24 Jun '13, 1am

Bitcoin Foundation warned by California financial regulator

A foundation created last year to shepherd Bitcoin's software development has received a stern warning from a California financial regulator. The state's Department of Financial Institutions (DFI) warned the Bitcoin Foundation in a May 30 letter that it is a violation of state and federal law to be involved in money transmission without registering with the U.S. Treasury or California's Commissioner of Financial Institutions. DFI oversees banks, credit unions, money transmitters and issuers of payment instruments. The letter, signed by Senior Counsel Paul T. Crayton, does not accuse the Bitcoin Foundation of violating laws but says the regulator thinks it "may be engaged" in a money transmission business without a license. Entities lacking a license could be fined up to US$1,000 per violation or $1,000 per day under California law and face criminal prosecution, the letter ...

Full article: http://www.pcworld.com/article/2042785/bitcoin-foundation...

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Bitcoin Foundation comes under fire in California

Bitcoin Foundation comes under fire in California

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news.cnet.com 24 Jun '13, 1am

The Bitcoin Foundation, a nonprofit organization devoted to promoting best practices for the virtual currency, has been or...

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news.cnet.com 24 Jun '13, 12am

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Bitcoin Foundation ordered to cease operations in California

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