Money Transmitters

Prime Trust Consensus Booth (Prime Trust)
Crypto Custodian Prime Trust to Cease Operations in Texas at End of January
The firm withdrew its Texas Money Transmitter License application but says it intends to reapply "swiftly."
Prime Trust Consensus Booth (Prime Trust)

(Sean Gallup/Getty Images)
Let's Stop Regulating Crypto Exchanges Like Western Union
It's time for U.S. crypto exchanges to face the same rules as non-crypto marketplaces and brokers, says our columnist.
(Sean Gallup/Getty Images)

Markets Daily Podcast Cover
Crypto Update | Federal Preemption of State Money-Transmitter Licensing Would Be Great Policy
With bitcoin bouncing back Friday after Thursday's hotter-than-expected U.S. inflation data, plus a look at how a competent federal regulator could actually help crypto compan...
Markets Daily Podcast Cover

Shutterstock
DOJ Charges Crypto Seller With Operating Unlicensed Money Transmitting Business
Michael Yusko III allegedly used bank accounts held in the name of several companies to sell cryptocurrencies for profit.
Shutterstock

IRS
New Jersey Man Admits to Running Unlicensed Bitcoin Exchange
The erstwhile operator of “Destination Bitcoin” could face up to five years in federal prison and a $250,000 fine.
IRS

hawaii
Hawaii to Let More Crypto Companies Join Regulatory Sandbox
Hawaii's Digital Currency Innovation Lab is accepting a second round of applications through Feb. 26.
hawaii

Rhode Island State House
Rhode Island Will Regulate Crypto Under Money Transmitter Laws
The latest in a patchwork of state regulations, Rhode Island pens formal legislation regarding cryptocurrencies and money transmission.
Rhode Island State House

Image: Shutterstock
FinCEN Says Some Dapps Are Subject to US Money Transmitter Rules
Decentralized applications (dapps) may sometimes qualify as money transmitters under U.S. law, FinCEN said.
Image: Shutterstock

Utah State Capitol
Utah Bill Would Exempt Blockchain Firms from Money Transmitter Act
A senator from the U.S. state of Utah has introduced a bill to exempt blockchain firms from being classed as money transmitters.
Utah State Capitol

Pennsylvania State Capitol
Pennsylvania Clarifies That Crypto Exchanges Are Not Money Transmitters
Pennsylvania's government has clarified that crypto exchanges and providers do not require a money transmission license to operate.
Pennsylvania State Capitol