Category Archives: News
Bitcoin Exchange Mt. Gox Reaches Across the Table at G8 Summit
“Come and Join Us!” says Mt. Gox
As the 2013 G8 summit kicked off last week, global leaders were discussing broad economic issues.
The Mt. Gox team bought a full page ad for Bitcoin in the middle of the G8 Research Group’s official magazine with a link to a special landing page.
The full publication is available here (Mt. Gox is on page 8).
Mt. Gox commented on their goals of placing this ad:
We want to convey a bold message as global opinion on Bitcoin is very diverse. Especially for G8 members it’s important to highlight what’s really important for Bitcoin to change the world. Bitcoin has the potential to bring together global citizens by enabling worldwide commerce with low costs and ease of entry for all social strata. Rather than dilute, Bitcoin enhances. Mt. Gox is looking forward to a positive outcome from the G8, and to being a part of the dialogue going forward.
States Targeting Bitcoin Companies for Money Laundering (Video)
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
Top Bitcoin News: CA v Foundation, Mt. Gox Halts Withdrawals, and More
Bitcoin News
A roundup of the top Bitcoin news from June 17 to June 23.
Tuesday, June 18
Saturday, June 22
Sunday, June 23
California Sends Cease and Desist Letter to Bitcoin Foundation
California Goes After Bitcoin Foundation with Cease and Desist Letter
The State of California has concerns about Bitcoin.
The California Department of Financial Institutions has sent a cease and desist letter to the Bitcoin Foundation for engaging in the “business of money transmission without having obtained the license or proper authorization required by the California Financial Code.”
The penalties are severe, according to Forbes who first broke this story:
If found to be in violation of California Financial Code, penalties can be severe ranging from $1,000 to $2,500 per violation per day plus criminal prosecution which could result in fines and/or imprisonment. Additionally, it is a felony violation of federal law to engage in the business of money transmission without the appropriate state license or failure to register with the U.S. Treasury Department. Convictions under the federal statute are punishable by up to 5 years in prison and a $250,000 fine.
Below is a copy of the actual cease and desist letter. The Bitcoin Foundation has 20 days to respond in writing.
Via Forbes.
Mt. Gox Halts US Dollar Withdrawals at Bitcoin Exchange
Mt. Gox Halts Withdrawals
Bitcoin exchange Mt. Gox has announced a temporary hiatus on U.S. Dollar withdrawals.
In a statement by the Tokyo-based company, the following explanation was given:
Over the past weeks Mt. Gox has experienced rising volumes of deposits and withdrawals from established and upcoming markets interested in Bitcoin. This increased volume has made it difficult for our bank to process the transactions smoothly and within a timely manner, which has created unnecessary delays for our global customers. This is especially so for those in the United States who are requesting wire transfer withdrawals from their accounts. We are currently making improvements to process withdrawals of United States Dollar (USD) denominations, and as a result are temporarily suspending cash withdrawals of USD for the next two weeks. Please be reassured that USD deposits and transfers to Mt. Gox will remain unaffected, as will deposits and withdrawals in other currencies, and we will be resuming USD withdrawals once the process is completed. We apologize for any inconvenience this causes our U.S. customers in the meantime, and look forward to resuming withdrawal service as well as debuting a dramatically improved trading engine which will be launching very soon.
Regards
Mt.Gox Co. Ltd Team.
