This is not a mass adoption, in the first place, if his intention is money laundering, people will turn their backs to bitcoin so instead of them having positive experience, it will result to exponential spread of negative news about bitcoin as a whole.
If we really want to promote bitcoin in our own ways, there are legal ways to do it. There's nothing wrong with complying with the government and the jurisdiction, in the end, it is still our business to run bitcoin ATM, and all business should be monitored.
Topic: Illegal mass adoption (Read 696 times)
I think Kais Mohammad is not a person with careful planning, because it is too careless to keep a Bitcoin ATM without a license
in public places like malls. No wonder he was finally arrested by the police,
True, however, maybe the time he started the business, there was no clear law about it or maybe he is not aware, with the amount involve or he spent to buy ATM machines, it shows to me that he has already spread his ATM in different locations, so maybe he is just not too well verse with the Law but a law is a law, you can't reason out your being ignorance to it. As for me, it's not intentional to help criminals launders money, it's just his ignorance that cause him trouble. in public places like malls. No wonder he was finally arrested by the police,
but what surprised me was how management malls
gave permission illegal Bitcoin ATMs can reach their malls. This is so careless either.
gave permission illegal Bitcoin ATMs can reach their malls. This is so careless either.
They should also be blame here, if we look the other way, if Kais Mohammad committed a crime, the malls should be an accomplice.
I think Kais Mohammad is not a person with careful planning, because it is too careless to keep a Bitcoin ATM without a license
in public places like malls. No wonder he was finally arrested by the police, but what surprised me was how management malls
gave permission illegal Bitcoin ATMs can reach their malls. This is so careless either.
in public places like malls. No wonder he was finally arrested by the police, but what surprised me was how management malls
gave permission illegal Bitcoin ATMs can reach their malls. This is so careless either.
An amazing story. America is truly a land of opportunity. If he thought of this, I'm sure someone else is doing the same.
I wonder what the real number of illegal bitcoin ATMs in America is, and where it come from. It have to be produced somewhere and the system adjusted, or they buy it on the gray market.
I wonder what the real number of illegal bitcoin ATMs in America is, and where it come from. It have to be produced somewhere and the system adjusted, or they buy it on the gray market.
That's nothing compared to the Mexican card fraud on Cancun, That was the true land of opportunity, just imagine building luxury hotels with your money laundering business, epic, right?
There is a nice report about how it works, maybe you can watch it with subs https://www.youtube.com/watch?v=m0JW7NX9LRg
I wonder what will happen to ATMs and what is their number, I hope the state will appropriate it and allow people to use them with reduced commissions.
without any doubt, the cryptocurrency ATM service will be suspended since US dosen't really support the activity of cryptocurrencies. I'm sure Mohammed will be giving quite a lenthy sentence since he's being charged with cases relating to money laundering. This should serve as a lesson for every crypto enthusiasts not to run a registered exchanges in countries where the activity of cryptocurrency is not fully being supported
It was their fault also that brought this into a worst-case scenario. If they secured their license first before they start, absolutely there is no problem with that but somehow, they just ignore it. Authorities will just be imposing the law and this illegality will be apprehended.
But the topic isn't that sound right, not it is all about illegal adoption, it is only the illegal operation of Bitcoin ATM without license I'd never find this having a negative impact on the community nor it gives a reason why investors will afraid of using ATM at this time.
But the topic isn't that sound right, not it is all about illegal adoption, it is only the illegal operation of Bitcoin ATM without license I'd never find this having a negative impact on the community nor it gives a reason why investors will afraid of using ATM at this time.
You know how easily can this be avoided? The government/authorities should require Bitcoin ATM/Kiosk manufacturers to make licenses a requirement for their buyers before they can buy one of their products. Obtaining a license first before you buy one is the easiest way to avoid this kind of legal trouble especially for unknowing businessmen who always go in and don't study and plan everything. If they at least require the manufacturers to do this at least they have some kind of 1st level protection for things happening such as this one.
As for the guy, there's no way he wasn't aware of the wrongdoing. However, I'm not so sure if prison would be an appropriate choice - I hope not, or at least not for a long time. As I believe nobody deserves to be thrown in prison and be forgotten when in the end we only have one precious life to live.
Parents should be held liable also for not guiding the right way of their children. This one is an example so if there is any problem with him it start with his parents. Though this kid is not yet in legal age but in due time when he had reach the legal then he will going to face the consequences he has been doing. Wether we like it or not no one is above the law and ignorance of the law is not an exuse. So, for tha kid he may had a brighter future ahead but unfortunately it is not now after facing this problem. Prisonment is one of the real struggle one can have. 
An amazing story. America is truly a land of opportunity. If he thought of this, I'm sure someone else is doing the same.
I wonder what the real number of illegal bitcoin ATMs in America is, and where it come from. It have to be produced somewhere and the system adjusted, or they buy it on the gray market.
I agree with you that it shows the types of opportunities there are and that can be created where there's potential, though this is not a prime example. This would have been a great business had the person dealt with the regulations diligently. The fact that there was no licence in place makes me wonder whether the malls were part of this entire operation. I wonder what the real number of illegal bitcoin ATMs in America is, and where it come from. It have to be produced somewhere and the system adjusted, or they buy it on the gray market.
As for the guy, there's no way he wasn't aware of the wrongdoing. However, I'm not so sure if prison would be an appropriate choice - I hope not, or at least not for a long time. As I believe nobody deserves to be thrown in prison and be forgotten when in the end we only have one precious life to live.
An amazing story. America is truly a land of opportunity. If he thought of this, I'm sure someone else is doing the same.
