Georgia Orders Crypto Dispensers to Cease Operations Due to Licensing Issues

The Georgia Department of Banking and Finance has issued a cease and desist order against Crypto Dispensers, a virtual currency platform operated by Virtual Assets LLC. According to PANews, the platform was found to be operating an online virtual currency exchange and engaging in money or 'monetary value' transmission, including virtual currency, without obtaining the necessary Money Transmitter license or applicable exemption in Georgia. Under Georgia law, specifically O.C.G.A. § 7-1-681 and § 7-1-681(b), any entity transmitting funds or virtual currency within the United States or internationally must first secure a license or meet exemption criteria. Failure to comply with these requirements is considered illegal.