Political donations and compliance

Ben's Avatar


03 Mar, 2018 05:02 PM

I’m a candidate for state office in California and I would like to use your service to process donations.
However I must comply with state law which requires me to report and verify identity and source of funds.
Also I would like to accept the other major currencies as well as bitcoin. I appreciate your help. Time is of the essence.

  1. Support Staff 1 Posted by julien on 05 Mar, 2018 06:16 PM

    julien's Avatar

    Hi Ben,

    Our service has been used for political donations and you will need to provide the same compliance documents that we require of all our merchants.

    We offer payment processing for BTC, LTC, DASH, and BCH currently. Do you currently have a website setup to receive donations?

  2. 2 Posted by bennybartlett on 05 Mar, 2018 07:47 PM

    bennybartlett's Avatar

    Thank you for getting back to us.
    Our page is BenBartlettCA.com

    Sent from my iPhone

  3. Support Staff 3 Posted by julien on 05 Mar, 2018 11:03 PM

    julien's Avatar

    Great! You can signup at gocoin.com if you have not already, and begin working on adding your information there.

  4. 4 Posted by bennybartlett on 06 Mar, 2018 02:36 AM

    bennybartlett's Avatar

    Can we speak?
    California requires us to prove the identity and source of funds.
    Can you help with this?
    Or can we create an overlay function to meet these requirements?

    Sent from my iPhone

  5. Support Staff 5 Posted by julien on 06 Mar, 2018 10:47 PM

    julien's Avatar

    You would need to provide proof of identity to those donating Crypto or the identity of GoCoin?

  6. 6 Posted by Ben Bartlett on 06 Mar, 2018 11:06 PM

    Ben Bartlett's Avatar

    For reporting purposes, we are required to provide proof of identity and
    source of funds for the state election commission.

  7. 7 Posted by Grant Martin on 06 Mar, 2018 11:42 PM

    Grant Martin's Avatar

    Hi Julien,

    I work with Ben on his campaign. We must be able to prove the identity of
    the person donating Crypto. Thanks.

    Grant Martin
    (415) 794-5700

    <[email blocked]>

  8. Support Staff 8 Posted by julien on 07 Mar, 2018 12:03 AM

    julien's Avatar

    Hi Grant,

    Ok, understood. GoCoin currently does not have an infrastructure in place to accomplish this as none of our other merchants operate in that way.

    Would you need documentation on those donating e.g drivers license, proof of address or would a form filled out with their info suffice?

  9. 9 Posted by Grant Martin on 07 Mar, 2018 12:07 AM

    Grant Martin's Avatar

    We only need to report the info they fill out on a form:

    Legal name
    Street address (PO boxes not allowed)
    City, State Zip
    Name of Employer

    But, if there were an audit, the government agency tracking this would need
    some way to verify. So for example, a credit card merchant can show the
    money both going into our account, but also coming out of the donor's
    account. And in turn, the government could if necessary request the donor's
    bank records to show the funds were legitimate (that would be extremely
    rare, though).

    Grant Martin
    (415) 794-5700

    <[email blocked]>

  10. julien closed this discussion on 10 Mar, 2018 11:22 PM.

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