The Complicated Mess of New York's Bitlicense

So, New York brought in this Bitlicense back in 2015 to fight crypto scams, right? But honestly, the requirements are insane. It's like a casino asking for your life story after you hit a jackpot. A lot of exchanges and fintechs just bailed on the state, which sucks for residents. I mean, you can trade crypto everywhere else but here.

I feel you... I read the "NEW DEVELOPMENTS" section and I still can't find anything that makes life easier for Bitlicense holders. I remember someone here saying they spent more on compliance than the actual fee for the license! Makes you wonder what’s the point.

Seriously, it’s ridiculous. Periodic compliance fees just make it worse. Non-compliance fines lose their bite. Is there any group campaigning for this? Something has to change in the law.

Can we use a VPN to get around this for some exchanges? Or is there more strict regulation? Wouldn’t that just push for decentralization? Maybe just convert cash through big companies like Coinbase.

Using a VPN from NY to another state should work, but not to a different country. They mainly check if you’re using the account stateside. Your IP might get masked, but they can’t track your exact state from your ID.

I actually moved to New Jersey a while back, and things got way better for me since then.