7 People arrested for Bitcoin Trading - page 5.

Theb

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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.

savushkinTA

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I did not understand what they are accused of?

suvo05

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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 ?

Hegelia

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Bitcoin traiding ..without low about this virtual coins not is so simple to arrest the right people.

olubams

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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.

Aamir1

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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.

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.

Emmami@758

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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.

just now only i had listen about this words. in the world most of the people using this bit coins business now. it is legal or illegal what ever. but politicians, business magnets and other cheaters like who can doing smuggling drugs business that kind of people may do illegal bit coins trading. may be that kind of people arrested.

Yuhee

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Quote from: Theb on October 08, 2017, 10:22:13 PM

The news article lacks explanation on what grounds they are being arrested for, but I presume is that they are running a bitcoin exchange without any business permit in that country making it illegal. As of now there are no legal standing in Nepal with regards to Bitcoin but people who are running a illegal business should be apprehended as for their own safety especially their citizens because without any official addresses they could run away with all their client's Bitcoin.

Further results may uncover also how they were discovered or what did they do that the government spotted them. Even if its illegal but most users also are doing transaction underground. My guess would be that they made big transaction at such that they converted it to their fiat currency or, they were tracked from on guy from their government making big transaction without legal laws of regulation from India.

Theb

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The news article lacks explanation on what grounds they are being arrested for, but I presume is that they are running a bitcoin exchange without any business permit in that country making it illegal. As of now there are no legal standing in Nepal with regards to Bitcoin but people who are running a illegal business should be apprehended as for their own safety especially their citizens because without any official addresses they could run away with all their client's Bitcoin.

X7

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Let he who is without sin cast the first stone

When you are dealing with PRoC you cannot take these types of risks without knowing their 0 tolerance policy

orions.belt19

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Quote from: jseverson on October 06, 2017, 11:04:41 PM

Quote from: HashFace on October 06, 2017, 12:01:02 PM

They were doing more than just trading, they were running an exchange. Running an unlicensed exchange is risky business in any country.

But I find this sentence from the OP article to be most interesting:

"He further said that if found guilty the suspects will be punished under the prevalent laws of Rastra Bank."

Are finacial laws in Nepal set by the bankers?

It's not just that they were running an unlicensed exchange. Bitcoin trading is downright illegal in Nepal. It's sad, but these people are most likely going to be made an example of.

It kind of makes you wonder just how much power a government can have regarding cryptocurrencies. They can't monitor and stop every single transaction, but they can jail exchanges to make sure their currency isn't used to buy and sell Bitcoins. This problem can theoretically be averted by vendors accepting Bitcoins as payment, so there would be no need to convert, but it still sucks that some governments are too averse to new technologies.

With this kind of law and recognition in their country, then the simple act of trade would constitute to an illegal activity. For there to be fraud, there would have to be deceit and intention to cause a wrong doing against other persons but since the simple act of trading is declared to be illegal, then the persons involved were jailed.

This would inevitably happen when a government declares this kind of jurisdiction pertaining to cryptocurrencies. Even if you do not intend to harm anyone, you may be jailed by simply performing these kind of acts.

satish37

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Actual case as per the report says ,"transfer of funds, operating independently of a central bank."DSPof the CIB said that this is the first incident that the bitcoin operators have been arrested from the country. Charged under act of
allegedly running bitcoin exchange business. News by kathmandupost

BitcoinSupremo

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Nepal is not a democracy therefore there the government can do whatever they like. The victims this time were some bitcoin enthusiast. If they were exchanging bitcoin to fiat and viceversa than there is nothing wrong with them. If they truly had an exchange without a license then this is not allowed even in better countries than Nepal and those persons risk a lot now that they have been arrested.

usorin

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Quote from: veleten on October 08, 2017, 09:57:48 AM

this time its Nepal,huh
there was a piece of news about same event in Russia,people have been arrested for
running an exchange,here is the video: https://www.youtube.com/watch?v=NX9tjFmaTdM
I think this has more to do with the money laundering and illegal financial operations
rather than bitcoins per se,they are not prohibited in Nepal as far as I know?

If i make abstraction of the drama of those russian guys, i would say it is hilarious to treat some tec people with this kind of attitude, like they were terrorists and drug dealers and so on. This kind of governments has an appetite for breaking the right of civilians. I am convince that the arrested people in Nepal and Russia was followed for some time and they knew what kind of behavior they had so, there is no justification for their behavior. Yes, it is the law, ether we like it or not, but this is to much...cave men politics....

veleten

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this time its Nepal,huh
there was a piece of news about same event in Russia,people have been arrested for
running an exchange,here is the video: https://www.youtube.com/watch?v=NX9tjFmaTdM
I think this has more to do with the money laundering and illegal financial operations
rather than bitcoins per se,they are not prohibited in Nepal as far as I know?

Klausi

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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 is because bitcoin is declared ban in Nepal thru their Central bank therefore any transactions involving bitcoin in their country will be arrested especially that they are running an illegal exchange because it cant be a legal business if banning bitcoin is a law.The government of Nepal should treat bitcoin as a commodity rather than a different currency and lift the ban so that these people will be release except if these are truly fraud people.

Kronos21

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Quote from: jjacob on October 07, 2017, 04:09:18 PM

Quote from: HashFace on October 06, 2017, 12:01:02 PM

They were doing more than just trading, they were running an exchange. Running an unlicensed exchange is risky business in any country.

But I find this sentence from the OP article to be most interesting:

"He further said that if found guilty the suspects will be punished under the prevalent laws of Rastra Bank."
Are finacial laws in Nepal set by the bankers?

Running an exchange is just facilitating trading. In most countries, cryptocurrencies are not recognized. Then how will you get a licence and which regulator will you approach. This shows that maybe Nepal is not bitcoin-friendly.

All countries are not friendly to bitcoin and altcoins. There are countries which prohibit the use of bitcoin and other countries which occupy the waiting position. In fact, the bitcoin could have a significant impact on the economy therefore poses no threat to the state. governments are afraid of losing control over people. Very difficult to control the person if he has stable income. This is the main reason why governments are afraid of cryptocurrency.

jdarren

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It's hard for any country to allow or not allow exchanges and altcoins.

Found this article that clarified one of the reasons why they wouldn't want this tech: https://www.c[Suspicious link removed]m/2017/10/05/how-icos-setting-the-vc-world-ablaze-work.html

deadsilent

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That's what's happen to people who don't comply with the regulations of their country. They build their own cryptocurrency exchange seems to be a serious offense. They could be detained for money laundering and illegal operation of market exchange. Any cryptocurrencies operations there are illegal. Of course anyone who violates that will be punished.

Anyway, it's a right way to do. It's a warning to those who wants to do that things in the future.
Im just frustrated about the see bitcoin. It can help their citizens. Many third world countries like African countries are now supports cryptocurrencies. Why can't they do it?
Anyway, i respect their law.

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??

The site's name was Kathmandupost. Kathmandu is the capital of Nepal. I think this news came from Nepal. Maybe im wrong.

jjacob

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Quote from: HashFace on October 06, 2017, 12:01:02 PM

They were doing more than just trading, they were running an exchange. Running an unlicensed exchange is risky business in any country.

But I find this sentence from the OP article to be most interesting:

"He further said that if found guilty the suspects will be punished under the prevalent laws of Rastra Bank."
Are finacial laws in Nepal set by the bankers?

Running an exchange is just facilitating trading. In most countries, cryptocurrencies are not recognized. Then how will you get a licence and which regulator will you approach. This shows that maybe Nepal is not bitcoin-friendly.

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