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Bitcoin Crime Government The Almighty Buck

California Sends a Cease and Desist Order To the Bitcoin Foundation 396

Posted by samzenpus
from the pay-up dept.
An anonymous reader writes in with bad news for the Bitcoin Foundation. "California's Department of Financial Institutions has issued a cease and desist letter to the Bitcoin Foundation for "allegedly engaging in the business of money transmission without a license or proper authorization," according to Forbes. The news comes after Bitcoin held its "Future of Payments" conference in San Jose last month. If found in violation, penalties range from $1,000 to $2,500 per violation per day plus criminal prosecution (which could lead to more fines and possibly imprisonment). Under federal law, it's also a felony "to engage in the business of money transmission without the appropriate state license or failure to register with the US Treasury Department," according to Forbes. Penalties under that law could be up to five years in prison and a $250,000 fine."
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California Sends a Cease and Desist Order To the Bitcoin Foundation

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Real programmers don't bring brown-bag lunches. If the vending machine doesn't sell it, they don't eat it. Vending machines don't sell quiche.

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