7 People arrested for Bitcoin Trading - page 4.

carlfebz2

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Quote from: Laland on November 29, 2017, 05:39:39 AM

Quote from: soham on November 29, 2017, 03:53:05 AM

Quote from: Nalbo on October 06, 2017, 10:34:47 AM

It's the latest in development from the country of Nepal which started nabbing bitcoin traders for fraud. Can be sentenced to upto 3 years in prison.

http://kathmandupost.ekantipur.com/news/2017-10-06/7-nabbed-for-running-bitcoin-exchange-business.html

First case of bitcoin related arrest in the country.

That's really laughable steps taken by Nepal Kingdom. They were one of the first countries in Asia to open up casino but now arrested people for bitcoin trading. How convenient is that! That means, you can gamble legally but you can't earn money online. That's the actual story of two-faced Nepal king. I strongly condemn this step taken by Nepal King. He just can't digest that fact that their citizens can earn something which is not regulated by them. Not a good news!

The news started in october so maybe things got a little lighter now. It is good for economy but it their rule banned crypto trading, then i guess citizens must make transaction overseas to at least avoid conflict with the law.

Since transactions can be done easily on other country then this way would really be the best way if you do make trades and do make huge transaction volumes or profits then if you do see that your government do prohibit and do treat it as a fraud then better to avoid it if you don't like to go into prison. This is just really a desperate decision and why bitcoin trading is illegal. Well we cant do anything about it as a citizen we don't really have the power to oppose.

Laland

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Quote from: soham on November 29, 2017, 03:53:05 AM

Quote from: Nalbo on October 06, 2017, 10:34:47 AM

It's the latest in development from the country of Nepal which started nabbing bitcoin traders for fraud. Can be sentenced to upto 3 years in prison.

http://kathmandupost.ekantipur.com/news/2017-10-06/7-nabbed-for-running-bitcoin-exchange-business.html

First case of bitcoin related arrest in the country.

That's really laughable steps taken by Nepal Kingdom. They were one of the first countries in Asia to open up casino but now arrested people for bitcoin trading. How convenient is that! That means, you can gamble legally but you can't earn money online. That's the actual story of two-faced Nepal king. I strongly condemn this step taken by Nepal King. He just can't digest that fact that their citizens can earn something which is not regulated by them. Not a good news!

The news started in october so maybe things got a little lighter now. It is good for economy but it their rule banned crypto trading, then i guess citizens must make transaction overseas to at least avoid conflict with the law.

soham

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Quote from: Nalbo on October 06, 2017, 10:34:47 AM

It's the latest in development from the country of Nepal which started nabbing bitcoin traders for fraud. Can be sentenced to upto 3 years in prison.

http://kathmandupost.ekantipur.com/news/2017-10-06/7-nabbed-for-running-bitcoin-exchange-business.html

First case of bitcoin related arrest in the country.

That's really laughable steps taken by Nepal Kingdom. They were one of the first countries in Asia to open up casino but now arrested people for bitcoin trading. How convenient is that! That means, you can gamble legally but you can't earn money online. That's the actual story of two-faced Nepal king. I strongly condemn this step taken by Nepal King. He just can't digest that fact that their citizens can earn something which is not regulated by them. Not a good news!

rasl.curt

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As I know, Nepalese currency is pegged with Indian currency and Indian monetary system plays a huge role in Nepalese system. So since bitcoin is not getting a legal status in India, it won't get in Nepal as well.

Lieldoryn

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Quote from: pentol86 on October 19, 2017, 08:55:42 PM

is that because money laundry, so some people use bitcoin to trade
i think you need legal license, from your goverment

You that detectives had read? Where the user of dirty money? Lol! The government believe that all our money is dirty. They want us to work and the salary was given to them. Bitcoin allows you to be in another jurisdiction and be beyond the reach of the laws of the state. Therefore, all governments of the world although the ban on bitcoin. The only difference is that some do it explicitly and some hide their intentions under the guise of legalization.

migolmigol

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Quote from: Basmic on October 06, 2017, 11:54:14 AM

Fraud must have a purpose to deceive people and take their money. In the case of trading bitcoins this is not. A person voluntarily buys a bitcoin, and has the ability to always exchange the coins for Fiat. Nepal does not apply to democratic countries therefore the courts will take the side of power. I feel sorry for these enthusiasts of the cryptocurrency but they are also responsible for the power which is in their country.

