Topic: Bittylicious - UK Bitcoins using Bank Transfers - page 5. (Read 20416 times)
Just a little update. We now have four live sellers on the system competing to get your business, so the prices are going down. The current Bitcoin price on Bittylicious is £72.10.
No, we are awaiting a response still from them. Our understanding is that this is unlikely to be a requirement because we are at no point holding customer money, but we are discussing with them.
If they do decide to regulate you, you're going to be sol coz they don't accept registration after the fact
No, we are awaiting a response still from them. Our understanding is that this is unlikely to be a requirement because we are at no point holding customer money, but we are discussing with them.
Have you registered with the FCA yet?
The margins have just dropped due to successful testing to 3% above Gox.
We just added a new release that adds a few usability improvements plus increases the number of Bitcoins people can buy. In particular, users with accounts over 3 days and then over 7 days old are able to purchase more Bitcoins regularly going forwards.
Just sent payment for 0.5. Waiting for BTC now. Great service for UK!
If all goes well will be purchasing more!
I think you have to register with the FCA and inform your bank that you'll be engaged in currency exchange too. They can then inform you of what else is required.
If you've not registered with the FCA you'll likely be shut down
BTC0,5 trade went through without a hitch - thanks!
I think you have to register with the FCA and inform your bank that you'll be engaged in currency exchange too. They can then inform you of what else is required.
If only gov.uk would actually make it crystal clear what regulations/licensing is required for a business involving Bitcoins. On one hand HMRC suggests it's not a money service at all (but a voucher service) and on the other, vague noises come out suggesting that it needs to be fully regulated. We're in communication trying to come to some sort of concrete answer. Regarding AML, We registered under the HMRC MLR system (which makes sense to us) and haven't been informed in any way about two people being required.
That's cool but you MUST have more information on your site around what makes you legit, are you properly licensed, etc.
Running an exchange like that invokes a titanic pile of regulations and if you don't follow them to the letter then the banks will shut you down. I didn't see a strong answer from you about whether your bank knows what you're doing. As you're a one man operation and the AML rules require you to be at least two, I suspect the answer is they don't know what you're doing, and that makes you very likely to get terminated. That in turn makes it harder for anyone else who is trying to run a UK exchange because the view that "bitcoin == money laundering" just gets reinforced at the banks. Just verifying identities isn't enough!
I have a UK bank account and would like to use your service, but frankly right now you look like a fly-by-night operation of the kind we've seen so many of before. I can't really justify using your service over Gox until it's clear that you've ticked all the right boxes.
Running an exchange like that invokes a titanic pile of regulations and if you don't follow them to the letter then the banks will shut you down. I didn't see a strong answer from you about whether your bank knows what you're doing. As you're a one man operation and the AML rules require you to be at least two, I suspect the answer is they don't know what you're doing, and that makes you very likely to get terminated. That in turn makes it harder for anyone else who is trying to run a UK exchange because the view that "bitcoin == money laundering" just gets reinforced at the banks. Just verifying identities isn't enough!
I have a UK bank account and would like to use your service, but frankly right now you look like a fly-by-night operation of the kind we've seen so many of before. I can't really justify using your service over Gox until it's clear that you've ticked all the right boxes.
Frankly, if it is VATtable, then I agree it's game over for pretty much all UK Bitcoin selling outlets.
I agree and I really hope it isn't otherwise this will totally kill off all bitcoin businesses in the UK :|
Frankly, if it is VATtable, then I agree it's game over for pretty much all UK Bitcoin selling outlets.
I agree and I really hope it isn't otherwise this will totally kill off all bitcoin businesses in the UK :|
What about VAT? If bitcoin is subject to VAT this might be a serious problem.
Indeed, if Bitcoin is subject to VAT then the entire UK has an issue when it comes to Bitcoins. We're way below the VAT threshold, but my opinion is that it's not a VATtable item. I'm hoping we'll get HMRC to decide either way before we get near the threshold.Frankly, if it is VATtable, then I agree it's game over for pretty much all UK Bitcoin selling outlets.
I've just given this service ago, it seemed a little cheaper than local bitcoins at the time. 
Received my bitcoins within about 5 minutes.
Not bad at all.
Received my bitcoins within about 5 minutes.
Not bad at all.
and everything should be fine
What about VAT? If bitcoin is subject to VAT this might be a serious problem.
Great idea.
But got a feeling I won't be long before the banks shut you down.
But got a feeling I won't be long before the banks shut you down.
by having a 0.5BTC (£35) limit per customer not registered this should be fine for bank risk. i would however tell bittylicious to have a regular contact with his local bank manager and ensure the bank manager knows that the business is bitcoin based. and not stupidly advertising based like blockchain.info tried to act like.
the only problems that could cause hassle are:
1) doing transactions to a customer above £850 a day or £12k a year
2) a customer (morelikely a paypal chargeback scammer) attempting to pphone the bank to complain about not receiving coins and demanding refund. then the bank investigating bitty. to see it is indeed a bitcoin business, where as bitty. claims it is not.
so again be honest with your bank tell them its a bitcoin business and show them how transparent it is to show proof of delivery (blockchain explorer) + plus logs of communications between bitty and customer.
and everything should be fine
Great idea.
But got a feeling I won't be long before the banks shut you down.
But got a feeling I won't be long before the banks shut you down.
Cool. You might want to post to Currency Exchange, if you haven't already.
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