Bitcoin Foundation Gets Cease-And-Desist Letter From California

The Bitcoin Foundation has received a cease-and-desist letter from the California Department of Financial Institutions, Forbes contributor Jon Matonis reports. Matonis’ bio says he himself is on the board of the Bitcoin foundation.

The agency charges the Foundation with allegedly “engaging in the business of money transmission without a licence or proper authorization.” You can read the full letter here.

It’s an odd development, since the Foundation doesn’t actually perform any wire transfers, but rather serves as a kind of custodian of or advocate for the Bitcoin universe.

It’s also registered in Washington DC and has a mailing address in Seattle, Matonis says.

Matonis himself serves on the board of the Foundation and says it remains unclear whether other Bitcoin-related firms have received similar letters.

The Department is closed Sundays.

Click here to read Matonis’ story >

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