The Bitcoin Foundation, a group dedicated to standardizing, protecting and promoting the alternative currency, said it received a cease-and-desist letter from the state of California’s Department of Financial Institutions on Sunday, VentureBeat reports.
The more than 100-year-old government body, which oversees operations at state-licensed financial institutions, alleged that the Bitcoin Foundation has been engaging in the business of money transmission without a proper license.
Penalties for the infraction could reach as high as $2,500 per day. Members of the bitcoin community said the charges are false, as the group does not perform any financial transactions.
For more on this story, read the full report here.
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