23 Jun '13, 8pm

California Accuses Bitcoin Foundation of Unlicensed Money Transmission #bitcoin

on Forbes.com by Bitcoin Foundation Board Member and Secretary Jon Matonis announced today that the Bitcoin Foundation had been the recipient of of a “cease and desist” letter from the State of California’s Department of Financial Instututions(DFI). The letter alleges that the “BitCoin Foundation” is operating as a money transmitting business without “proper authorization.” It proceeds to threaten “APPROPRIATE ACTION” if the Foundation fails to “CEASE AND DESIST FROM CONDUCTING THE BUSINESS OF MONEY TRANSMISSION” in the State of California, and requires a response in writing within 20 days. It isn’t clear as to whether the countdown started from the 30 May date, or from the letter was received(the letterhead shows “CERTIFIED MAIL, RETURN RECEIPT REQUESTED.”

Full article: http://bitcoinmagazine.com/california-accuses-bitcoin-fou...

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