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Questions tagged [money-service]

A money services business (MSB) is a legal term used by financial regulators to describe businesses that transmit or convert money.

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Can Merrill 401k Company Legally withhold my 401k from me when it's under $5k total balance? [closed]

I've recently undergone a horrible experience with mess of a failed construction project ending in an architect suing me for a large sum of money for prints that will always be unusable to me. This is ...
Mzm1731's user avatar
1 vote
1 answer

Does giving an IOU or store credit make one a money services business?

In this apparently excellent answer it is implied/stated that "closed loop gift cards", such as amazon gift cards are "stored value" such that issuers of more than $1,000 per ...
User65535's user avatar
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1 vote
1 answer

Is reselling prepaid gift cards for crypto MSB or not?

My question is regarding a business model where a website resells prepaid gift cards for example amazon, prepaid Visa gift, Mastercard, PSN etc. All cards are non-reloadable some of them are closed ...
user3509046's user avatar
2 votes
1 answer

Legal Considerations for Offering Rewards in Exchange for Tenant Selection in Germany [closed]

My company and I are located in Germany and we intend to distribute flyers on the street. In the flyers, we offer a reward to those who are willing to rent out their homes in exchange for us being ...
Marco Di Giacomo's user avatar
2 votes
1 answer

What are the legal requirements of running a giveaway competition where people play for free

What are the legal requirements of running a giveaway competition where people play for free but will win something? Also is a competition like a singing/ talent competition where there are judges (...
YulePale's user avatar
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2 votes
1 answer

What features are used to distingish between investing and running a money transmitting business?

This question about the risk of money laundering prosecution one could face using decentralized cryptocurrency exchanges is answered by "Generally, local laws will define concepts like "...
Sam's user avatar
  • 81
3 votes
1 answer

HOA shredded our Money Order. Is Money Order an Official Record? Are there other Records we can request?

Per our state's rule on HOAs: (4) OFFICIAL RECORDS.—The association shall maintain each of the following items, when applicable, which constitute the official records of the association: [...] (j) ...
LeanMan's user avatar
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In Canada, is there a requirement of when a Money Services Business (MSB) and their client entity must enter into a service agreement?

I hope the question in the title lends itself to an answer. In case more clarification is required, please do not hesitate to comment below. Some background: In Canada, an MSB is required to verify ...
jaspreet's user avatar
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1 answer

Is it legal to crowdfund the cash prize that would be payed to the winner of a 1-on-1 sporting event?

I am personally planning to build a donation-based crowdfunding sporting (like chess, shogi, go, etc.) website . I would like to know if it is legal to gather donation from the users then pay the ...
Marko_3rd's user avatar
3 votes
3 answers

Is it legal to trade bitcoin for cash in Virginia, USA?

I was wondering if trading bitcoin for cash (for example payments on Apple Cash, Venmo or Zelle) is legal in Virginia (USA) or not. I would like to know before I start selling some of my bitcoins.
solid's user avatar
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Online service disruptions. Can we claim our money back?

I'm a merchant selling software and providing subscriptions to some services. I use PayPal and other similar online services to receive payments. Very often the sandbox versions of these services are ...
Yevgeniy Afanasyev's user avatar
-4 votes
2 answers

Transferring Paypal money to sons friend

I said my son is in prison and his friend. My sons friend has a girlfriend that sends money alot to him and it has to be sent through an approved account so she sends it to me. And the friend has a ...
user avatar
1 vote
1 answer

Would a user expose themselves to legal jeopardy if they were paid to write a question or an answer for someone else?

Background After reading through several policies for Stack Exchange, I could not find anything that explicitly forbids or bans a user from writing a question or answer on behalf of someone else in ...
isakbob's user avatar
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-2 votes
1 answer

Would using a StableCoin bypass the "Money Transmitter" laws in the US?

I'm considering a startup that allows news/content creators to collect nano-payments (~$0.01) for their content. Since transactions of that size are unreasonable to charge individually by Stripe/etc, ...
Carson P's user avatar
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1 vote
1 answer

Would a bitcoin "cleaning" service be legal in New Zealand?

I'd like to create a piece of software or service which takes someone's Bitcoin, goes through a process of "cleaning" it (making it untraceable) and then returning it. Provided the purpose ...
user26532's user avatar
8 votes
1 answer

When does it become illegal to exchange bitcoin for cash?

I've read several "stings" and raids for running unlicensed money transfer businesses for people buying and selling bitcoin on localbitcoins. All of the articles are extremely vague and don't explain ...
user5389726598465's user avatar
1 vote
2 answers

Why is Silk Road criminal but not LocalBitcoins?

How are the founders safe from money laundering laws? LocalBitcoins says its purpose is to connect buyers and sellers. That legalese makes it escape criminal laws. What about Silk ...
user4234's user avatar
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0 votes
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Is it legal to charge a percentage service fee?

The example is ACME Company has a payment processing system that companies X, Y, and Z can use. It enables more features than just "payment" processing, and it enables more than just "credit card" ...
jumpcutking's user avatar
1 vote
1 answer

Is it legally acceptable to make a videogame adaptation of a gameshow?

Would it be allowed if I adpated the game shows ideas into a virtual based game and still use its original name. It is not a stand alone game its more of a single server however I could to set it up ...
user12949's user avatar
2 votes
0 answers

Do I need to register as a Money Service Business for a cryptocurrency trading platform?

According to the U.S. Department of Treasury FinCen: Money Service Business Definition. The term "money services business" includes; any person doing business, whether or not on a regular basis or ...
Digital fire's user avatar
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4 votes
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Bitcoin service regulations

Most governments don't consider Bitcoin to be currency, so it's somewhat of a legal gray zone regarding regulation. I know most exchanges must follow KYC/AML systems because they trade with fiat too, ...
thatguylowjwj's user avatar