Topic: 4 Bitcoin Traders Arrested Due To Illegal Trading (Read 704 times)

That is very right, as the media can highlight the role of bitcoin in yet another illegal activity.
But the fact is, money laundering is out of control also when it comes to fiat.
The bad thing here in this news is, these people may really had scammed people via btc.
But if they are just maybe trading for personal reasons, they may not be captured by their authorities, even if we say, crypto is banned in Bangladesh.

The news comes from Bangladesh that 4 people were arrested by RAB-5 (Rapid Action Battalion) for the purpose of illegal bitcoin trading. The news I read is in Bengali, and if I translate the news, then according to the news sources, those 4 people who are placed in Narshingdi are arrested not only for using bitcoin, though bitcoin is illegal in Bangladesh, but they are also being arrested because they are doing some kind of money laundering. According to the news, they first use some illegal and banned dating websites, then from other countries' people take dollars, then they convert those dollars into cash through the p2p method. Finally, they convert that cash into bitcoin again through the p2p method. So Bitocin is illegal, which means they did not pay taxes because of the p2p method, and RAB suspects they are involved in money laundering. So that's the overall news.
 
Now my closing statement on this matter is that no doubt this arrest is a good job because these guys are scamming people and laundering money, but in this case, the news portal highlights bitcoin that it is illegally traded. What I do think is good. Because they choose illegal paths like dating websites and money laundering, but you can't use balmebitcoin for this. That's my opinion. What do you think about this news? Please share it with us. Thank you.
 
News source.

That is very right, as the media can highlight the role of bitcoin in yet another illegal activity.
But the fact is, money laundering is out of control also when it comes to fiat.
The bad thing here in this news is, these people may really had scammed people via btc.
But if they are just maybe trading for personal reasons, they may not be captured by their authorities, even if we say, crypto is banned in Bangladesh.

Things like this are difficult, because as you said, money laundering has existed for a long time, so things like this are ingrained not only in one region or country, maybe even in almost all countries like this.
Stopping this kind of thing is impossible especially when there are several high-profile and vested people involved. why things like this especially laundering through bitcoin are always the most highlighted, because this is a medium to bring in money because when money laundering is reported, it's actually quite different when there is "Crypto" or "bitcoin" in the news.

Money laundering was common even before bitcoin. Maybe it's easy to use crypto currencies. Money laundering and terror financing is unknowingly happening even though we have all these strict laws and punishments. Among countries without any proper coordination and acceptance of crypto-currencies, how can we expect their misuse will be stopped?

I think the media exaggerates the related side of Bitcoin for bad news headlines because India has banned Crypto activity, if we analyze all news content then the influence of crypto should not be related because it is the fault of the perpetrators to deceive others under the guise of illegal dating service sites and operate fake business investments. . In conclusion, without the involvement of Bitcoin then they are still perpetrators of fraud, but what if they use fiat currency, then should fiat be banned?

We see other reports for different cases, The Rapid Action Battalion has arrested 4 perpetrators for being involved in illegal Bitcoin transactions in Bangladesh, just stop there and we will see further facts, The four perpetrators buy videos from "dark" porn sites and then sell them and they are experts at hacking credit cards to buy bitcoins. And again, it has almost nothing to do with Bitcoin, so it's all just an effort to pressure people to avoid using crypto.

Money laundering was common even before bitcoin. Maybe it's easy to use crypto currencies. Money laundering and terror financing is unknowingly happening even though we have all these strict laws and punishments. Among countries without any proper coordination and acceptance of crypto-currencies, how can we expect their misuse will be stopped?

Newspaper or the whole media world will go with the title which is more attractive so they will get more readers and engagement respectively but in the article if they mentioned the actual reason for this arrest is kind of shady activities involved not only for doing trading with cryptocurrencies.

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Now I get the gist of the whole matter. These guys are actually scammers that use the tricky in the name of females to scammer people then recieves the funds in Bitcoin which is later sold through P2P trading. They do trade Bitcoin for cash later cash to Bitcoin but the source of their is through illegal practice.
They are real scammers and we don't have to see them as Bitcoin traders because they were not actually a trader but scammer which was very surprising to me at the first stance.

By looking at what they arrested them with. You would strongly believe that they are into internet fraud. They brought the arrest up themselves. They are aware that bitcoin is illegal in their country and they went ahead to be using bitcoin which is prohibited. They just think that by using bitcoin they can't be traced. Anyway, Internet fraudsters are very fond of asking their client to pay in their bitcoin address

If we are talking about Bangladesh here there are many things to say like Bangladesh Bitcoin is not completely illegal it is kept at a neutral level now there are some people who think that dollar transaction is money laundering, I can see this in front of them keyboard mice there are many things in fact they are not criminals only if they have it. It has been seen many times in the past that people who used to sell dollars by p2p method have been caught by the police many times and objections have been raised against them that they are doing money laundering however the current situation seems to be Blockchain will be implemented in Bangladesh very soon let's see what happens.

So, they're not just illegally trading but also scamming people over the dating sites. I guess that they're pretending to be women so that they're easily given money when they ask to their prospect target.

They are probably doing that for long and have found some way to do and hide their transactions into bitcoin. But how they were tracked and traced?

Well, they deserve that and those people that they scammed and fooled didn't know who they were talking to and now the arrest has brought justice to them.

4 people were arrested by RAB-5 (Rapid Action Battalion) for the purpose of illegal bitcoin trading.

Now my closing statement on this matter is that no doubt this arrest is a good job because these guys are scamming people and laundering money, but in this case, the news portal highlights bitcoin that it is illegally traded. What I do think is good. Because they choose illegal paths like dating websites and money laundering, but you can't use balmebitcoin for this. That's my opinion. What do you think about this news? Please share it with us. Thank you.

though bitcoin is illegal in Bangladesh

According to the news, they first use some illegal and banned dating websites, then from other countries' people take dollars, then they convert those dollars into cash through the p2p method. Finally, they convert that cash into bitcoin again through the p2p method. So Bitocin is illegal, which means they did not pay taxes because of the p2p method, and RAB suspects they are involved in money laundering. So that's the overall news.

Because they choose illegal paths like dating websites and money laundering, but you can't use balmebitcoin for this. That's my opinion. What do you think about this news? Please share it with us. Thank you.