Bitcoin = Laundering - page 3. | Bitcointalksearch.org

Rupok

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Quote from: bugsvanny on November 16, 2017, 08:40:29 PM

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal Huh

I just want to understand if its any different or just similar. Thank you

Bitcoin is illegal in those countries,The country has launched Laundering dispute with Bitcoin.Bitcoin is illegal in the Asian continent and it has started laundering in this country.Because banks of these countries do not support Bitcoin.And do not system of Bitcoin banking, the law of laundering has been introduced.

care2yak

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there's a certain amount that you can transfer to your account. if you, for instance, have 2 bitcoins, where 1 bitcoin is approximately 10,653.53 usd on kraken, and if you're from my country, 10k usd is like a half a million in my local currency. you can't move that amount into your account unless your account has been receiving large sums in the past. but if you suddenly receive that large an amount, bank authorities and the anti money laundering council will be alerted by the transfer. you'll be notified and likely, interviewed.

each country's laundering council are probably following transfer thresholds and if you breach that threshold, prepare for a call or a visit or something to that effect.

the trick then is to not move large amounts that your account is not accustomed to receive. keep your bitcoins and cash out only an amount that you need. you can use coins.ph if we're kababayans where you can convert to our local currency within the app. send to your bank account certain amounts so you're still in control of your finances without having the anti-money laundering council and the people for internal revenue chasing after your fortune.

Don Pedro Dinero

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Quote from: bugsvanny on November 16, 2017, 08:40:29 PM

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal Huh

I just want to understand if its any different or just similar. Thank you

First, suspicion of money laundering will arise only if you cash out large amounts from bitcoin profits. Second, authorities can prosecute you but for a judge to condemn you for money laundering, they have to prove that you have actually done it. Finally, tax evasion is limited, in my country it is four years, so If you didn’t declare profits from bitcoin 5 years ago, you can’t be condemned for that nowadays because it’s prescribed.

I would say this is similar in most developed countries.

felixando

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Bitcoin is laundering just the same as any foreign currency is laundering, its not, its just a currency, treat it the same as gold, silver or physical cash.

simplejg

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Quote from: bugsvanny on November 16, 2017, 08:40:29 PM

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal Huh

I just want to understand if its any different or just similar. Thank you

It's a completely illegitimate claim and 100% scare tactic.

pyce

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The banks and the administration are quite recently attempting to panic you. They simply need to take your cash. They need duties and expenses and such. Truly bitcoin is nothing to do with washing other than the way that it's more simple to do washing with than fiatt undoubtedly. Ideally they quit doing thesee inept frighten tatics.

shohelalam

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Bitcoin is fully decentralize. So body tracking no body control even the Government. we can not find out and track sender and receiver information when a complete a transaction by bitcoin. so when we send any money of other country thats time their have any information about this transaction for that reason coming Money Laundering Issue. For This reason some country govt banned bitcoin for their country. Bitcoin use means is not a you are criminal, If you are not use bitcoin any criminal act.

haroldtee

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Quote from: cl37007 on November 25, 2017, 12:53:17 AM

It always amuses me when the big banks use these scare tactics around things they don't like. JP Morgan a long standing hater of Bitcoin saying it is only used for criminal activities such as money laundering was recently found guilty of money laundering. They can't control it so spread FUD!

I guess the same JP Morgan has already proven that you do not need bitcoin before laundering money since it was so easy for them to break the Swiss money laundering rules after all.

These guys would say anything just to make naive people lose out and only if they could know that these same set of people who they keep listening to, have been stealing from them all these while. The funniest part is that most of them do not have a single clue what they are saying, while it pains a whole lot of them that they missed out joining the train earlier.

1Referee

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Quote from: cl37007 on November 25, 2017, 12:53:17 AM

JP Morgan a long standing hater of Bitcoin saying it is only used for criminal activities such as money laundering was recently found guilty of money laundering. They can't control it so spread FUD!

The point is that this market after all the years of progress is still vulnerable to fud, and unfortunately, as long as that is the case, we'll be seeing all sorts of entities use it to get this market to fall down. It's the people here that for once need to man up and know what they are investing in. If you take fud for granted, it obviously means that you haven't got a clue about what Bitcoin is, and how its features are an important aspect to obtain that what governments and banks can't give you. It wasn't all that long ago where even the mainstream media was reporting about Bitcoin as it being a tool for criminals, but that luckily is almost gone. Instead of the average joes taking that nonsense for granted, they now are jumping into Bitcoin like there is no tomorrow.

