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Video instructions and help with filling out and completing Fincen registration

Instructions and Help about Fincen registration

Hello my name is josue Khan I am a banking in a payment consultant I received many phone calls over the day I get emails etc on people trying to understand how to maneuver this complex landscape known as you know the u.s. money transmission laws and money services business licensing etc etc one thing I see again and again is people think that if they just go to FinCEN and register over there the FinCEN registration is granting them a license no Vincent registration is a not a license there is no federal money transmitter licensing authority to grant you a license FinCEN is a department under the Department of Treasury it is meant for reporting purposes if you are going to be someone at some point in time is going to be a money services business then FinCEN registration I see the word you use the word registration is then necessary it is used for reporting it is not a grant of a license I hope I was able to clear that if you have any questions or comments there is a forum in the description below write to me I'll be happy to answer till next time you.


What is CoinX? How is it different from other players in the space?
CoinX (Money Transmitter Licenses - Bitcoin Exchange |) Is a fintech startup based out of Atlanta, GA. They are no different from any other Bitcoin exchange when it comes to the pure exchange portion of it. Where we do enjoy an advantage at present, is that we are licensed in 40+ US States as a Money Transmitter for our Bitcoin Exchange. This puts us squarely at the time of this writing, the only Legal and Licensed Bitcoin Exchange operating in the US.There is a lot of talk by other exchanges that they are regulated or compliant, so I would like to address that.If you ask someone a question, is the banking industry regulated, the answer is obviously Yes. If someone opens a bank, and says "we are regulated" what exactly are they saying?What they are saying is, we (the banking industry) are regulated. In no particular manner are they implying that they have a license. Sort of fooling you with English and legal speak. Most of the Exchange who claim they are regulated, have only a FinCEN registration. That everyone can get, by merely filling in a form. Even you can get it. What is needed however, are the US Money Transmitter Licenses from the department of financial services/institutions (or equivalent) from every exchange. That is the differentiator. FinCEN's recent ruling says, if you pick up clients in the US, whether your exchange is in the US or not, you need to have Money Transmitter Licenses. (Another FinCEN ruling has classified Exchanges, Brokers and Payment Processors) in the Bitcoin space as MSB, so they now need to get licensed.Between legal and illegal, we are the only legal bitcoin exchange at the time of this answer in the US.
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