We are happy to introduce the official launch of our compliance API! Initially released in 2015, it allows state and federally regulated businesses to access customer data in order to remain compliant and fulfill their policy obligations.
An Evolving Landscape
After gaining early traction, the concept of Bitcoin was initially met with skepticism by regulators worldwide, especially those in the United States. However, guidance has since been provided by many financial departments, with FinCEN in particular and a number of states in the USA releasing information about what activities in the cryptocurrency world fall under the category of money transmission / money services business according to their laws. In order to remain compliant under these laws, it is usually required that MSBs or Money Transmitters collect customer data for reporting purposes.
FinCEN & MSBs
MSB is an acronym standing for “Money Services Business.” To see if your trading activity falls under the category of Money Services Businesses, we would recommend contacting an attorney with the appropriate background needed to evaluate your trading activities and determine how they apply to state and federal laws.
Due to overbearing regulations that have been implemented, BitQuick does not service customers that are residents of North Carolina or New York (welcome back New Hampshire residents!). Please stay tuned for updates, as these restrictions can be subject to change. If you have consulted with legal counsel and they determined that you need to register to be a federal MSB, you can register via the FinCEN website. State laws are not always as clear-cut, and often require a more thorough evaluation and application process.
With BitQuick, Compliance Is A Breeze.
In order to simplify compliance, we released our API to allow applicable users to collect the data that they need to remain compliant. This API is industry-exclusive, and allows us to continue offering the easiest marketplace option for trading Bitcoin; one that allows you to trade in a peer-to-peer fashion without having to get into contact with the buyer or seller. BitQuick acts as a trusted escrow provider and intermediary, and has you covered! Accessing relevant data has never been easier; you can simply log into your compliance panel and you will be provided with the data.
To sign up for our compliance program, you can visit our sell page and select the compliance option before creating your order:
After signing up, you will need to provide additional information about your FinCEN registration number and policy information before being approved.
BitQuick understands the need for regulatory requirements to ensure that nefarious actors don’t run awry in this new and growing industry, and welcomes common-sense measures in order to segue Bitcoin and cryptocurrency into the mainstream realm of acceptance.