THELOGICALINDIAN - Hong Kongbased bitcoin barter Bitfinex has chock-full application Washington Accompaniment barter reportedly due to the accompaniment acute a money transmitter license
Also read: Coinbase Exits as Hawaii Requires Bitcoin Companies to Hold Fiat Reserves
Exiting Washington State, Will Not Obtain License
Bitfinex has afresh adapted its terms of service which now includes the afterward clause:
While the barter did not column any notices on its blog, website or amusing media accounts, a reddit user posted a message allegedly accustomed from Bitfinex administration to his or 
her account.
The bulletin reveals that the barter has been in discussions with assembly of the Washington Accompaniment Department of Financial Institutions (DFI) for several months apropos its business and casework it provides to Washington customers. The agenda reads: “DFI assembly booty the appearance that we may not action our belvedere casework to Washington accompaniment association after accepting a accompaniment money transmitter authorization in their state”. It added states that:
According to Bitfinex’s agreement of service, the alone added U.S. states the barter is not accomplishing business with is New York which it pulled out of aback in August 2015 due to the abominable Bitlicense.
Washington State Money Transmitter License
According to the DFI website, digital currency is “a average of barter not accustomed or adopted by a government”. In Washington, it is included in the analogue of “Money Transmission” in the state’s Uniform Money Services Act (UMSA), affiliate 19.230 RCW.
However, not all bitcoin exchanges or account providers charge to access a money transmitter license. According to the DFI:
In accession to alone accompaniment licenses, money manual businesses are appropriate to be accountant on the federal akin as money casework businesses (MSB), with the Financial 
Crimes Enforcement Network (FinCEN) which regulates agenda currency. Bitfinex is registered as an MSB with FinCEN beneath its acknowledged name FGXNA Inc.
The aggregation is, however, not accountant with the U.S. Article Futures Trading Commission (CFTC). Last June, the Commission ordered the barter to pay a $75,000 civilian penalty for alms retail article affairs after registering as a Futures Commission Merchant as appropriate by the Article Barter Act.
This is the additional time this anniversary that a accompaniment acute money transmitter authorization has apprenticed abroad a bitcoin exchange. On Monday, Coinbase, which is already licensed in Washington State, announced that it has pulled out of Hawaii, citation a austere money transmitter authorization rule.
Do you anticipate added bitcoin exchanges will be abrogation U.S. states this year due to money transmitter authorization requirements?
Images address of Shutterstock, FinCEN, and Bitfinex
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