Without a license, the Bitcoin of America has been functioning in the States. They have put their actions on halt for now. Their license for crypto and Bitcoin expired long ago. They were functioning without proper authority. They were operating from Connecticut for Bitcoin ATM kiosks in the state. The customer brought this illegal activity to the public eye.
They have lost thousands of dollars. They were scammed and the responsible party was Kiosks. They need to shut down their operations in Connecticut immediately. Things need to come clean before anything begins.
Bitcoin Needs Protection From Scammer, Consumer Needs Protection From Third Parties
Kiosks trick customers to invest in them. Crypto kiosks were unlicensed organizations operating in Connecticut. The police are warning customers or any crypto users regarding this matter. These small firms are tempting. Jorge Perez, banking commissioner has issued a warning against Bitcoin of America.
They generally use a third party to transfer funds from the consumers. It is supposed to be working as a money transmitter. However, it didn’t work in any way but as a scamming machine. The state legislature is yet to issue more rules and regulations regarding Bitcoin usage. Bitcoin is worth hundreds to thousands of dollars. And the latest investigation shows they have scammed nearly $86,000 from consumers.
The state legislature is tightening consumer protection in significant places. Nevertheless, they are not going to let kiosks go easily. They have demanded proper licensing as the money transmitter. Until they bring back the proper license to work in Connecticut they won’t operate. The state police along with the Department of Banking have already issued alerts against BTC ATMs. The residents have warned continuously against unlicensed firms like kiosks. If it wasn’t for the customer no one would have known.