Georgia Shuts Down Crypto Dispensers for Operating Without Required State License

TLDR:

• Georgia’s Department of Banking and Finance issued a final cease and desist order against Crypto Dispensers.
• Virtual Assets LLC violated state law by operating without a required money transmission license.
• The company had thirty days to prove compliance but failed to submit satisfactory documentation.
• Trading volume on Crypto Dispensers remains minimal with no presence on major tracking platforms.

Georgia’s Department of Banking and Finance has ordered Virtual Assets LLC, operating as Crypto Dispensers, to cease all operations immediately. 

The company failed to obtain proper authorization for money transmission activities involving virtual currencies. 

The final order, issued Friday, follows the broker’s inability to demonstrate compliance with state financial regulations governing digital asset custody and transfer services.

Regulatory Action Stems From Unauthorized Money Transmission

The cease and desist order became final on January 16, 2026, after Commissioner Oscar “Bo” Fears signed the official determination. 

Virtual Assets LLC violated Article 4 of Chapter 1 under Georgia’s Financial Institutions Code. The company conducted money transmission operations without securing the required state license.

State investigators determined that Crypto Dispensers breached section O.C.G.A. § 7-1-681(b) of Georgia’s financial code. 

This provision mandates licensing for businesses handling monetary value transfers, including Bitcoin and other digital assets. 

The company operated an online virtual currency trading platform accessible to Georgia residents without proper authorization.

Georgia law explicitly requires money transmitters to obtain licenses before facilitating any transfer of monetary value. 

The regulation applies to both domestic transfers within the United States and international transactions. 

Virtual currency transactions fall under this legal framework, subjecting cryptocurrency platforms to identical licensing requirements as traditional money service businesses.

Company Fails to Respond Within Legal Timeframe

The Department of Banking and Finance initiated proceedings on December 8, 2025, sending formal notice to the company’s Chicago address. 

Virtual Assets LLC received thirty days to submit documentation proving valid licensing or qualifying exemptions. The company did not provide satisfactory evidence within the stipulated period.

Deputy Commissioner Dominique Williams, overseeing non-depository financial institutions, executed the final publication against the exchange. 

The broker’s continued operation in Georgia now constitutes an ongoing violation subject to additional penalties. Enforcement measures may follow if the company attempts to maintain its presence in the state.

Despite the regulatory action, market data reveals minimal trading activity on the platform. Major cryptocurrency tracking services like CoinMarketCap and CoinGecko do not list Crypto Dispensers in their trading pair statistics. 

The company has not issued public statements through its blog or social media channels regarding the shutdown order.

The enforcement highlights Georgia’s commitment to maintaining oversight of cryptocurrency service providers. 

State authorities continue monitoring digital asset businesses to ensure compliance with existing money transmission regulations.

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