Post
Topic
Board Currency exchange
Re: FastCash4Bitcoins Support Thread (Update: online)
by
TangibleCryptography
on 02/11/2012, 12:30:46 UTC
So do we have to create an account to sell bitcoins now?  

Yes.  Regrettable but we had people blatantly selling coins and directing the funds to other persons bank accounts.  We can't allow that kind of behavior as regardless of Bitcoin's classification that would make us a money transmitter.

Care to elaborate on why this is a bad thing?

See bolded portion.  Money Transmitters are highly regulated in the United States with compliance and regulatory costs running into the hundreds of thousands of dollars.  It is a felony to knowingly acting as an unlicensed money transmitter in most states.