Exchanges Aren't Money Trasmitters, - Pennsylvania

Pennsylvania ruled that crypto exchanges do not fall subject to the Money Transmitter Act
24 January 2019   238

Cryptocurrency companies that provide money transfer services in Pennsylvania do not need a license to provide this service. This is stated in the new guide of the local Department of banking and securities.

Thus, only fiat currency, or currency issued by the United States government, is “money” in Pennsylvania. Virtual currency, including Bitcoin, is not considered “money” under the MTA. To date, no jurisdiction in the United States has designated virtual currency as legal tender.
 

Money Transmitter Act Guidance for Virtual Currency Businesses

In favor of such a decision, the fact that cryptobirds "never directly work" with Fiat and carry out transactions through bank accounts, said the Department added.

The rules also apply to owners of cryptocurrency terminals.

In both the one-way and two-way Kiosk systems, there is no transfer of money to any third party. The user of the Kiosk merely exchanges fiat currency for virtual currency and vice versa, and there is no money transmission. Thus, the entities operating the Kiosks would not be money transmitters under the MTA.
 

Money Transmitter Act Guidance for Virtual Currency Businesses

According to a December study, 15% of people send remittances from the US to cryptocurrency.

Poloniex to Suspend Operations for Few Hours

Representatives of the exchange say users' funds will be completely safe during maintenance
21 February 2019   86

The cryptocurrency exchange Poloniex has announced maintenance, which will begin on February 22 at 22 UTC. The trading platform will be unavailable for several hours.

Representatives of the exchange claim that the users' funds will be completely safe. Technical work associated with the modernization and transition "to the best data centers, which will increase the reliability of the platform and increase uptime."

Also in Poloniex noted that the trade orders of users will not be canceled.

Recall, recently Poloniex has added to the listing of privacy-oriented cryptocurrency Grin.