According to Mars Finance, the Georgia Bureau of Banking and Financial Services (OCGA) recently announced that Crypto Dispensers, a virtual currency platform owned by Virtual Assets LLC, has been subject to a cease and desist order for operating an online virtual currency trading platform and engaging in the transfer of funds or "monetary value" (including virtual currencies) in Georgia without obtaining a local Money Transmitter license or applicable exemption. Under Georgia law OCGA § 7-1-681 and § 7-1-681(b), any entity transferring funds or virtual currencies within the United States or abroad must obtain a license or meet an exemption requirement beforehand; otherwise, it is illegal.
Crypto Dispensers has been ordered to cease operations by the state of Georgia for operating a virtual currency remittance business without a license.
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