CoinPayments: We Will Continue Operations After March 31 Sale
Coinpayments.net, an online Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term provider for Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, has announced that they are being forced to shut down due to FinCen. They then sold themselves to Cycloid, "a trusted member of the Bitcoin community":
"Update: CoinPayments.net has been sold to a trusted member of the Bitcoin community, Cycloid. His team will be running the site by March 31st and CoinPayments will continue operations without any interruption."
One of their claims to fame was their support of Nxt payments, becoming the first payment processor to accomplish this feat for a coin of non-Bitcoin derived codebase.
Their original impassioned announcement appears as follows under the help section:
"It is with a heavy heart that we have to announce the closure of CoinPayments.net. FinCEN has ruled that Bitcoin is in their purview which would make us a money transmitter. We simply do not have the resources to register with FinCEN and most of the 50 states as a MSB and comply with all of the AML/KYC laws (and no realistic way to raise the funds to do so.)"
New user registrations will not be accepted effective immediately. New transactions will be processed until March 24, and the site will shut down on March 31 as it moves to new ownership.
FinCen (Financial Crimes Enforcement Network) is a bureau of the U.S. Treasury that tracks and analyzes transactions for money laundering and criminal activity.
Other better-capitalized businesses have been able to pull off registration with all 50 states. The most prominent is San Francisco-based Coinbase. The following is a view on their status from FinCen's website:
Coinpayments.net, an online Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term provider for Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, has announced that they are being forced to shut down due to FinCen. They then sold themselves to Cycloid, "a trusted member of the Bitcoin community":
"Update: CoinPayments.net has been sold to a trusted member of the Bitcoin community, Cycloid. His team will be running the site by March 31st and CoinPayments will continue operations without any interruption."
One of their claims to fame was their support of Nxt payments, becoming the first payment processor to accomplish this feat for a coin of non-Bitcoin derived codebase.
Their original impassioned announcement appears as follows under the help section:
"It is with a heavy heart that we have to announce the closure of CoinPayments.net. FinCEN has ruled that Bitcoin is in their purview which would make us a money transmitter. We simply do not have the resources to register with FinCEN and most of the 50 states as a MSB and comply with all of the AML/KYC laws (and no realistic way to raise the funds to do so.)"
New user registrations will not be accepted effective immediately. New transactions will be processed until March 24, and the site will shut down on March 31 as it moves to new ownership.
FinCen (Financial Crimes Enforcement Network) is a bureau of the U.S. Treasury that tracks and analyzes transactions for money laundering and criminal activity.
Other better-capitalized businesses have been able to pull off registration with all 50 states. The most prominent is San Francisco-based Coinbase. The following is a view on their status from FinCen's website: