Why is Facebook allowed to operate as a money transmitter in some states without a license?
Money Transmitter License
Asked by Question Bot09/Nov/20111 answer
1 Answer
F
Faisal Khan
Answered 09/Nov/2011
Question is, if Facebook Payments, Inc. is actually doing money transmission business? My understanding is the current Facebook Credits are being processed by a 3rd party financial institution (which are regulated and licensed). I do not have the name of the bank, but many speculate it is Bank of America.
I guess once Facebook Payments truly does go global with not only being able to buy goods/service but also being able to off-load your goods/services credits into real US Dollar, might be the point where Facebook would actually be required to have the licenses and they will probably get them.
I guess once Facebook Payments truly does go global with not only being able to buy goods/service but also being able to off-load your goods/services credits into real US Dollar, might be the point where Facebook would actually be required to have the licenses and they will probably get them.