Cryptocurrency intelligence program targetting P2P, darknet marketd and forums

bbc.reporter

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Quote from: figmentofmyass on March 02, 2020, 09:52:07 PM

Quote from: odolvlobo on March 02, 2020, 05:14:38 AM

Since when does ICE have any jurisdiction over MSBs? This is simply bureaucratic empire building.

this was news to me: the ICE enforces narcotics trafficking/distribution laws and even leads inter-agency money laundering investigations.
https://www.ice.gov/narcotics
https://www.ice.gov/money-laundering

the mention of "online forums" is odd but this may be getting blown out of proportion. the entire budget proposal mentions "cryptocurrency" twice, both in that one paragraph. the emphasis seems to be on narcotics-related money laundering associated with darknet marketplaces.

It might be, however, your friendly old neighborhood forum money transmitter might have its own uses for our tormentors for intelligence gathering and double crossing hehehehe.

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Quote from: hugeblack on March 03, 2020, 01:53:00 AM

The article spoke directly about the illicit transfers of cryptocurrencies using drug or money laundering by medium/small companies, whether directly or using forums and not speculators in cryptourrencies or investment.

The strange thing is that I did not hear any indication of tax evasion, which is supposed to represent a large part of the transactions that occur in the forums.

Because the main motivation is the cryptocurrency brokers and what they call the unlicensed capital flows. Hunting for tax evasion on forums is futile with the average Joes and it's not worth stopping by, otherwise, they could look for tax evasion when your friend IRL trade with you for something that worth $100.

On a large scale, it's a nightmare to use online forums, P2P platforms that they don't use it. Imagine if you have to evade $100k by doing only small transactions $50 here $10 there... Now at the same level as them, with 10 million USD, you will have grey hairs before you finish.

hugeblack

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The article spoke directly about the illicit transfers of cryptocurrencies using drug or money laundering by medium/small companies, whether directly or using forums and not speculators in cryptourrencies or investment.

The strange thing is that I did not hear any indication of tax evasion, which is supposed to represent a large part of the transactions that occur in the forums.

figmentofmyass

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Quote from: odolvlobo on March 02, 2020, 05:14:38 AM

Since when does ICE have any jurisdiction over MSBs? This is simply bureaucratic empire building.

this was news to me: the ICE enforces narcotics trafficking/distribution laws and even leads inter-agency money laundering investigations.
https://www.ice.gov/narcotics
https://www.ice.gov/money-laundering

the mention of "online forums" is odd but this may be getting blown out of proportion. the entire budget proposal mentions "cryptocurrency" twice, both in that one paragraph. the emphasis seems to be on narcotics-related money laundering associated with darknet marketplaces.

bbc.reporter

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Quote from: odolvlobo on March 02, 2020, 05:14:38 AM

Since when does ICE have any jurisdiction over MSBs? This is simply bureaucratic empire building.

Quote from: bbc.reporter on March 01, 2020, 10:41:12 PM

Currency exchange on online forums shall also be identified as an illegal unlicensed money transfer service business by our friendly neighborhood tormentors hehehe.

You misinterpreted the quote.

Quote from: bbc.reporter on March 01, 2020, 10:41:12 PM

which identifies ... independent cryptocurrency brokers’ use of ... online forums ... to engage in unlicensed money services businesses (MSB) activity.

Where have I misinterpreted? Unlicensed alleges illegal.

@avikz. Who wants to be associated with illegal drug and arms trafficking? Our tormentors might begin acting as if we are guilty unless proven innocent, however.

avikz

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The article says,

Quote

ICE states that “a large portion” unlicensed MSBs operating with cryptocurrency on darknet markets and P2P marketplaces are engaged in the laundering of narcotics proceeds.

If this is the reason why ICE was established, it makes sense! The way OP set the mood for the thread, it seemed - US government doesn't want to miss a single opportunity to peep into their Citizen's finances! But the actual reason is different! As a long term bitcoin trader and investor, I personally don't want it to be associated with illegal drug and arms trafficking. Such kind of illegal things make bitcoin look bad!

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As far as the article can tell, the main purpose of this program is to detect narcotics trafficking associated with crypto. Since we know that crypto (this includes BTC and all altcoins), participates with a very small percentage in the global black market, the results of such measures are rather insignificant.

Let's just say this is just a smokescreen to cover up real problems when it comes to the illegal trade of drugs, weapons, people in the USA.

Quote from: davis196 on March 02, 2020, 07:41:44 AM

If I want to start a currency trading business,from where should I get a license?From the USA?I'm not a US citizen and I will never leave my country.
The US bureaucracy keeps expanding outside the borders of USA.If this isn't imperial behavior I don't know what is it.

You must seek a license from your authority, and if you want to do business with the USA, you also need to get a license, or adjust your business to their laws. There is nothing strange about it, the one who is stronger sets the rules of the game, and super military power like the USA is currently the main player, whether you like it or not. (No, I am not from US)

davis196

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Quote

The proposal states that the CIP seeks to identify unlicensed capital flows taking place across peer-to-peer (P2P) marketplaces, online forums, and darknet markets

What the hell is an "unlicensed capital flow"?Investors are free to move their capitals in any jurisdiction they want.Capital owners shouldn't ask for any permission or license issued by any government.
"Unlicensed money services" sounds like a BS term too.If I want to start a currency trading business,from where should I get a license?From the USA?I'm not a US citizen and I will never leave my country.
The US bureaucracy keeps expanding outside the borders of USA.If this isn't imperial behavior I don't know what is it.

odolvlobo

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Since when does ICE have any jurisdiction over MSBs? This is simply bureaucratic empire building.

Quote from: bbc.reporter on March 01, 2020, 10:41:12 PM

Currency exchange on online forums shall also be identified as an illegal unlicensed money transfer service business by our friendly neighborhood tormentors hehehe.

You misinterpreted the quote.

Quote from: bbc.reporter on March 01, 2020, 10:41:12 PM

which identifies ... independent cryptocurrency brokers’ use of ... online forums ... to engage in unlicensed money services businesses (MSB) activity.

bbc.reporter

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Currency exchange on online forums shall also be identified as an illegal unlicensed money transfer service business by our friendly neighborhood tormentors hehehe.

It might be the best time to begin using anonymous coins as the primary medium by forum currency exchangers.

The United States Immigration and Customs Enforcement (ICE) has revealed the existence of a Cryptocurrency Intelligence Program (CIP) in the agency’s 2021 budget proposal.

The proposal states that the CIP seeks to identify unlicensed capital flows taking place across peer-to-peer (P2P) marketplaces, online forums, and darknet markets. The CIP was developed by ICE’s Bulk Cash Smuggling Center (BCSC).

“The BCSC has developed a Cryptocurrency Intelligence Program (CIP) which identifies unlicensed money services businesses in the form of independent cryptocurrency brokers’ use of peer-to-peer (P2P) sites, online forums and classified advertisements, and darknet markets (DNM) to engage in unlicensed money services businesses (MSB) activity.”

Read in full https://cointelegraph.com/news/ice-reveals-cryptocurrency-intelligence-program-targeting-p2p-and-darknet-markets/

Topic: Cryptocurrency intelligence program targetting P2P, darknet marketd and forums (Read 221 times)