States Targeting Bitcoin Companies for Money Laundering (Video)
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According to a Wall Street Journal report, state regulators have issued warnings to a handful of Bitcoin-related companies, alerting them that they may be running afoul of money-transmission laws.
As the video below explains, because you can be largely anonymous in these transactions, there is concern that virtual currency can be used for money laundering or other illegal activities.
One of the companies identified as having received a warning is BitInstant. We also reported last week that the State of California issued a cease and desist letter to the Bitcoin Foundation.
We’ll be following this story closely.
CC image by by zcopley
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