Why is Facebook allowed to operate as a money transmitter in some states without a license?

Asked Nov 9, 2011· 1 answer ·United States Dollar
Faisal KhanAnswered Nov 9, 2011
Question is, if Facebook Payments, Inc. is actually doing money transmission business? My understanding is the current Facebook Credits are being processed by a 3rd party financial institution (which are regulated and licensed). I do not have the name of the bank, but many speculate it is Bank of America.

I guess once Facebook Payments truly does go global with not only being able to buy goods/service but also being able to off-load your goods/services credits into real US Dollar, might be the point where Facebook would actually be required to have the licenses and they will probably get them.
Money Transmitter Licenses (MTL)Money Services Business LicenseUS LicensingMoney Services Business (MSB) United States Dollar
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