I never knew you could get arrested for being a bitcoin trader.
Need a licence to trade bitcoins?
Are they saying what localbitcoins is doing is wrong or what?
Topic: Currency Exchange vs. Money Transmission (Read 1403 times)
Could someone kindly please explain in layman's terms the difference between currency exchange vs money transmission - in regards to bitcoin, of course.
And is using localbitcoins considered currency exchange or money transmission?
I was arrested, had my Bitcoins, cash, all my computers, and other property seized, was thrown into solitary confinement and charged with operating a money transmittal business without a license all for simply trading Bitcoins on localbitcoins.com.And is using localbitcoins considered currency exchange or money transmission?
I claimed I was an investor trading for my own account, they claimed it was a business.
In the end, after about $300,000 in legal fees and extortion payments, we agreed to disagree.
You can read all about it here:
http://www.burtw.com
http://www.jmwagner.com
https://bitcointalksearch.org/topic/follow-the-bitcoins-taken-from-me-by-homeland-security-1182005
(and many other threads here on this forum, just google my name + Bitcoin)
Yeah, man. I read about you and your story. Sounds like a shitty thing that happened to you to say the least. I can't even begin to imagine what it must have been like for you and your family to go through that whole ordeal. I hope you are able to recoup your losses in time.
Could someone kindly please explain in layman's terms the difference between currency exchange vs money transmission - in regards to bitcoin, of course.
And is using localbitcoins considered currency exchange or money transmission?
I was arrested, had my Bitcoins, cash, all my computers, and other property seized, was thrown into solitary confinement and charged with operating a money transmittal business without a license all for simply trading Bitcoins on localbitcoins.com.And is using localbitcoins considered currency exchange or money transmission?
I claimed I was an investor trading for my own account, they claimed it was a business.
In the end, after about $300,000 in legal fees and extortion payments, we agreed to disagree.
You can read all about it here:
http://www.burtw.com
http://www.jmwagner.com
https://bitcointalksearch.org/topic/follow-the-bitcoins-taken-from-me-by-homeland-security-1182005
(and many other threads here on this forum, just google my name + Bitcoin)
Could someone kindly please explain in layman's terms the difference between currency exchange vs money transmission - in regards to bitcoin, of course.
And is using localbitcoins considered currency exchange or money transmission?
And is using localbitcoins considered currency exchange or money transmission?
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