LR shutdown and owner arrested | Hacker News Reader

LR shutdown and owner arrested

ticotimes.net

7 pointsSomeoneWeird5 comments

  on charges of operating an illegal financial business

  sentenced to five years in prison for engaging in the business of transmitting 
  money without a license, a felony violation of state banking law

So is bitcoin illegal too? Is this worldwide? I can't transmit money to another person or between two people without some license? Where would I get one?

If you're an exchange, you need a license. If you're a consumer you don't. http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001....

So the United States can grab someone out of a foreign country and try them here?

Only if you're trading in the US without a license, but that all depends on extradition etc.

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