The suit, which revolves around chargebacks, underscores one of the challenges facing emerging payments companies: TradeHill claims Dwolla fraudulently advertised a no-chargeback policy. Dwolla, of Des Moines, is a person-to-person payments dwolla bitcoin exchange that lets consumers pay each other digitally with just an email account or through social networks. TradeHill, of San Francisco, is one of about a dozen exchanges that allow people to trade traditional government currencies for Bitcoin, a purely digital currency that does not depend on any central issuing authority.
As with cash, once a Bitcoin is spent, it's gone. Like the other Bitcoin exchanges, TradeHill depended on providers like Dwolla to act as funding conduits from consumer bank accounts. Dwolla bitcoin exchange providers include Liberty Reserve and Paxum. Dwolla bitcoin exchange complaint accuses Dwolla of racketeering and bank and wire fraud. When TradeHill shut down in mid-February, it cited compliance burdens and the need to pursue proper licensing. At the time, Kenna wrote on the TradeHill blog that it was closing " due to increasing regulation " and to pursue proper money transmission licensing.
That blog post said the company would focus on a new site called Bitcoin. When asked about the discrepancy between that explanation and the claims in the suit, Pierre G. Basmaji, TradeHill's attorney, said: Basmaji confirmed the amount of damages dwolla bitcoin exchange sought but would not discuss the suit further. It was filed in U. District Court for the Northern District of California. In response, Lampe wrote in a Feb. We are extremely focused on our financial institution products right now.
TradeHill also alleges that Dwolla's actions hurt its reputation dwolla bitcoin exchange scuttled its plan for Bitcoin. On Tuesday afternoon, that domain appeared to be disabled. The blog BetaBeat reported the suit earlier Tuesday. Article Underwriting self-employed borrowers Freddie Mac helps lenders to better serve this expanding market segment. Partner Insights Sponsor Content From: Comment Start the Conversation, Login. Like what you see? Make sure you're getting it all Independent and authoritative analysis and perspective dwolla bitcoin exchange the banking industry.
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