Advertisement

Square Receives Cease and Desist Order in Illinois 

March 3, 2013

Mobile card-acceptance pioneer Square has been sent packing—perhaps temporarily—by the state of Illinois. Late last week, it was revealed that the San Francisco-based startup received a cease-and-desist order from the Illinois Department of Financial and Professional Regulation claiming it was in violation of the state’s Transmitters of Money Act.

According to the order, Square never has been licensed as a money transmitter in the state of Illinois and could be fined $1,000 per violation and $1,000 per day that the company is in violation of the act.

While it is not clear whether Square qualifies as a money transmitter—despite Illinois’ stance—the company does appear in the directory of California money transmitters, which indicates the mobile payments company sought and received a money transmitter license in the Golden State.

Square said in a statement that it has been working with the state on the issue “for several months and [is] addressing their concerns.”


  • Paytm Nets $300 Million in New Funding - Aug. 30, 2016
    Paytm Nets $300 Million in New Funding

    Paytm, a mobile/online payments provider and e-commerce company based in India, is in the final stages of raising $300 million in new funding from Taiwanese chip maker MediaTek and investment companies Goldman Sachs and Temasek.


Advertisement


  • Alibaba Working on VR Payment - Aug. 11, 2016
    Alibaba Working on VR Payment

    Alibaba debuted a virtual-reality mobile shopping system at a recent trade event that will enable consumers to shop, evaluate products and, eventually, pay in 3D on their mobile devices.

  • Worldpay Reports End to Disruption - July 26, 2016
    Worldpay Reports End to Disruption

    On Sunday, e-commerce processor and acquirer Worldpay, which had experienced issues with delayed settlements for several weeks on one of its gateways, announced transactions now are processing normally.

  • Samsung Pay Launches in Brazil - July 19, 2016
    Samsung Pay Launches in BrazilToday, Samsung launched its contactless mobile payment solution, Samsung Pay, in Brazil with some of the biggest issuers in the country including Banco do Brasil, Brasil Pré-Pagos, Caixa, Porto Seguro, and Santander.

Advertisement

 

 

Sign Up Today Free

Receive the twice weekly CNP Report and monthly feature articles providing in-depth examinations of global CNP issues.

Please take a moment and register.
* First Name:

* Last Name:

* Password:

* Confirm Pwd:

* Email:

Category:

Company:

 
Captcha
Answer:

 

 

CNP Archive

Researching companies or people in the CNP industry? Search our past coverage for targeted news and information.

Search here