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How is it that Poloniex can be a registered money service business and know not require any information from users?

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cryptoMatic

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From the terms of their site:

BSA / FinCEN

Poloniex is registered with FinCEN as an MSB (Money Services Business), registration number 31000055869515. Poloniex may be required to file details of account activity to this organization from time to time.

I've never had them ask for information even when withdrawing from my account. The only thing they required was an email address. They are also based in Whitefish, MT, USA so it just seems a little strange to me.

Posted on February 27, 2015 at 1:50 PM

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• pooktwo

  

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  Location: Indianapolis

  @cryptomatic From the terms of their site:

  BSA / FinCEN

  Poloniex is registered with FinCEN as an MSB (Money Services Business), registration number 31000055869515. Poloniex may be required to file details of account activity to this organization from time to time.

  I've never had them ask for information even when withdrawing from my account. The only thing they required was an email address. They are also based in Whitefish, MT, USA so it just seems a little strange to me.

  It might have something to do with the fact that they are not dealing with any USD directly, but rather tokens that represent USD (XUSD).

  But I looked it up on FinCen and they are there, here is the search area http://www.fincen.gov/financial_institutions/msb/msbstateselector.html and just put in their MSB number 31000055869515 and you will see them

  Posted on February 27, 2015 at 2:39 PM
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• cryptoMatic

  

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  @pooktwo

  @cryptomatic From the terms of their site:

  BSA / FinCEN

  Poloniex is registered with FinCEN as an MSB (Money Services Business), registration number 31000055869515. Poloniex may be required to file details of account activity to this organization from time to time.

  I've never had them ask for information even when withdrawing from my account. The only thing they required was an email address. They are also based in Whitefish, MT, USA so it just seems a little strange to me.

  It might have something to do with the fact that they are not dealing with any USD directly, but rather tokens that represent USD (XUSD).

  But I looked it up on FinCen and they are there, here is the search area http://www.fincen.gov/financial_institutions/msb/msbstateselector.html and just put in their MSB number 31000055869515 and you will see them

  Yup, they're listed as having activities of 'money transmitter' and 'other'. I wonder if things are going to change in terms of information they require from users when the bitlicense is finalized since NY is included as one of the states they do business in.

  Posted on February 27, 2015 at 3:02 PM
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• pooktwo

  

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  Location: Indianapolis

  @cryptomatic

  @pooktwo

  @cryptomatic From the terms of their site:

  BSA / FinCEN

  Poloniex is registered with FinCEN as an MSB (Money Services Business), registration number 31000055869515. Poloniex may be required to file details of account activity to this organization from time to time.

  I've never had them ask for information even when withdrawing from my account. The only thing they required was an email address. They are also based in Whitefish, MT, USA so it just seems a little strange to me.

  It might have something to do with the fact that they are not dealing with any USD directly, but rather tokens that represent USD (XUSD).

  But I looked it up on FinCen and they are there, here is the search area http://www.fincen.gov/financial_institutions/msb/msbstateselector.html and just put in their MSB number 31000055869515 and you will see them

  Yup, they're listed as having activities of 'money transmitter' and 'other'. I wonder if things are going to change in terms of information they require from users when the bitlicense is finalized since NY is included as one of the states they do business in.

  Its still a grey area everyone is trying to figure out both on the crypto side and the government side

  Posted on February 27, 2015 at 3:10 PM
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• Bernhard

  

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  do not trust those small exchanges (IN GENERAL). you can use it but dont let your money or coins parking there. change it quick and send it back to your wallet

  Posted on February 28, 2015 at 3:49 AM
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• Tintin

  

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  @bernhard

  change it quick

  That is what most people do, but this is not possible if you are trading. Let's say you want to place a limit order, or maybe you are day-trading. In that case you have to have your coins there.

  Posted on February 28, 2015 at 4:41 AM
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• Bernhard

  

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  @tintin

  @bernhard

  change it quick

  That is what most people do, but this is not possible if you are trading. Let's say you want to place a limit order, or maybe you are day-trading. In that case you have to have your coins there.

  so dont trade on this kind of exchanges !!

  there are many others

  Posted on February 28, 2015 at 5:34 AM
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• franckuestein

  

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  @bernhard do not trust those small exchanges (IN GENERAL). you can use it but dont let your money or coins parking there. change it quick and send it back to your wallet

  Small exchanges? ¬¬

  Posted on February 28, 2015 at 6:27 AM
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• pooktwo

  

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  Location: Indianapolis

  @bernhard

  @tintin

  @bernhard

  change it quick

  That is what most people do, but this is not possible if you are trading. Let's say you want to place a limit order, or maybe you are day-trading. In that case you have to have your coins there.

  so dont trade on this kind of exchanges !!

  there are many others

  Poloniex is far from small. Day trading is a dangerous game, everyone knows the risks and you gotta just be ok with that. Thats one reason I stay away from day trading. Early on I lost money in a site i cant even remember the name to, but they were the first site you could mine directly to and it was also an exchange.

  I lost a good number of BTC there and was turned off by the whole day trading thing after that.

  Posted on February 28, 2015 at 8:38 AM
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