Regulatory Alerts2026-07-20
Added · Updated
Final Order on Petition for Declaratory Statement Re Richard Quattrucci
The Office of Financial Regulation grants Richard Quattrucci's petition, declaring that his proposed business model does not constitute operating as a money transmitter under Chapter 560, Florida Statutes. The decision applies to a Florida LLC that purchases virtual currency using its own capital and sells it as a principal on a platform utilizing third-party escrow, without holding or transmitting funds for third parties. This ruling exempts the petitioner from the licensure requirements mandated for money services businesses engaging in money transmission activities.
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