Elggawf,
I apologize if some of the answers came across as shady - that was never the intention.
Keep in mind that answers to seemingly simple questions come after long discussions with lawyers, scanning through policy fine print, and back and forth communications with government agencies like Department of Banking and Finance. These answers represent a competitive advantage for a business. I have to straddle a fine line between sharing and open-sourcing the business to competition.
If communication with government agencies like the Department of Banking and Finance has taken place, Camp BX/Bulbul Investments LLC would be in compliance with U.S. Code CHAPTER 18BANK SERVICE COMPANIES § 1861
(2) the term bank service company means:
(B) any limited liability company
(i) which is organized to perform services authorized by this chapter; and
(ii) all of the members of which are 1 or more insured depository institutions.
(4) the term depository institution means, except when such term appears in connection with the term insured depository institution, an insured bank, financial institution subject to examination by the Director of the Office of Thrift Supervision or the National Credit Union Administration Board, or a financial institution the accounts or deposits of which are insured or guaranteed under State law and are eligible to be insured by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, or the National Credit Union Administration Board;
These provisions essentially state that a limited liability company must be eligible to be insured by the FDIC to obtain insurance. As Bulbul Investments LLC is not registered at the "Department of Banking & Finance" in Georgia, it is inconceivable that Bulbul is eligible to participate in FDIC insurance, or in compliance with State of Georgia - Department of Banking and Finance regulations.
Grant asked on June 22, 2011, 05:17:30 pm in thread Camp BX Platform in Beta: Margin Trading, Short Selling, and Advanced Orders (
http://forum.bitcoin.org/index.php?topic=20777.0;all)
So, basically if i deposit upto $250,000 to your exchange and you become insolvent (for whatever reason that could be) i am guaranteed my deposit by your government ?
Can you point me to some documents that proof your registration ? (might be i overlooked it, but i looked through your site and couldn't find anything)
Whereas elggwf asked on June 23, 2011, 12:35:26 am in the same thread
What do you mean by you're "FDIC insured" - did you get the FDIC to insure all your USD holdings? What about the BTC holdings, will those be insured too?
and neither Grant nor elggwf received an answer; so I will make a very clear statement: the information on Camp BX website under "Is my money safe" is simply not true, which also applies to the information under Legal compliance:
The foundation of our operations is an active and prominent compliance program, and we are committed to maintaining full compliance with State of Georgia - Department of Banking and Finance regulations.
Camp BX might have an exchange that is far superior to Mtgox (of which I am not capable of making any judgement upon), but regarding providing accurate and relevant information in a timely manner, I fail to see any material difference.
