Vault of Satoshi Ceasing U.S. Operations Due to “Increasingly Hostile” Regulatory Environment

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By Super User March 6, 2014 17:13

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Vault of Satoshi Ceasing U.S. Operations Due to “Increasingly Hostile” Regulatory Environment

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Vault of Satoshi LogoBitcoin exchange Vault of Satoshi (VOS) today announced (via Facebook) the cessation of operations in the United States due to what is described as an “increasingly hostile” regulatory environment in the bitcoin realm.

“We’ve made repeated attempts to comply with FinCEN regulations, but their online form submission process will not allow us to post reports from our headquarters in Ontario, Canada,” the exchange wrote. “They refuse to accept printed paper reports, and their drop-downs don’t include Canadian options, making it impossible to the file the required documentation properly in order to comply. Despite repeated inquiries into how to properly file reports from Canada, we have yet to receive a satisfactory response.”

“They’ve literally made it impossible for us to run our business in compliance with their regulations.”

The exchange says the decision wasn’t made lightly, and they will be looking into recommencing operations in the States just as soon as regulatory positions in the states become clear:

“We’d like to get back into the US digital currency exchange market as soon as possible, but cannot do so until the regulatory situation is clarified and settles down.”

For current US-based users on the exchange, VOS says accounts will be demoted to coin-to-coin trading only. Any dollars being held in an account will be sent to the user via check.

“To all of the amazing American users who have helped us build Vault of Satoshi into what it is today: we value you tremendously and we hope that we have not lost your trust and support. We deeply regret that we can no longer service your cryptocurrency exchange needs, and we’ll do everything we can to re-gain your business and re-launch in your country in the near future, stronger than ever before,” the company wrote.

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A bitcoin enthusiast residing in Massachusetts, Eric got his news-writing start on his own technology blog from 2009-2011. He's also written for PetaPixel - a prominent photography blog. By day, he works in IT and has worked as a wire photographer for Retna.

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