Published on August 17th, 2015 | by bitcoin0
Because of Lawman Johnny Lawsky, Bitcoin Firms Flee The Big Apple
Bitcoin companies had until last Friday to make an unenviable choice: Either spend about $55,000 applying for a BitLicense—and commit to shelling out for ongoing compliance fees—or get the hell out of New York State.
Many are getting the hell out of New York State.
It’s complex, expensive, and comes with a set of guidelines that make it nearly impossible for any startup to comply with.
While 22 companies submitted applications, 10 announced they were shutting off service for customers in New York State rather than apply for a BitLicense.
The BitLicense was established by New York State’s top financial regulator, Benjamin Lawsky, who announced he was stepping down immediately after the new permitting process took effect to become a private consultant.