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spazzdla

legendary

Activity: 1722

Merit: 1000

Quote from: meono on July 22, 2015, 08:57:22 AM

Quote from: bornil267645 on July 22, 2015, 08:27:19 AM

Just when you think things are getting simpler, then all on a sudden incidents like this appear. these kind of incidents make a bad impression on the outside world and bitcoin community.

Thats exactly the reason of this shutting down. Dont believe BS the feds say about the charges. The point isnt about to charge the owners,

THis they are all just a bunch of pigs that have been told by there masters what to do.

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: NorrisK on July 22, 2015, 08:24:44 AM

So what happens to the customers balances? Will they be held by the feds until they figure out the money trails?

it well end the same as mtgox the whole amount will be auctioned, or otherwise if they can prove that those coins come from their wallet, they can consider something like 20%, like kraken did with mtgox?

meono

full member

Activity: 196

Merit: 100

Quote from: bornil267645 on July 22, 2015, 08:27:19 AM

Just when you think things are getting simpler, then all on a sudden incidents like this appear. these kind of incidents make a bad impression on the outside world and bitcoin community.

Thats exactly the reason of this shutting down. Dont believe BS the feds say about the charges. The point isnt about to charge the owners,

bornil267645

sr. member

Activity: 406

Merit: 250

AltoCenter.com

Just when you think things are getting simpler, then all on a sudden incidents like this appear. these kind of incidents make a bad impression on the outside world and bitcoin community.

NorrisK

legendary

Activity: 1946

Merit: 1007

So what happens to the customers balances? Will they be held by the feds until they figure out the money trails?

bitcart

member

Activity: 94

Merit: 10

www.bitcart.io

Quote from: Trouble821 on July 22, 2015, 07:44:15 AM

Quote from: bitcart on July 22, 2015, 06:49:10 AM

Once your account reaches a certain level of activity, Coinbase ask you a number of questions as to how you are funding your account to buy btc and what they are for. So this makes them compliant with AML.

Coinbase is unlikely to be shut down. It is refusing to do business with people in certain states because they are afraid of breaking their local regulations. It's extremely paranoid about who it does business with and people have had their accounts closed for buying from Coinbase and then selling on Local Bitcoins. It probably reports anything and everything just to comply with regulations.

Yeah I agree, Coinbase are overly cautious with their compliance of regulations.

Trouble821

full member

Activity: 176

Merit: 100

Quote from: bitcart on July 22, 2015, 06:49:10 AM

Once your account reaches a certain level of activity, Coinbase ask you a number of questions as to how you are funding your account to buy btc and what they are for. So this makes them compliant with AML.

Coinbase is unlikely to be shut down. It is refusing to do business with people in certain states because they are afraid of breaking their local regulations. It's extremely paranoid about who it does business with and people have had their accounts closed for buying from Coinbase and then selling on Local Bitcoins. It probably reports anything and everything just to comply with regulations.

medUSA

legendary

Activity: 952

Merit: 1005

--Signature Designs-- http://bit.ly/1Pjbx77

Quote from: ?? on ??

This might be the first time a Bitcoin trader was arrested without any obvious connections to crimes or drug money. The only crime in the 18 page legal document is a customer bought bitcoins for ransomware, which isn't a big deal. If someone used visa to pay ransomeware I'm sure the government wouldn't arrest the visa executives.

It's not the first time, not even close. A legendary member here was arrested for trading Bitcoin on LocalBitcoin (charges dropped).
https://bitcointalksearch.org/topic/burtw-arrested-update-charges-dropped-934268

I believe you are right, FEDs are clamping down hard on trading without license and KYC compliance. That is the reason I have high hopes for legit exchanges like Gemini. They are taking forever to come online, but I think a few of those around the world (in large cities with solid legal framework) would set a new scene for Bitcoin.

bitcart

member

Activity: 94

Merit: 10

www.bitcart.io

Once your account reaches a certain level of activity, Coinbase ask you a number of questions as to how you are funding your account to buy btc and what they are for. So this makes them compliant with AML.

bitcart

member

Activity: 94

Merit: 10

www.bitcart.io

Quote from: ?? on ??

Quote from: notlist3d on July 22, 2015, 05:05:37 AM

Quote from: turtlehurricane on July 21, 2015, 11:44:45 PM

This is kind've a big deal https://www.fbi.gov/newyork/press-releases/2015/manhattan-u.s.-attorney-announces-charges-against-two-florida-men-for-operating-an-underground-bitcoin-exchange

It's not really new though. If you operate an exchange in a state you don't have right paperwork for.... you are asking to be in trouble. It's considered money laundering.

I mean this happened before with another exchange look at Charile Shrim - http://www.coindesk.com/bitcoins-first-felon-charlie-shrem-begins-2-year-sentence/

This is not even close to the same situation. Charlie Shrem was directly connected to silk road drug money, also he wasn't a true exchange like coin.mx is.

Hopefully this doesn't happen to Coinbase...

Coinbase comply with regulations (maybe even more than they need to) so they won't get shut down.

TrueBeliever

member

Activity: 78

Merit: 11

Just more bad press for Bitcoin.

Epileptic_Neurosurgeon

newbie

Activity: 12

Merit: 0

Indeed, US is probably one of (or the) worst country to operate in without proper licenses. Lips sealed

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: turtlehurricane on July 21, 2015, 11:44:45 PM

This is kind've a big deal https://www.fbi.gov/newyork/press-releases/2015/manhattan-u.s.-attorney-announces-charges-against-two-florida-men-for-operating-an-underground-bitcoin-exchange

It's not really new though. If you operate an exchange in a state you don't have right paperwork for.... you are asking to be in trouble. It's considered money laundering.

I mean this happened before with another exchange look at Charile Shrim - http://www.coindesk.com/bitcoins-first-felon-charlie-shrem-begins-2-year-sentence/

Mickeyb

hero member

Activity: 798

Merit: 1000

Move On !!!!!!

This is a well predicted behavior of the US government in my opinion. In the US everything has to be regulated and whatever poses a danger to the current system will in my opinion be attacked and extinguished.

I hope they don't act the same on Bitcoin but this is more likely than the other, positive behavior.

RoadTrain

legendary

Activity: 1386

Merit: 1009

Quote from: turtlehurricane on July 21, 2015, 11:44:45 PM

This is kind've a big deal

Make me unsee it Cry

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: tokeweed on July 22, 2015, 12:15:26 AM

Are Bittrex, Cryptsy and Poloniex in danger of being shut down by the Feds?

not cryptsy, they said they have every regulation needed to operate legally, i don't know about bittrex, but i would assume that intelligent operators know that governments are watching them if they deal with fiat and would take precautions

tokeweed

legendary

Activity: 3976

Merit: 1421

Life, Love and Laughter...

Are Bittrex, Cryptsy and Poloniex in danger of being shut down by the Feds?

turtlehurricane

full member

Activity: 197

Merit: 100

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