BLOCKED: FaceCash founder Aaron Greenspan says California officials strongly discouraged him from pursuing a money transmitter license. ''I was literally told, ‘You will go to federal prison if you don’t shut down,''' he says.

How California Law Put a Hot Payments Innovator on Ice

Would-be payments disruptor Aaron Greenspan says a California money transmission law forced him to choose between killing his startup and going to prison. Other financial services startups may face similar choices.

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