Here at Centra Tech, Inc., we strive to abide by state and federal statutes and regulations when it comes to providing our products and services to our customers. Centra Tech has retained Ballard and Spahr LLP to help navigate the legal complexities of the emerging cryptocurrency business from a federal and state level.
On a federal level, we are a registered with the Financial Crimes Enforcement Network (“FinCEN”) as a Money Service Business (Money transmitter) in all states and territories and accordingly, we follow their rules and regulations pursuant to the Bank Secrecy Act (“BSA”) regulations at 31 CFR 1022.380(a)-(f), administered by the FinCEN.
On a state level, Ballard and Spahr has advised Centra Tech on required states licenses. As this time Centra Tech is pleased to announce that customers in the following states are now available to use their Centra digital Wallet, once their identity verification has been successfully completed:
Arizona, California, Colorado, Delaware, Washington, D.C., Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Montana, Nevada, New Hampshire, New Jersey, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Utah, Virginia, West Virginia, Wisconsin.
Centra Tech is currently in the process of obtaining a Money Transmitter license to issue the digital Wallet in the below states. Until the proper state licenses are obtained, we cannot issue the access code to use the digital Wallet. We are working as quickly as we can to obtain these licenses.
Alabama, Arkansas, Connecticut, Iowa, Louisiana, Maryland, Mississippi, Missouri, Nebraska, New Mexico, New York, North Carolina, North Dakota, Ohio, South Carolina, South Dakota, Washington, Wyoming.
Unfortunately, the state of Alaska is not available to customers to use the Centra digital wallet or the future Prepaid Card, as a result of Alaska’s current laws and regulations.
Finally, we are implementing a Nice Actimize BSA/AML and OFAC software solution into the Centra application process. This process involves identity verification, which is currently being completed through a more manual and thus slower process, while our final solution is being built. We apologize for any delay but it is extremely important that FinCEN requirements regarding BSA are followed without any error. We fully expect this process to become quicker and more integrated in the near future.
Thank you,
Centra Tech Team