I wonder what the real number of illegal bitcoin ATMs in America is, and where it come from. It have to be produced somewhere and the system adjusted, or they buy it on the gray market.
I wonder what the real number of illegal bitcoin ATMs in America is, and where it come from. It have to be produced somewhere and the system adjusted, or they buy it on the gray market.
To the point where he did not acquire required licenses for projects that concerned finance that is run by financial agencies, and regulatory bodies, on that and those accounts i can say 'he is giulty' but for operating bitcoin kind of transaction, i will not say he is guilty as there is nothing as illegal in mass adoption except the goverment has a ban on the technlgy
The mistake lies in illegal actions, from not having a permit, and at the same time helping with laundering in the absence of KYC. If he operated correctly in entrepreneurship and of course making the permit would be fine. It can't be helped, it's already the law in force in the country concerned. This made me interested in how the ATM works.
That's why OP called it illegal mass adoption, lol..
The operation was illegal, that's the reason why the owner was arrested, maybe he doesn't know about the negative effect of the operation, just thinking of the positive things which is adoption and the profit as well. But he has surely now awaken and learn from his mistake as this world, ignorance of the law is not an excuse, but hopefully he will get convicted, he won't be persecuted for that long.
The mistake lies in illegal actions, from not having a permit, and at the same time helping with laundering in the absence of KYC. If he operated correctly in entrepreneurship and of course making the permit would be fine. It can't be helped, it's already the law in force in the country concerned. This made me interested in how the ATM works.
Reminds me about the thread of a guy caught mining Bitcoin secretly at his place of work.
There are many stories like that. People were mining in data centers, power plants, even nuclear institutes.
Not a very common story when the guy is a police officer.
There wouldn't really have confiscation and jailing if he just acquire some business permit for his ATMs to operate. He has the money to pay for it so he can do it legally but he just really can't deny that he has no plans of doing it that authorities has to stop him.
It's kinda surprising and amazing how an ordinary person has been able to buy kiosk and Bitcoin ATM machine and have placed it on public places with no one at first hand noticing it happened. Although the intention is clear that it is to create mass promotion and adaption of using Bitcoin, there is a law that he bypass although there are already Bitcoin ATM machines around. Maybe it just looks illegal on how he have executed his intentions since we have a law to follow. But it was still amazing how this man is really wanting to have mass adaptation of using Bitcoin but he just messed up and have done it on an illegal way.
Have you read the news in full?
This person is not entirely ordinary. He organized an underground cryptocurrency exchange with a commission of 25%, and money laundering is associated with this.
In other words, he is a businessman who does not shy away from getting his hands dirty. It is possible that he laundered drug money.
Reminds me about the thread of a guy caught mining Bitcoin secretly at his place of work.
There are many stories like that. People were mining in data centers, power plants, even nuclear institutes.
In this story, Mohammad have to pay a price of going to jail just because of trying to create mass adoption. They should be the one here to be blamed for being unaware about such operation in the first place.
No. He goes to jail for not registering a business. You have to do it every time when you run a big operation like that. You can maybe avoid it when you sell hotdogs on a sidewalk but for a million dollar operation?
Wot. This dude managed to get some kiosks in freakin malls without a business license? I'm not even mad, that's impressive.. impressive how the malls have been so careless to the point that they conducted business with some dude without a license.
I really don't know what this dude was thinking though. Did he really expect to not get caught? I would understand if he did everything online, but we're talking about physical bitcoin ATMs. Literally thousands of people pass by those ATMs by the daily LOL.
I really don't know what this dude was thinking though. Did he really expect to not get caught? I would understand if he did everything online, but we're talking about physical bitcoin ATMs. Literally thousands of people pass by those ATMs by the daily LOL.
It is because not all people is knowledgeable about bitcoin and those bitcoin ATMs. They don't mind if that ATM is legal and have a license. It is only an adoption for himself and for the bitcoin itself. If we continue doing this kind of mistakes, then the government will really and continuously not trust bitcoin.
I think that he is aware about his own mistake that you will place a bitcoin ATMs publicly and he got caught because that's obvious. I know that he is aware about the rules and regulations before he place kiosks in that public mall but he just managed to deal with it even without a licensed and that's a very bad move for him.
This story surprised me. I didn't know that such activities were illegal. It's more like insanity.
Lol it was clearly said in the link that without government allowing him to operate meaning this is Illegal and you know that now.The koreans were not named Mohammad. Your name being Mohammad adds up the years.
The man running the bitcoin ATM was not registered anywhere and was using cash from undisclosed sources. He was not just running an illegal business but was also laundering money for others. And with the suggestive name, he might have also been involved in funding of terrorism from the US.
anyway The Laws applied in US is Far from what Korean government has.
https://cointelegraph.com/news/crypto-scammer-sentenced-by-south-korean-authorities
comparing the years of sentence and the amount involved?i believe that this is not fair.
Muhammad has capital while these scammers only lure and take money from people.
The man running the bitcoin ATM was not registered anywhere and was using cash from undisclosed sources. He was not just running an illegal business but was also laundering money for others. And with the suggestive name, he might have also been involved in funding of terrorism from the US.
https://cointelegraph.com/news/crypto-scammer-sentenced-by-south-korean-authorities
comparing the years of sentence and the amount involved?i believe that this is not fair.
Muhammad has capital while these scammers only lure and take money from people.
It could be sure that this is not the first that Muhammad doing this illegalities( money laundering). The ony problem is that why malls allow this illegalities to run besides, license is a must before we are allow to operate?
Well, can't imagine how money will talks.
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