Quote from: tvbcof on April 28, 2013, 04:50:05 PM

Quote from: franky1 on April 28, 2013, 12:30:07 PM

Quote from: tvbcof on April 28, 2013, 03:07:14 AM

Quote from: franky1 on April 28, 2013, 01:44:23 AM

banks are not pulling the rugs from under exchanges.
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I thought it cost like $1M for each state to get a money service business license, and that is just in the US. Right? Wrong? You at least pretend to know something about it.
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if you cant afford to get the licences/insurance (FDIC) then maybe your not the right person to be looking after peoples investments

I don't have much interest in looking after other people's 'investments'. OTOH, it seems like there are probably a fair number of talented people who could make a positive contribution to certain usability issues, but having them locked out by a banking/regulatory cartel because they don't have $50M excess funds kicking around is wrong. It detracts from my ability to select value-adds for my investment by quashing them before they start.

It is also the case that I pay a fair amount of taxes without pitching to much of a bitch about it. In addition to roads, I also want reasonable access to the legal system I pay for. By locking out or forcing Bitcoin related businesses underground it becomes more cumbersome for me to leverage my legal system when I need to. A side effect is that it opens up a huge market for criminal users who know that they have nothing to fear from law enforcement.

no one is locking out bitcoin businesses!!!!!

in the UK it does not require holding $50M, this is the problem with people making exchanges. they simply dont know the regulations or requirements because they are too lazy to read them.

if your transacting less then £3mill a month then you only need to be FSA authorised... Over £3mill a month then you need to be FSA Accredited.
read the regs involved which mainly concern having code/policies inplace to recognise repeat customers to know how much they transact in FIAT to warn/avoid them going over limits. and require ID if they wish to continue over the limits. validate this information, either using 3rd parties services (credit agencies etc) or by requesting government supplied identification.
store the information as the regulations require of you and have policies to act/react to certain situations.

if these past exchanges actually read the regulations and requirements they would see they are not being locked out at all, its not that hard to follow the regulations. and if they want to say they are secure and knowledgeable and experienced to look after millions of pounds of money. to actually prove it by following the regulations

the problem is that they dont bother, and then a small problem rears its head such as a scammer talking to their bank asking for a chargeback. which snowballs into bank investigations which lead to finding out an exchange has not even bothered to follow the guidelines. which manifests into the banks making a SARS report, which results in the exchange being shutdown.

simple solution. read the rules, follow them and you wont get shutdown.

it facepalms me to see all of these so called trusted exchanges cant even follow simple regulations. the banks /regulators are not out to get bitcoins. they are out to protect peoples FIAT.