BitInstant - Definition from the Hotspot Shield Encyclopedia

BitInstant is an exchange service created in New York that aims to provide a means of paying traditional funds (cash) into Bitcoin exchanges.

The website was founded in 2011 and provided more than 700,000 stores to buy Bitcoins from include Walmart and Walgreens. The business saw steady growth from its inception and also received large amounts of investment from the Winklevosses business to further its growth. During 2013, the business withheld some of its service and stopped transactions in some US states which gained much criticism. In 2014, the CEO of BitInstant was arrested and charged with money laundering and selling Bitcoins to the Silk Road black market website. Since the arrest in January 2014, the website has been blank and services are unavailable.

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