The state issued a cease-and-desist order against Polar Tensor US for unlicensed money transmission involving virtual currency.
What changed
The firm was prohibited from further money transmission activities until licensed.
Compliance perspective
Entities engaging in money transmission should verify their licensing to avoid enforcement actions.
Need help keeping up with these changes?
Tell us where you operate and what licenses you hold; we'll handle the filings and renewals so changes like this do not catch you off guard.