I received this email from an online HYIP blog. Why is it we are just hearing about this now? Is there no worries?

The US FinCEN law against e-currencies like Liberty Reserve and AlertPay
March 21st, 2012

Starting March 31st 2012, Liberty Reserve , AlertPay and other e-currencies will become illegal businesses for the United States government. I need you to read the following article, dig deeper and start the discussion concerning the eventual consequences for you and the online HYIP industry :

By the way, FinCEN is for Financial Crimes Enforcement Network. Here’s the direct link to page 9 : http://issuu.com/dgcmagazine/docs/digital-...mp;pageNumber=9

So what do you think? I’m actually searching in the finCEN website for the exact report referring to Liberty Reserve and AlertPay and March 31st , maybe you can help me find out ? It would be awesome ! http://www.fincen.gov/

Since the HYIP investment industry exists because you can easily buy e-currencies online, it will be interesting to see how this new legislation will affect the market. Especially since US citizens own more e-currencies than any other Nation in the world ; that is more AlertPay and more Liberty Reserve. I assume you already know that LR and AP take about 50% each of the transactions related to HYIPs. That’s probably tens of millions involved…

So what do you think about all this?

Did you find more information concerning this new legislation ? Will you continue to buy and sell unregistered digital currencies like AP and LR after March 31st?

I don't see the US stopping users from using the currencies. Perhaps the business's themselves can get in trouble, but not the users.

But if business use ecurrency and get in trouble as you said then
they will close the door and no users can have ecurrency to invest,
so how any people can keep on doing biz as before ??

I have emailed alert pay about this but no response. I wonder if and when we will get a response from those companies affected. Maybe they know something we do not.

This is a breaking news for all online programs and it's only a week
more it'll take effect and ecurrency processors will be illegal for US members
if this is true but only a few people know about it.
This news is hidden deep at pg 9 of some gov agency, how do these
people expect online public to find out about this in a week ?
We need to hear from these processors and big investors to
know this a hoax or not ?
It mentions LR and AP and other ecurrencies but give no name.
what about STP ..?
if STP still legal in US then we'll move fund over to STP.

This post has been edited by hbb: Mar 23 2012, 04:01 AM

The govt seems to hide things well. We just found out about an excise tax on arrows of .46cents each arrow. It has been in effect for 5 years, but this year the GVT has been placing $200,000 plus fines on businesses that did not know or pay the excise tax. form i720 excise tax. Our government seems to enjoy taking any iniative to make money.

you must receive a reply from AP by now.
would you tell people here what they said about
Fincen and AP by march 31 ?

and what US members using AP after 3-31 ?

Funny all I got was a standard reply that did not address the question. Here it is


Hello Mr.

Thank you for contacting AlertPay. My name is Jayapal and I am happy to assist you.

We understand that this is a frustrating time for many of our members and we sincerely apologize for any inconvenience you have been experiencing. With that said, we would like to assure you that AlertPay is not closing and that your funds are safe in your AlertPay account. As a third-party payment processor, we unfortunately must occasionally renegotiate our contracts with third parties, such as large banking organizations and credit card companies.

As soon as we have information that we are able to share with our members, we will do so. We would kindly ask for your patience during this time so that we can continue to do everything in our power to find a solution that meets the needs of our millions of members.

Thank you for choosing AlertPay! If you have any additional questions, don't forget to consult our FAQs at www.helpdesk.alertpay.com!

Jayapal
Customer Support Manager
514-748-5774
www.alertpay.com
"My Way to Pay"

this question should be asked over the phone and talk to
AP top manager to get it clear. a ticket question answered
by a staff who know nothing about the issue and that the reply
you got. millions people use AP and no one made the call ?

Has anybody heard anything more about this development? There was some chatter about it awhile back and then nothing!

AP is unregistered company ?...I thought AP is operating & Canada based company but I wonder, how come everyone in AP team got Indian(Asian) name..CEO Patel, support team Tarak,Jayapal,Aditya etc etc...I haven't seen any AP representative with English name yet...looks kinda strange.

Do you think Paypal playing any role in this to beat the competitor ?..lol

This post has been edited by jhakas22: Apr 27 2012, 04:58 PM

AP is a registered company in Canada. The same way that Liberty Reserve is registered in Costa Rica. But the fuss about FinCen regulations has nothing to do with that but more like about them needing to register as MSB with the treasury department and be subject to all pertinent US laws and regulations like the BSA...

If they and other these payment processors will comply to this in order for them to operate legally in the US and be able to transact business with all banking institutions in the US, I think they will end up following Paypal's footsteps and forget about all the ponzi MLMs and HYIPs we have here....

As for Paypal playing a role in this, I doubt it. I guess federal regulators just want to put everything under their control and scrutiny by making these foreign-based payment processors be subject to US laws and regulations...

This is a big problem for USA customers. I am from the USA, and I really would like to use LR and e-currencies.

You are first of all looking at a certain way of a particular blogger to present the content of his blog to the public. The publications format is that of the "extreme possible outcomes" for any given topic.
Secondly, the described there gov. initiatives are highly exaggerated as far as their immediate impact goes. No one is "arresting" anyone and especially, no one's accounts are going to blocked just out of the blue.

i discovered sensipay.com which accepts US citizens.