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CryptoCurrent shuts shop
CryptoCurrent has put its business on hold while it investigates the cost of getting properly licensed.
Por John Oates
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:
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"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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