Quick Question For All Traders

Discussion in 'Trading' started by tminuspi, Apr 7, 2011.

  1. tminuspi


    If you have a business, and you're moving your own trading capital back and forth using a bank's wire transfer services, does this place all traders in the money services business (MSB), subject to state licensing regulations?

    Just checking.....
  2. Absolutely call the Treasury tomorrow and tell them you need to register. I know a guy who is doing 25 to life in a fed pen for not doing same.
  3. tminuspi


    Thanks for the reply.

    Obvious next question: is it costly to register with the U.S. Treasury? I'm in Ohio, and it's exorbitantly expensive to get an MSB license. How do the majority of traders obtain the necessary net worth (in Ohio's case, $500,000.00, surety bonds, etc.) before qualifying for such a license?