The letter, sent to both Bitcoin ATM services operator PYC and Blu-Bin, a Burlington-based 3-D printing business, suggested that they may be subject to penalties for operating the machine without a money transmitter license.
The estimate of the total liabilities for operating without a license is of USD 85,000, including a fine of USD 10,000 as well as USD 1,000 per day in administrative penalties.
The letter alleges that to lawfully operate in the state, PYC requires a money transmission license, while Blu-Bin needs to be appointed as authorized delegates. The Blu-Bin Bitcoin ATM machine, however, is no longer active, while discussions with regulators are ongoing.
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