Crypto Dispensers has been ordered to cease operations in Georgia for conducting virtual currency remittance business without a license

The Georgia Department of Banking and Finance recently announced that the virtual currency platform Crypto Dispensers, operated by Virtual Assets LLC, has been issued a cease and desist order by the department, which has become effective, for operating an online virtual currency trading platform in Georgia and engaging in the transmission of funds or "monetary value" (including virtual currency) without obtaining a local Money Transmitter license or applicable exemption.

According to Georgia law O.C.G.A. § 7-1-681 and § 7-1-681(b), any entity transmitting funds or virtual currency within the United States or to foreign countries must obtain a license or meet exemption conditions in advance; otherwise, it is considered illegal.