account of Mutum Sigillium (aka Mt. Gox) on the grounds that it had lied in an official form. When asked if his company "[accepts] funds from customers and send[s] the funds based on customers' instructions," Mt. Gox CEO Mark Karpeles answered "no." When asked if Mt. Gox "deal[s] in or exchange[s] currency" for its customers," Karpeles again answered "no." In both cases, it seems likely — and ICE asserts — that these answers were incorrect. Mt. Gox is the world's largest Bitcoin exchange, and facilitates a large number of transfers of the virtual currency.

Full article: http://www.theverge.com/2013/5/16/4336170/mt-gox-dwolla-a...

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