“A new Canadian exchange launched this week, offering cheaper rates than the incumbent, and touting an advanced API. [..] The firm sent in two requests to FINTRAC, the financial services regulator in Canada, asking for a money services business (MSB) license, but the regulator’s current position is that no such license is currently needed for bitcoin. The company was refused, says Curry. However, this puts exchanges in a precarious position, because while the regulator may not have concerns, some banks do. Royal Bank of Canada closed Virtex’s account early this year because it didn’t have a license, and Curry had the same problem.”
http://www.coindesk.com/vault-satoshi-expands-canadian-bitcoin-exchange-market/
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