Georgia State-Chartered Banks and Credit Unions Closure Procedures
In light of recent inquiries related to COVID-19, the Department would like to remind all Georgia State-Chartered Banks and Credit Unions of emergency closing notification procedures. Georgia Banks and Credit Unions Closure Procedures
Department of Banking and Finance Orders CampBX, Bitcoin Trading Platform, to Cease and Desist
Atlanta, Georgia — On July 25, 2018, an Order to Cease and Desist against Bulbul Investments LLC dba CampBX Trading Platform issued by the Georgia Department of Banking and Finance (“Department”) became final.
The Order to Cease and Desist was issued by the Department after it obtained evidence that the company engaged in money transmission and sale of payment instruments without a license or under an applicable exemption in violation of O.C.G.A. § 7-1-681.
Georgia law prohibits any person from transmitting money or monetary value, including virtual currency, within the United States or to locations abroad by any and all means without a money transmitter license or pursuant to an exemption from licensure under O.C.G.A. § 7-1-682.
It is also prohibited for any person to create, issue, or sell payment instruments that are redeemable in cash or monetary value, including virtual currency, without a seller of payment instruments license or pursuant to an exemption from licensure under O.C.G.A. § 7-1-682.
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
The Department is the state agency that regulates and examines Georgia state-chartered banks, state-chartered credit unions, and state-chartered trust companies. The Department also has responsibility for the supervision, regulation, and examination of Merchant Acquirer Limited Purpose Banks (MALPBs) chartered in Georgia. In addition, the Department has regulatory and/or licensing authority over mortgage brokers, lenders and processors, mortgage loan originators, check cashers, sellers of payment instruments, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia.