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Monero’s [XMR] Riccardo Spagni takes a shot at Craig Wright over the latter’s article on money transmitters




Monero's Riccardo Spagni takes a jab back at Craig S. Wright
Source: Unsplash

Craig S. Wright aka the self-proclaimed Satoshi Nakamoto, recently penned an article detailing how “Monero and other mixed coins are engaged in the activity of money transfers and money handling,” which according to him, would make them MSBs [Money Service Businesses] and hence, are obligated to follow the corresponding rules.

The article stated that “every node,” “software”, “wallet”, and “person” engaged in the “transfer of funds  –  any funds, including cryptocurrencies and Bitcoin, “was acting as a money transmitter”. Additionally, money transmitters and any subsystems are required to comply with the BSA [Bank Secrecy Act] law, a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering.

Further, the article added,

“They involve complying with the anti-money laundering (AML) program, maintaining records, and issuing against the reporting requirements as defined in their jurisdiction. Compliance would include filing SARs (Suspicious Activity Reports) and CTRs (currency transaction reports). Peer-to-peer exchange is covered under the anti-money laundering (AML) rules. Avoiding the requirements of the Bank Secrecy Act (BSA) in the US is not an option.”

Monero’s project lead and host of Magical Crypto Conference, Riccardo Spagni, took a quick jab directed at this article in his tweet,

“Parents: are you giving lunch money to your kids? According to Craig Wright you are a money transmitter and will go to prison! Welcome to law. Have a nice life.”

Peter McCormack, the host of “What Bitcoin Did,” who is currently fighting a lawsuit against Craig Wright and Calvin Ayre, stepped in and tweet,

However, such skepticism and even sarcasm wasn’t enough to shake the faith of BSV and Craig Wright proponents, with Calvin Ayre tweeting in support of the article and claiming that Craig Wright was laying out the law.

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