I agree. And also, the government are strict in some countries and everyone should be aware with the regulations. Bitcoins is safe as long as you do the trading in a legal manner.

btc-facebook

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Unfortunately my country also forbid bitcoin for transaction but people still able use bitcoin but with their own risk.
Luckily my people still not being arrest for using bitcoin until now and bitcoin popularity also quite low.

pentol86

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is that because money laundry, so some people use bitcoin to trade
i think you need legal license, from your goverment

etraderhart

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Not just in Nepal, but people are getting arrested for fraudulence.
Many Bitcoin MLM companies are starting to get out of hand, we can all recognize them as pyramid scams, where you'd need to invest a certain amount of money, and after a few months, they'd double or even triple the amount.

Vatimins

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Quote from: Nalbo on October 06, 2017, 10:34:47 AM

It's the latest in development from the country of Nepal which started nabbing bitcoin traders for fraud. Can be sentenced to upto 3 years in prison.

http://kathmandupost.ekantipur.com/news/2017-10-06/7-nabbed-for-running-bitcoin-exchange-business.html

First case of bitcoin related arrest in the country.

This really isn't surprising if you ask me. Nepal has always hated crypto currencies ever since.
Honestly, I pity those men imprisoned just because of using bitcoins. But they already knew what would happen if they get caught.
And still they chose to continue using bitcoin. So they should face wjat ever the consequences may be.

This news is really quite scary if you ask me, because other governments may do the same to any of us here. I wish this hatred for crypto just disappears so that we all can unite in making this world better with the help of crypto currencies.

bubblebit

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Illegal if stated by law and violating it is punishable on terms it was been approved.

My reaction at first is a little bit confused of what I’m reading is true or not. But it turns out to be legit and to be one of them as an example to those who violates the law is the last position i would like to be with.

We do find regulation is needed but to be on the foot of those arrested in that situation is something they’re government must act intelligently. Hope most of us have learned a valuable lesson on this bad fate by doing what is right and lawful.

AmXProX

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Quote from: suvo05 on October 09, 2017, 11:09:47 AM

Quote from: bakerlisa510 on October 07, 2017, 12:50:30 AM

Quote from: Nalbo on October 06, 2017, 10:34:47 AM

It's the latest in development from the country of Nepal which started nabbing bitcoin traders for fraud. Can be sentenced to upto 3 years in prison.

http://kathmandupost.ekantipur.com/news/2017-10-06/7-nabbed-for-running-bitcoin-exchange-business.html

First case of bitcoin related arrest in the country.

I think you are talking about the case of delhi in india??

No the news is not about Delhi in India. That happened in Nepal(country between India and China) .
But, there are some facts which are totally unclear to me.
1.Is Btc totally ban in Nepal? Or they have been arrested for exchanging bitcoin without a valid license ?
2.Nepal trying to follow the Chinese policy over crypto-currency ?

“Bitcoin is illegal in Nepal.”
– Kedar Prasad Acharya, Deputy Director of Nepal Rastra Bank.

Yes Nepal banned the used of bitcoin, they said it is because they can track the transaction and it is high risk.

https://www.rabinsxp.com/bitcoin-illegal-nepal-says-central-bank-nepal-bans-transactions/

tweetbit

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It’s sadden me how Nepalis government officials are greedy and manipulated by they’re financial institutions. Bankers might have to do with it and there’s nothing we can do to stop it but to careful to our own country when this regulation and banning start to spread on our own backyards.

entrepmind23

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Quote from: Lampaster on October 10, 2017, 01:51:31 PM

Quote from: savushkinTA on October 10, 2017, 10:10:05 AM

I did not understand what they are accused of?

No matter what they are accused of. This does not happen in countries where there are independent courts. The arrests of bitcoin users place where it all depends on what the authorities want. Most often traders or users are charged with tax evasion or illegal banking operations. Theoretically, each of us risks when changing the bitcoins to Fiat.

