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Vermont's only bitcoin ATM operators, PYC and Blu-Bin, have been sent a letter by the Department of Financial Regulation that they may face penalty for operating the machine without a money transmitter license.
The agency said that the operators were "knowingly engaging in a money service business without a license, and as such, could face up to three years in prison."
However, PYC CEO Emilio Pagan-Yourno said that both PYC and Blu-Bin have already spoken to the agency nearly two-weeks ago and that he is confident that his company does not need any additional licensing in the state and that neither of the firms will pay any penalty.
