Grapefruit Trading.; On August 14, 2018, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Grapefruit Trading. The petition seeks a declaratory statement from the Office on whether his ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Florida Office of Financial Regulation has received the petition for declaratory statement from Grapefruit Trading. The petition seeks the agency's opinion as to the applicability of Chapter 560, Florida Statutes, as it applies to the petitioner.

On August 14, 2018, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Grapefruit Trading. The petition seeks a declaratory statement from the Office on whether his proposed business model (to trade virtual currencies (bitcoin, ether, etc.) with individuals and corporations in the state of Florida and elsewhere. To conduct bilateral trades to buy or sell virtual currencies using US dollars or other virtual currencies. All trades would be directly between the counter-party and Grapefruit Trading. In order to settle our trades, Grapefruit Trading and the counter-party would need to wire money and/or send virtual currency to each other. Grapefruit Trading takes principal risk on all trades. Grapefruit Trading does not engage in any trades involving more than one counter-party. Grapefruit Trading does not broker trades involving outside parties. Any transmission of funds is solely between Grapefruit Trading and the counter-party in order to settle the trade. Proceeds from trades are placed into Grapefruit Trading’s capital pool for future trading) falls under the Florida Money Transmitter Statute, Chapter 560, Florida Statutes.

A copy of the Petition for Declaratory Statement may be obtained by contacting: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], [e-mail].

Please refer all comments to: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], [e-mail].