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Licenses Money Transmission Act

McGlinchey Stafford

Pennsylvania Quietly Reinterprets Current Law to Regulate Virtual Currency as “Money” Under the Money Transmitter Act

McGlinchey Stafford on

In February 2019, the Pennsylvania Department of Banking and Securities (DoBS) issued public guidance on the applicability of the Money Transmitter Act (MTA) to virtual currency exchanges by means of a link entitled “Money...more

Shipkevich PLLC

Michigan Suspends FTX Lend Money Transmitter License and Orders FTX US License as Expired

Shipkevich PLLC on

On January 10, 2023 by the Michigan Department of Insurance and Financial Services (DIFS), issued an order regarding two companies, West Realm Shires Services, Inc. dba FTX US (“FTX US”) and FTX Lend Inc. Both companies are...more

Ballard Spahr LLP

D.C. Department of Insurance, Securities and Banking issues bulletin on money transmission

Ballard Spahr LLP on

On August 8, 2022, the District of Columbia Department of Insurance, Securities and Banking (the Department”) issued a Bulletin on money transmission (the “Bulletin”). The Department issued the Bulletin to ensure that...more

Allen Matkins

Petition Questions Lack Of MTA Regulations

Allen Matkins on

Soon, the Office of Administrative Law will decide whether it will determine the merits of a petition for review of underground regulations allegedly being enforced by the Department of Business Oversight (fka Department of...more

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