Bitcoin of America has agreed with the Connecticut Department of Banking to cease operations due to lack of licensing.ATM provider Bitcoin of America has agreed to cease operations due to a lack of licensing with the Connecticut Department of Banking.on 21 May, highlighting the failure of Bitcoin of America to secure the required license to operate Bitcoin ATM kiosks in the state.
Bitcoin of America, which allows users to send funds to third parties, must be licensed as a money transmitter. Legislation is being introduced in Connecticut’s state legislature to impose tighter rules and consumer protections, as well as to require the licensing of digital currency kiosks as money transmitters.
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