We are glad to announce the official launch of the operation in the USA. Now, our US customers from certain states are able to deposit and withdraw fiat money.
CEX.IO has obtained an MSB (Money Services Business) status in FinCEN, a bureau of the U.S. Department of the Treasury. As a registered MSB, CEX.IO has proved that the company complies with the Bank Secrecy Act requirements applicable to financial institutions as well as to each of the specific requirements applicable to MSBs.
Starting from January 2015, CEX.IO has been especially focusing on thorough investigations in the Bitcoin regulation issue. As USA is a federal government, this question has both federal and state perspectives. We have made numerous requests to respective authorities of states, in order to get up-to-date information about local Bitcoin regulation.
Meanwhile, the CEX.IO platform has been under development and optimisation to make it fully compliant with standards of working with US customers. Thus, additional fields in the identity verification form have been added to the website, to obtain information about each user’s state residence.
Now, we have enabled fiat money deposits and withdrawals for US customers from those states that either do not require additional Money Transmitter License from Bitcoin companies, or those who are only in process of developing Bitcoin regulation policies. Currently, CEX.IO is not able to work with users from the following states:
Alabama, Alaska, Arizona, Arkansas, Colorado, Florida, Georgia, Guam, Idaho, Iowa, Kansas, Louisiana, Maryland, Michigan, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Oregon, Tennessee, Texas, U.S. Virgin Islands, Vermont, Virginia, Washington.
Still, to extend operation geography within the USA, CEX.IO has started a procedure of obtaining MTL in the above mentioned states. Herewith, CEX.IO works individually with each US customer through identity verification checked by our compliance department, considering updates of the applicable legislation of each state.