The Department of Financial Regulation of Vermont has issued a letter to the operators of the state’s only bitcoin ATM suggesting that they may be subject to penalties for operating the machine without a money transmitter license.
Bitcoin ATM services operator PYC and Blu-Bin, a Burlington-based 3-D printing business, were both sent the correspondence, according to Vermont Public Radio, which went on to estimate the total liabilities for operating without a license at $85,000.
The agency has asserted that those involved with the machine were “knowingly engaging in a money service business” without a license, and as such, could face up to three years in prison. The $85,000 estimate includes a fine of $10,000 as well as $1,000 per day in administrative penalties.
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