Yes there is risk that the government can charge people with something if bitcoin is illegal in their country. There are those countries that has neutral stand towards bitcoin, not declaring it as illegal but not regulated as well. For these countries, I think it is safe to transact with bitcoin as long as I can't violate any existing laws that can be treated as illegal such as money laundering as long as I have proof of my source of income. As for Nepal, bitcoin is illegal in their country so it is not surprising that authorities act when they knew that some of their people are operating bitcoin exchange. Nepal is known to have a corrupt government so they want to have control of the flow of money and bitcoin is one that can't be controlled so they openly stated that it is illegal.

gregall

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makes me sad that people simply trading bitcoin went to prison. they don't deserve that at all and I hope countries come to this conclusion.

warrior333

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I know how the police arrested the miners for the fact that they used the equipment to transfer secret information. Nonsense! But in order to prove it you need to hold the expertise that may last a year or more. But it is not known in what state will return the equipment. No one checked its performance at the time of arrest. Then offer a bribe to expedite the process. And this is only one case. There are other cases.

leonair

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Quote from: Lampaster on October 10, 2017, 01:51:31 PM

Quote from: savushkinTA on October 10, 2017, 10:10:05 AM

I did not understand what they are accused of?

No matter what they are accused of. This does not happen in countries where there are independent courts. The arrests of bitcoin users place where it all depends on what the authorities want. Most often traders or users are charged with tax evasion or illegal banking operations. Theoretically, each of us risks when changing the bitcoins to Fiat.

More scenarios like this might happen in the future, of course officials wants to regulate crypto currency as they are seeing it's potential of exceeding fiat currency. Since centralizing it is merely impossible having this kind of regulation is the solution that they are using.

darkangel11

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Don't let others control your BTC -> self custody

Quote from: Basmic on October 06, 2017, 11:54:14 AM

Fraud must have a purpose to deceive people and take their money. In the case of trading bitcoins this is not. A person voluntarily buys a bitcoin, and has the ability to always exchange the coins for Fiat. Nepal does not apply to democratic countries therefore the courts will take the side of power. I feel sorry for these enthusiasts of the cryptocurrency but they are also responsible for the power which is in their country.

We both know it, but we are talking about crazies here. There must be a purpose for this crackdown and when you see no viable reason it usually means money. Countries like Nepal stink of corruption and we all know that most governments treat people like property. They thought traders should be rich, so they put them in jail and I bet they confiscated their computers. Now they'll have a choice: give up all their money and get a small sentence or don't and get raped in prison.
BTW Nepal has much higher corruption rate than countries like Mexico, Thailand and Pakistan, go figure.

Lampaster

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Quote from: savushkinTA on October 10, 2017, 10:10:05 AM

I did not understand what they are accused of?

No matter what they are accused of. This does not happen in countries where there are independent courts. The arrests of bitcoin users place where it all depends on what the authorities want. Most often traders or users are charged with tax evasion or illegal banking operations. Theoretically, each of us risks when changing the bitcoins to Fiat.

Pamadar

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Quote from: Theb on October 10, 2017, 10:13:29 AM

Quote from: olubams on October 09, 2017, 08:20:28 AM

Quote from: Aamir1 on October 09, 2017, 06:28:45 AM

Quote from: Nalbo on October 06, 2017, 10:34:47 AM

It's the latest in development from the country of Nepal which started nabbing bitcoin traders for fraud. Can be sentenced to upto 3 years in prison.

http://kathmandupost.ekantipur.com/news/2017-10-06/7-nabbed-for-running-bitcoin-exchange-business.html

First case of bitcoin related arrest in the country.

The story is totally different from what your title states. They are not arrested for trading bitcoin, but they are arrested for illegally running a bitcoin exchange in the country which would not be allowed in any country, and anyone would get arrested if authorities come to know that some people are running an exchange without any license and legality. It should not be a surprise for them, nor for the people hearing the news. And they should have been expecting this to happen, because running a bitcoin exchange is quite a big business these days, and if you try to do it hiding behind walls, this is what you can expect when it comes to the sight.

I guess that is exactly what will happen across the world that government will say ' do your business, but do it the right way or else we are coming for you' and I think this is something that should be encouraged in as much as we want to run our exchange business and make money, we owe a duty of care for individuals patronising the platform to be safe. Aside that, anyone who does not have the intention to scam would not have any issue registering with government.

It really serves right for them as running a Bitcoin Exchange without any permit is really breaking a law, you are operating a business without any legal authorization you are unjustly enriching yourself. Not only that I assume that the suspension of their businesses will also result to the confiscation of all cryptocurrency in their exchanges which is a bad thing for their clients as all of them will experience losses.

that's also my concerned mate the traders whos going to lose their investment since the exchange was been close and the owners will be in prisoned
do we have any updates if what will happen to those coins inside their service how that investment will turned to after this incident, its really a bad
business if you will start it illegally better to deal with government jurisdiction before starting,.

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