BitQuick and Local Bitcoins Terminate Service in NY due to BitLicense Compliance Costs

Bitcoin Magazine
BitQuick and Local Bitcoins Terminate Service in NY due to BitLicense Compliance Costs

The world’s largest peer-to-peer bitcoin marketplace Local Bitcoins and bitcoin marketplace BitQuick have terminated their services in New York due to the strict restrictions and fees demanded by New York’s BitLicense.

Local Bitcoins is a unique case; as every single seller on Local Bitcoins would be required to pay $5,000 to apply for BitLicense. The Local Bitcoins team wrote on their blog:

“From today onwards users from New York are no longer allowed to use LocalBitcoins because of the legislation known as the BitLicense (23 NYCRR 200) which makes it a federal offense to sell virtual currency to people living in New York unless you have applied for the license. This new regulation would require anyone selling Bitcoins through our service to acquire the BitLicense if they sell Bitcoins to residents of New York.”

New Yorkers who have depended on the services of Local Bitcoins would have to cross the river and sell or purchase bitcoin in New Jersey legally.


Boost VC-backed bitcoin trading platform BitQuick has restricted access to New York residents and decided to join Shapeshift and GoCoin’s campaign. The Please Protect Consumers campaign was first started by Shapeshift to educate the general population about the government’s deep involvement in Bitcoin, privacy and security.

“The fee and the compliance costs are just the start,” Jad Mubaslat CEO and founder of BitQuick told Bitcoin Magazine “No doubt those two things make it a deal killer for any small startup, but even putting that aside, this sets a dangerous precedent to other states. If every state did what New York did, it’d be $250,000 just to apply to do business in the United States. No American wants that.”

BitQuick said that the regulations and restrictions set for digital currency startups in New York is overbearing compared to the size of the Bitcoin industry. The worst part, BitQuick and Shapeshift say, is that the government is trying to get hold of sensitive customer data of all exchanges. Such storage of data leaves sensitive customer information vulnerable to data breaches and hacking attacks.

“Even multinational companies and trillion-dollar governments have been unable to build a track record of data security,” the Please Protect Consumers campaign states. “Consider that in America alone, identity theft resulting from these treasure troves of personal data caused over $24 billion in losses to consumers and businesses in 2012, compared with only $14 billion for all household burglary, vehicle and property theft combined.”

Once exchanges begin to store sensitive customer data for every transaction/trade, they’d have to build separate storages to keep such data for government agencies and law enforcements to retrieve.

CoinSetter Settles

While eight bitcoin startups have already left New York, one bitcoin exchange, CoinSetter, has decided to meet every requirement of BitLicense.

Almost every startup in New York has left or is planning to leave the state due to BitLicense. By submitting to BitLicense, CoinSetter hopes to remain as the only “legal” and “licensed” bitcoin exchange in New York to serve bitcoin users abandoned by their previous bitcoin exchanges/startups.

“While we serve a global user base of bitcoin traders, New York has long been Coinsetter’s home,” Coinsetter CEO Jaron Lukasiewicz said. “We are happy to announce that Coinsetter will continue to be headquartered in New York City, a global capital of banking and financial technology, and to serve customers throughout New York State.”

The post BitQuick and Local Bitcoins Terminate Service in NY due to BitLicense Compliance Costs appeared first on Bitcoin Magazine.

Bitcoin and Blockchain Leader HashingSpace Secures Accounting and Consulting Services from Urish Popeck

HashingSpace Corporation (OTCQB: HSHS) announced today that it has secured the services of Urish Popeck & Co., LLC. a PCAOB-registered regional public accounting firm. HashingSpace’s mission is to build out key infrastructure for the global adoption of Bitcoin and Blockchain services with hosted ASIC mining.

WENATCHEE, WA / August 11, 2015 / HashingSpace Corporation (OTCQB: HSHS), a Bitcoin ASIC mining and hosting company, announced today that the company has retained the services of Urish Popeck & Co., LLC, a full service certified public accounting and consulting firm.

Urish Popeck is registered with the Public Company Accounting Oversight Board (PCAOB). They have demonstrated excellence in providing services in the areas of assurance, tax and consulting to growing companies.

“I was pleased to have reached an agreement with Urish Popeck to provide their experience in accounting and consulting to our company” stated Timothy Roberts, CEO of HashingSpace Corporation. “Urish Popeck has a history of being a provider of quality advisory services to publicly traded companies. Our shareholders can feel confident knowing we have obtained a high caliber assurance, tax and advisory firm.”

“We are excited about the opportunity to work with a talented entrepreneur like Tim Roberts and an innovative and growth-oriented company like HashingSpace.” stated David Ritzert.

HashingSpace Corporation’s business will provide a wide range of services to include:

· HASHHOSTING          Servers fully managed and specifically set-up for ASIC MINING
· CLOUDHASH              Cloud mining servers that can be rented with full hashing power
· HASHMINING             Our own Mining Farm
· HASHATM                   Owner and operator of Bitcoin ATM machines
· HASHWALLET             Bitcoin consumer wallet for bitcoin banking and transactions
· HASHPOOL                 Public Stratum and P2Pool (Web/IOS/Droid)
· HASHTICKER               Free Ticker for tracking Bitcoin Value (Screen Saver/Web/IOS/Droid)
· HASHVAR                    A wholesaler of Bitcoin servers and Bitcoin ATM machines

All company information, including stock trading, filings, and market data related to the company, is reported under the ticker symbol, HSHS.

About HashingSpace Corporation

HashingSpace Corporation is a Bitcoin ASIC mining company, hosting provider, and service provider of blockchain transactional services. HashingSpace’s high density datacenters are designed to meet the demanding power and cooling needs of client hosted Bitcoin mining gear with unparalleled pricing, cooling and green energy. The Corporation is continuing to expand its datacenters to satisfy the shortage of low cost hosting facilities catering to the Bitcoin and blockchain mining and transactional verification services industry specifically.

HashingSpace Corporation manages HashWallet, a Bitcoin wallet; HashPool, a Bitcoin
mining pool; and HashATM, the owner and operator of Bitcoin ATM machines. The company is a wholesaler of Bitcoin mining servers and Bitcoin ATM machines. Bitcoin businesses interested in reselling HashingSpace products and services are invited to reach out to HashingSpace Corporation for more information.

HashingSpace Corporation is headquartered in Wenatchee, Washington. For more information,

Any unreleased services or features referenced in this or other press releases or public statements may not be currently available and may not be delivered on time or at all. Customers who purchase HashingSpace services should make their purchase decisions based upon features currently available. For more information please visit or call 1-855-HASHING (427-4464).

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company’s current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

HashingSpace Corporation
5042 Wilshire Blvd. #26900
Los Angeles, CA, 90036
855 – HASHING (427-4464)

Investor Relations:


This press release is for informational purposes only. The information does not constitute investment advice or an endorsement by Bitcoin Magazine or BTC Media, LLC. Bitcoin Magazine does not certify the accuracy of the above information provided by HashingSpace Corporation.

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