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Most of the world would consider you a friend doing a friend a favor, the U. How can this be? An MSB includes any person doing business whether or not on a regular basis or as an organized business concern that operates as, among other things, a money transmitter.
A person or entity that acts as a money transmitter will be required to, among other things in addition to state money transmitter licensing requirements:. Recently, and on an increasing basis, both federal and state agencies are criminally charging individuals who operate illegal money transmission businesses by selling cryptocurrencies. In , a grand jury in Arizona indicted two men with operating an unlicensed money transmitting business over the course of four years.
There, the defendants conducted over transactions, indicating that they were engaged as a business in circulating virtual currencies. Similarly, in April , a New York man pled guilty after being charged with operating an illegal money transmission business, which ultimately conducted over transactions both locally and throughout the United States.
There is hope, however, for the friend being a friend. In a recent Florida case, a trial court dismissed charges against a man who was arrested and charged with operating an unlicensed money transmitting business. What does this mean to you? This may be a good qualification under applicable State law, but FinCEN seems to be taking the approach that any exchange for any reason is sufficient.
So, just stop it. The risk is too great. Direct those interested in buying cryptocurrencies to legitimate sites that are licensed as MSBs. This is a limited exemption and you should discuss with legal counsel if you have any questions. Michael Best has an integrated team that works with clients in the cryptocurrency, ICO, and blockchain space.
We assist in securities, investment, Bitcoin and other cryptocurrencies, intellectual property, privacy and security, blockchain implementation, and other matters in this space. You are commenting using your WordPress. You are commenting using your Twitter account. You are commenting using your Facebook account. Notify me of new comments via email. A person or entity that acts as a money transmitter will be required to, among other things in addition to state money transmitter licensing requirements: Leave a Reply Cancel reply Enter your comment here Fill in your details below or click an icon to log in: Email required Address never made public.
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