BitQuick Exchange – The Easiest Exchange To Trade Bitcoins
This post was originally published on this siteThis post was originally published on this siteOverview Legal Name BitQuick Exchange Headquarters Cincinnati, Ohio, United States. CEO Jad Mubaslat Year Founded 2013 Exchange Type Centralized Trading Fees Maker: 0.0%/ Taker: 2.0% Deposit Methods Cryptocurrency Supported Cryptos Bitcoin (BTC) Fiat US Dollars (USD) Customer Service Email Trading Options Spot Trading Those who want privacy or […]
Warning: Don't sell your Coinbase-purchased bitcoins through BitQuick
I've used Coinbase for more than a year to buy bitcoin and make purchases with the same. I recently checked out BitQuick and the possibility of selling coins there. Having previously read stories of Coinbase shutting down customer accounts that sold coins on LocalBitcoins, I wanted to know if Coinbase would have the same problem if I chose to sell through BitQuick. They would. I wrote their support about this and here I quote from the response of their compliance team:
Based on our understanding of the functionality of their service, this service matches perspective bitcoin buyers and sellers, similar to other websites such as “Localbitcoins.com”. If you are purchasing bitcoin on Coinbase, and re-selling it to other individuals through these types of services for USD, this would classify you as a money transmitter and require MSB licensing and AML/BSA policies in order to operate legally, per FinCEN-guidelines. Please see our “Prohibited Businesses” list, Item 1 (https://www.coinbase.com/legal/prohibited). An MSB license is not required to purchase bitcoin using these services. If you are not properly licensed, and do not have adequate AML/BSA policies in place at this time, we respectfully request that you do not re-sell bitcoin purchased on Coinbase, using services such as “Bitquick.co” or “Localbitcoins.com”. We appreciate your understanding with our User Agreement.
I followed up asking them about using Purse.IO. Here I quote from their response on that:
“Purse.io” functions as an “Amazon.com”-oriented marketplace, where bitcoin “sellers” are purchasing Amazon products, and bitcoin “buyers” are purchasing the Amazon orders on behalf of the “buyer”, in exchange for bitcoin. This is different than services such as “Bitquick.co” and “Localbitcoins.com”, as the buyers and sellers in these services are directly exchanging bitcoin for USD, and visa versa (the bitcoin sellers in this case would be classified as money transmitters, per FinCEN guidelines).
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