A little more state-specific financial regulatory hot water for Square, the hot mobile commerce startup: it has been fined $507,000 by Florida’s Office of Financial Regulation for operating a payment service without a money transmission license. This looks like the second time that a U.S. state financial regulator has gone after the company, after Square was served with a cease and desist order in Illinois in March 2013, also for failing to obtain a license before opening up for operations.
According to the Florida payment order (embedded below), the $507,000 fine covers over two years of operation, from February 2010 to November 2012. “Specifically, the Office finds that Applicant’s existing payment processing services (including Square Register) and stored value/prepaid access card services required a license under Florida law,” the order reads.
Dated July 23 and first noticed by the South Florida Business Journal, the order also notes…
View original post 326 more words