Cryptsy’s response to Coin-fire’s accusations
T.k 5/3/2015 5:45Pm EST
On May first Coinfire published an article about Cryptsy”y compliance with state laws. http://coinfire.io/2015/05/01/cryptsy-lying-about-following-all-state-laws/
Here is Cryptsy’s response from owner Paul Vernon aka Big Vern.
In response to Coinfire.
I’d like to make a statement regarding coinfire’s article claiming we are lying about being fully licensed.First off, we’ve never made any claims about being fully licensed at the state level. I’m unsure where they received their information from, but like every other Bitcoin company in the US, we do not have state level MSB licenses. Are we working to acquire them? Yes, but the process can take years.
There is no company that is fully licensed at the state level in the US. None.
Coinfire claims to have tried contacting us, but I’m unsure the method they were attempting. I’ve not seen anything from them requesting information. Had they asked, we would have told them that we do not have state level licenses – just like anybody else who asks that question. They certainly would not have had to call state by state requesting information because we would have told them we do not carry state licenses.
We do, however, fully comply with our Federal MSB requirements. This includes filing SAR (Suspicous Activity Reports) and CTR (Currency Transaction Reports). We also have one of the most extensive KYC programs in the industry, scrub accounts against the OFAC list, and perform Transaction Monitoring. At a federal level, we are compliant.
Federal compliance is the only claim we have ever made and will make.
I invite the writer at coinfire to contact me so I can show him what we do have, and what we don’t. I’m sure we could chat for hours about the woes of a Bitcoin related company attempting to get licenses from all the states.
It seemed to be a good investigation, but it was based on a false premise.
Paul Vernon
“BigVern”
I have personally used Cryptsy for almost 2 years. I have had very few problems, but when I did they were handled/resolved quickly and in a professional matter. Cryptsy is an exchange I trust and feel comfortable using
Coinfire thank you for an informative article. Cryptsy thank you for clarifying the points made in the article
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