Vermont's First Bitcoin ATM Shut Down, Operators Face Fine of $85,000
Vermont's first Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that ATM has literally been unplugged after the state's Department of Financial Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( alleged that it was operated without appropriate money services licensing.
The ATM was located in Blu0Bin, a 3D printing startup in Burlington, and operated by PYC, which reportedly operates seven bitcoin ATMs in three states.
The story began back in November when a letter from the regulator, addressed to the proprietors of both businesses, warned that a license is required. Two follow-up letters made additional warnings, the latter stating:
"Among other penalties, operation of a Bitcoin ATM in Vermont without a license could result in a monetary penalty of $1,000 per day. Given your October 25 start date, you are already facing an administrative penalty over $75,000. Additionally, knowingly engaging in a money services business without a license carries potential criminal penalties of a $10,000.00 fine plus up to three years in prison."
In a recent discussion on the developments, PYC CEO Emilio Pagan-Yourno says he is compliant with FinCEN regulations for digital currency but did not obtain additional licensing apparently required by Vermont.
In a joint conference call with state regulators, Blu-Bin CEO Dan Riley and Pagan-Yourno say they tried to explain Bitcoin to the regulators. "They just basically went over what is Bitcoin, they didn’t really understand it. They don't really understand what I’m doing, to be honest," said Pagan-Yourno.
The said licensing costs $1,500; Pagan-Yourno says he has opted to leave the machine unplugged and has no plans on applying for a license which he believes is not required.
Vermont's first Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that ATM has literally been unplugged after the state's Department of Financial Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( alleged that it was operated without appropriate money services licensing.
The ATM was located in Blu0Bin, a 3D printing startup in Burlington, and operated by PYC, which reportedly operates seven bitcoin ATMs in three states.
The story began back in November when a letter from the regulator, addressed to the proprietors of both businesses, warned that a license is required. Two follow-up letters made additional warnings, the latter stating:
"Among other penalties, operation of a Bitcoin ATM in Vermont without a license could result in a monetary penalty of $1,000 per day. Given your October 25 start date, you are already facing an administrative penalty over $75,000. Additionally, knowingly engaging in a money services business without a license carries potential criminal penalties of a $10,000.00 fine plus up to three years in prison."
In a recent discussion on the developments, PYC CEO Emilio Pagan-Yourno says he is compliant with FinCEN regulations for digital currency but did not obtain additional licensing apparently required by Vermont.
In a joint conference call with state regulators, Blu-Bin CEO Dan Riley and Pagan-Yourno say they tried to explain Bitcoin to the regulators. "They just basically went over what is Bitcoin, they didn’t really understand it. They don't really understand what I’m doing, to be honest," said Pagan-Yourno.
The said licensing costs $1,500; Pagan-Yourno says he has opted to leave the machine unplugged and has no plans on applying for a license which he believes is not required.