Currency X-Change or a Money Service Business (MSB)

by **GirlBye** Tue Oct 30, 2018 3:53 pm

This is not a promotion to buy Dinar, this is merely interesting information (to me) I am passing along to anyone who ever wondered about how currency exchanges are certified. I wondered so I looked it up.

Do you, or did you purchase your foreign currency from Currency X-Change or a Money Service Business (MSB)?

I read an article that was so interesting:
There are some more nasty wrinkles to what's behind the dinar curtain. It's illegal for U.S. dealers to market investments without securities licenses, although currency operators can often get around this by signing a form with the U.S. Treasury Department calling them "money service businesses" and marketing the currency as if it was a collectible. This is far from a rigorous securities brokerage license; it's little more than a piece of paper.
There's also no active market for dinars, nor does it trade on a highly regulated exchange such as the one operated by the CME Group. So while you can probably buy plenty of dinars, you'd have a difficult time selling them. And to make money, you'd have to exceed the steep commissions charged by the operators.

https://www.forbes.com/sites/johnwasik/2012/01/19/the-curse-of-saddam-iraqi-dinar-deals/#4a83e63944ce

This is whats Currency Exchange International (CXI) states
USACXI, the operating business in the USA, has an experienced compliance team led by Catherine Shepardson (CAMS) who ensures all employees and directors of CXI are routinely trained and tested on the latest enhanced compliance concepts. As part of its compliance practices, both internal and external sources are regularly reviewed to achieve CXI's compliance program’s "best in class" standard.

In the United States, CXI is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Service Business (MSB), as well as with the State of Florida as a licensed Money Transmitter covering all activities in regards to checks and foreign exchange. Similarly, CXI operates in many other states across the U.S. that regulates the business such as California, New York, and Virginia. CXI holds all appropriate state licenses in which it operates.

https://www.ceifx.com/compliance

If you wish to see what your currency exchange is registered under here is a search you can use.

MSB Registrant Search
https://www.fincen.gov/msb-registrant-search

Let me reiterate I am not promoting or advocating the buying of Dinar. I just thought it was interesting information to pass on. Wink