01 Jul '13, 8am

Bitcoin compliant: Mt. Gox registers as money service, seeks federal blessing to continue operations

Bitcoin compliant: Mt. Gox registers as money service, seeks federal blessing to continue operations

The last six weeks have been rough ones for Bitcoin exchange Mt. Gox. On May 15, federal agents seized its account with Wells Fargo. It cut relations with online payment processors like Dwolla and OKPay, which left expensive wire transfers as the only way to move USD funds into or out of the system. 11 days ago, Mt Gox announced that it would no longer process withdrawals in US dollars for the next two weeks. Then, on Saturday, news broke that Mt. Gox has registered as a money services business with the Treasury Department’s Financial Crimes Enforcement Network. The move requires that Mt. Gox follows stricter accounting laws, and log transactions of over $10,000, but it also brings the service into compliance with directives issued by FinCEN earlier this spring.

Full article: http://www.extremetech.com/computing/160043-bitcoin-compl...

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