Quote from: Matthew N. Wright on March 02, 2012, 05:15:34 PM

Quote from: CoinExchanger on March 02, 2012, 05:10:29 PM

We will keep the fees until all deposits and withdrawals are cleared and processed. Shakaru, what are you talking about? Please point to the agency that regulates bitcoin. Otherwise, you do not know what you are talking about. Is bitcoin a currency? Is it money? What is it??

Visit, www.coinexchanger.com

Bitcoin is a stored value. Your ignorance is not an excuse to breaking the law.

Specifically:

While FinCEN was already developing regulatory proposals in this area, the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 required the issuance of regulations in final form implementing the BSA, regarding the sale, issuance, redemption, or international transport of stored value, including stored value cards. FinCEN defined prepaid access and included new regulatory requirements in July 2011, expanding beyond the previous framework for certain products known as "stored value."

Also:

\12\ The Final Rule defines ``prepaid access'' as access to
funds or the value of funds that have been paid in advance and can
be retrieved or transferred at some point in the future through an
electronic device or vehicle, such as a card, code, electronic
serial number, mobile identification number, or personal
identification number. 31 CFR 1010.100(ww). The Final Rule replaces
the term ``stored value'' with ``prepaid access.''

Further:

Leo, as Matthew said, ignorance of the law does not keep it from applying to you. You are making a huge mistake in believing that the lack of definition for what Bitcoin is protects you. In fact, Bitcoin as a stored value is very well defined under finCEN. Now, being that you are a fixed exchange, you may believe that you're free from MSB guidelines as well, but since you hold customer funds in a wallet, and allow for anonymous transactions of stored value (specifically, electronic serial number), you are in violation of multiple federal laws.

I find it hard to believe that nobody's reported you to finCEN yet. In fact, I'm certain that they have. However, upon inspection I'm sure that any investigation would conclude that you have no customers, and that you aren't worth their trouble right now. If that changes in the future, for instance if you were to receive a large deposit of 20k + 12k, (strangely close to the amount stolen yesterday, and currently part of a Federal Investigation initiated by Linode), no doubt you'd be a prime target for investigation and seizure.

Leo, if you're telling the truth about the 20k and 12k coins, you're going to find yourself at a massive loss since you will not be able to sell those coins on any exchange. If you have in fact paid out any amount of LR for the coins you say you've received, you've very likely fucked yourself very VERY badly.

-Jonathan