How can one become exchanger if lives in the USA?

ebestbiz · #1 06-24-2009, 04:10 AM

I wonder how someone can become legally an exchanger if living in the USA?
I'm thinking exchanger for all the e-currencies around here.

There are some legal steps to be taken, or maybe this is even not possible from America?

CashCambist · #2 06-25-2009, 03:04 PM

You will have to get a Money Service Business license, I believe. I don't think there's another way that is legal.

But, check with a competent lawyer if you are serious.

The USA is a hostile environment for business compared to many other countries.

ebestbiz · #3 06-30-2009, 01:28 AM

Nobody else has any idea?

tential · #4 06-30-2009, 06:15 AM

I highly doubt it's a good idea. You would need a team of people so large that you wouldn't make any profit. You would have to just say your business is based through somewhere else and register it somewhere else. I'm not sure how that works though.

You can't do this type of business in the US because the fees of hiring anyone far outway the benefits. Also you will eventually get sued for money laundering as there is no way you'll be able to keep up and do background checks on everyone. As cartels and drug lords use the service to clean their money the US govt will get into you and then shut you down and seize all of your assets anyway. The owner of E-Gold didn't purposely launder people's money and the same thing happened to him.

nanaimogold · #5 06-30-2009, 08:53 AM

Threads like this always make me laugh. ;-)

WillJ09 · #6 06-30-2009, 10:51 PM

I don't think it would be possible. At least not legally.

ExecutiveIncome2You · #7 08-11-2009, 08:26 PM

The United States has much stricter regulations than other countries regarding business, I would recommend against becoming an exchanger based in the states.

**BossOfHyips** · #8 08-12-2009, 07:06 AM

Quote:

Originally Posted by ebestbiz

I wonder how someone can become legally an exchanger if living in the USA?
I'm thinking exchanger for all the e-currencies around here.

There are some legal steps to be taken, or maybe this is even not possible from America?

Don't know much about there.
Here in India the way to proceed would be first starting as off line exchanger to increase the client base, have good name and trust.

Then when you have good demand, you can register a software company for $200 only and have $500 to the corporate current account for that. Most exchangers could give you a receipt as software for LR purchase and that you can use to wire funds or bring in the funds.

That's not what I am doing but I know at least 4 exchangers here doing the work in this fashion with no legal complications so far.

The more legitimate method would be to get a IBC license from offshore which could allow you to involve in fund transfer activities (for example GBL1 license from Mauritius with FSC regulation will cost you around $7000 in first year and $5000 yearly and would be sufficient). So your clients can wire the funds to your company's offshore account, register yourself as verified with all the payment processors you want to implement and you can proceed. A suggestion from my side is first have sufficient offline contacts so that you don't start everything from scratch.

Regards,
BossOfHyips

nanaimogold · #9 08-13-2009, 01:46 AM

Why ask permission to do what is lawful?

By doing so you grant authority to someone who will force you into a contract or even deny you the right to dispose of your own lawful property.

Growing up is knowing who you are.

**Spitfire** · #10 08-19-2009, 02:55 AM

In some US states like mine, you do not have to be a license money exchanger/transfer, but you can still get one. But, it is based by state by state laws that you need to get a license. That means you have to shell out a lot of money to close to 50 states, plus get approval FDC or something like that.