CryptoCurrent shuts shop

John Oates
May 28, 2013 at 11:18 UTC
Updated Jul 5, 2013 at 12:55 UTC

Bitcoin seller CryptoCurrent has put its business on hold while it investigates the cost of getting properly licensed.

A one line statement on its website says:

“We feared this day might arrive, and it has; we are no longer selling bitcoins due to the cost-prohibitive nature of state licensure for a business of our kind.”

Meanwhile the company’s Twitter feed revealed last week that it was “putting CryptoCurrent business on hold indefinitely”.

CryptoCurrent offered anonymous Bitcoin transactions – users could send cash and receive bitcoins in exchange.

But it continues to work with its attorney to find a way to work legally. The feed noted that the Bitcoin conference made clear the need for a money transmitter license for each state – a process which is too expensive for a small business to manage.

The firm said on Twitter: “Well, it appears as though we will not be able to afford the exorbitant fees necessary to pursue the money transmitter licence”.

CryptoCurrent’s ups and downs have been tracked on a thread on the Bitcointalk forum here.

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