Tinna25

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bitcoin legal in my country, so there is no problem with it, but maybe the bank will be suspicious if you withdraw money too big in one withdraw from bitcoin.

randyg29

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http://www.daxico.com/

I'm also not afraid of laundering because I didn't get my money to a bad way, bitcoin is also a job for people who doesn't accepted by a company he/she apply for jobs he/she wants. and even they want to react about my money income because they don't know where I get it, I just let them curious of that thing.

trecore4

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Quote from: Ilegendph on November 17, 2017, 02:57:19 PM

I think you can defend yourself if someone accused you for money laundering because here in the web we have what we call transactions IDs, communication history and digital signature. If you cannot explain where your income from bitcoin most probably you guilty of that accusation. And regarding the tax evasion using bitcoin, I think its is possible by not declaring it and converting only small amount of money from your bitcoin savings so that no one will notice it.

Yeah it seems very reasonable to keep records of all the transaction. I mean we can easily show up our wallet ID's and all the hidden bitcoin or crypto currency by accessing the wallet with private keys. Then we can show up the whole transaction history to tax department as and when demanded with ease. Also, it is always great to file the taxes of our earnings and this will minimise the risk of getting caught by the regulatory bodies. So there is no question about our guilty accusation.

The laundering thing will come when you will withdraw like more than 2-3 bitcoins each month and such instant banks may be ask you question regarding where from the money is coming. I mean it depend completely on country to country and there is no way we can surely state who will ask what. So better be ready always before we can make it bad situation. :-)

AVAMONEY

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It depends on your country live. In country which bitcoins was illegally, when do you move much Btc amount to convert in fiat via bank transfer, your government will monitoring it.
You will have good reason where you money from and what you do with it, if your gain profit from bitcoin by doing trading or buying much bitcoin then selling at high price, you can pay the taxes for it. I will not worried about it.

Rahar02

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Quote from: bugsvanny on November 16, 2017, 08:40:29 PM

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal Huh

I just want to understand if its any different or just similar. Thank you

I don't know if there is any conventional bank that accepts bitcoin, you can't transfer bitcoin to a bank.
The only think to do is; sell bitcoin through exchanges and withdraw to your bank account.
But remember, there's a regulation that prevents someone transacts more than $10,000 or $20,000 at once in a day.
Better to withdraw less than $1000 in a day, unless you need to withdraw more than $5000, there are some documents to submit in order to avoid money laundering.

Argoo

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Now the formation and legalization of the crypto currency in the world is still taking place, but in each state it occurs in different ways. Indeed, some banks are now afraid to take bitkoyn so that they are not suspected of contributing to the laundering of dirty money. After some time, a more or less normal single position and a crypto currency will be worked out, I hope, will be accepted in most banks of the world.

madwica

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It depends on the country, if government declares that bitcoin is not legal currency in their country and you are continuing to used and earn with it i think that is the instances that you will laundering money and if you caught you will be punish as criminal.

Here in my country digital currency is supported by our government that is why we are free to used bitcoin and transact in the bank, withdrawal and deposit has no problem using bank, of course there is a law like amla that you should follow to avoid problem in your fund.

nexus2k14

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Quote from: bugsvanny on November 16, 2017, 08:40:29 PM

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal Huh

I just want to understand if its any different or just similar. Thank you

This is a little bit different, you can transfer BTC back to FIAT after paying some fees or taxes, depending on where you are. I can see GOV starts watching closer cryptocurrency because it was used in past for criminal activity for sure. That why exchanges require now full ID verification before you can withdraw your money. If you sell bitcoin for FIAT bank will accept it as long as this transfers are looking legit - not 100K $ each transfer three times a day.

Bitcoin is using for many things same like money, so yes it can be used by criminals too, but I think the biggest problem we have is when someone takes the server down with your bitcoins inside and disappear that why with cryptocurrency you must always extra careful and follow rules - hardware wallet, cold storage, never leave founds on exchange after trading etc.

Psalms23

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Quote from: krulviper on November 17, 2017, 04:07:43 AM

I am not afraid I will be suspected of doing money laundry, because I am only a small player and my income from bitcoin is still normal for income in my country Grin

I'm totally with you on this... for now. But we can't always say that same income we would get if we continue on this forum, our pay could be bigger and before you know it, you'll be covered in the range of money laundering. I cant really be sure if we'll always be small players, seeing bitcoins rise, my current bitcoin (which is still not in range of money laundering) might triple or quadruple in the coming days.

h55

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Quote from: Sachinist on November 16, 2017, 08:51:35 PM

Scare tactics by bank and government. Bitcoin is the nuclear weapon to existing financial system. We are getting a lot of services to use bitcoin like fiat money. By the end of 2018, this will happen in most of the liberal world. Banks can shove their fiat.

but they start to control it by controlling Exchanges! the solution is only trust able exchanges

dogz12

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Quote from: bugsvanny on November 16, 2017, 08:40:29 PM

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal Huh

I just want to understand if its any different or just similar. Thank you

Money laundering is a criminal act punishable by law. It is the transfer of large amount of money that is obtained from illegal proceeds. If you have no big amount and have no illegal activities either, why bother to worry then.

Topic: Bitcoin = Laundering - page 3. (Read 2446 times)