Illegal mass adoption - page 3. | Bitcointalksearch.org

Wapfika

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Quote from: Ucy on July 24, 2020, 09:31:34 AM

I usually wondered how Bitcoin atm in other part of the world operates. Most/many without license?
Well, this is one of the issues I consider whenever the thought of encouraging people to try the bitcoin atm or even Bitcoin PoS comes. I guess they should make the licensing easy to obtain depending on the volume of transaction a business would handle.

Since only few Bitcoin ATM are present in my country, it is really hard to convince one to try it especially if its too far from our area, though it's quite convincing to others telling them that there is some Bitcoin ATM available now. There is also a specific bank that accepts crypto now that makes it more attractive, its a known bank also which many who knows crypto are wanting to use it too. We're hoping soon that many establishments accept it but in legal process to secure people's money.

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Quote from: mk4 on July 23, 2020, 11:14:08 AM

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.

More intriguing thing is that there isn't any data or any transaction records of the people who purchased the bitcoins from these bitcoin ATMs and this just laughs on the face of AML laws, this shows the real power of bitcoin as to taking the finance in our hands, This man is really a legend to have done such a gutsy job.

Quote from: Ucy on July 24, 2020, 09:31:34 AM

I usually wondered how Bitcoin atm in other part of the world operates. Most/many without license?

If you have to do any kind of business, especially for exchanging money, you need to have a License in most parts of the world, even the money exchangers near the airports of every major city also require license to exchange the money of the tourists. Obtaining a license in those countries where bitcoin and crypto isn't legal yet is going to be bit of a problematic task, but if the demand is good then it will be worth the hustle.

jademaxsuy

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But he pleaded guilty so this case could go down as well. How settlement on this OP is it still possible?? I know there were news here regarding bitcoin atm but did the owner knows nothing about how to run a business? He was successful in marketing but it never did it come to his mind about his doings that is clearly an illegal and worst is that the case has high punishment.

So, to all who had plan to do a business make an inquiry first to a government agency before operating a business. Usually license is a must to serve and protect both consumers and the business owner.

Ucy

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I usually wondered how Bitcoin atm in other part of the world operates. Most/many without license?
Well, this is one of the issues I consider whenever the thought of encouraging people to try the bitcoin atm or even Bitcoin PoS comes. I guess they should make the licensing easy to obtain depending on the volume of transaction a business would handle.

ChiBitCTy

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This is the first time I've heard of anyone messing with ATM's. I guess as the saying goes if there's a will there's a way. It's unfortunate because I'm guessing some people now might be hesitant to take our bitcoins via ATMS going foward.

kryptqnick

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I don't understand why the formulation is 'has agreed to plead guilty'. It's like he's not really guilty, but was convinced to say that he is. I'm sure that there are Bitcoin ATMs installed and operating legally in the US, and if he did not comply with the regulations, he is indeed guilty. 30 years of prison would be too much, though. I think that for crimes like that (money laundering, tax evasion and similar) there should be big fines, not prison sentences. He didn't abuse the rights of any human beings.
I don't like this particular guy, though, because charging 25% in fees is just crazy.

plvbob0070

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He made a business but is not licensed. How come he thinks of putting up various bitcoin ATMs in public places without thinking of the consequences of not having a license to do so? Now, he's getting sentenced for it. It's his fault after all. And it's also stated in the article that he's fully aware that some of the funds are from illegal activities. Perhaps it's the reason why he can't get licensed with it but still continue to operate ATMs.

He still chooses to do it so he's responsible for the consequences. It's essential for businesses (not only bitcoin ATMs) to have their permit and license before operating. He will probably regret it but he can't undo what he did.

audaciousbeing

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Quote from: mk4 on July 23, 2020, 11:14:08 AM

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.

Malls are built to make money and they are concerned with how much money they can make within the space they have. Other than the shops that they would likely go a long way of doing some verifications and the likes, any other use of space are interpreted as alternative income which they would always encouraged themselves to always maximize. Places such as walkways, underneath the stairs, parking spaces etc are some of those places that there is little or no control whatsoever which I believe the guy in question must have take advantage of.

But with this, if the authority can make them share in the liability or shake them a little bit, they would surely sit up and ask for the right documentations before granting approvals.

maxreish

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It's also my first time I've heard about illegal bitcoin ATM machines. And to think he put it up in malls. I am just wondering, ofcourse he can afford to get some legal licenses for making a crypto exchanges and ATM btc machines. Why not process in a legal way if it's a matter of money, I surely know he can afford it. This is something that I was vague upon understanding his decisions. Thus, making me a conclusion that it was just a front for his illegal activities like that of money laundering.

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Quote from: stompix on July 23, 2020, 12:31:07 PM

Common, nobody would pay 25% just for privacy, even if we speak of sums above 1k it was worth the effort to go in another city and deal with a different ATM. And why did he kept meeting clients..

Criminals can pay 25% for laundering their money, but this scheme of his doesn't look like a good money laundering. Just because you bought or sold some Bitcoin, it doesn't make these money clean, especially if it's at an unlicensed exchange. There's no front here, it's just conversion from one currency to another.

ray_saeed

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Illegal mass adoption sounds funny but this could be really harmful for the industry

mirakal

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I am not sure if this guy is thinking straight, spending that huge money for the business without knowing the legalities of what he is doing.
The intention was good if it's for mass adoption but we know the eyes of the regulators are always looking into us, especially in this case that ATMs were put in public players.

Damn, 30 years of imprisonment if proven guilty, I think that's something he will regret for the rest of his life.

GDragon

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Quote from: cheezcarls on July 23, 2020, 11:43:02 PM

This reminds me of an office that I visited back then somewhere in the National Capital Region of the Philippines. It was last year. My friend and I have visited her business contact, and he showed to us his various Bitcoin ATMs. I asked him if these Bitcoin ATMs are already registered and regulated for massive adoption, but he said it was still "under process", so it was not yet licensed to operate in various public establishments.

It's very essential for a Bitcoin ATM to be registered with proper license even if it's decentralized. Although licensing fees costs us a lot, it's way better than just doing massive adoption in an illegal way. Like Forsage right now, they are massively adopting Ethereum in an illegal way.

Oh we have it here? I haven't seen one as of now. I think that under process atm also means it won't be registered. Our country doesn't even care about crypto right now, I haven't heard of a news about illegal btc atm. I just thought officials here doesn't care about it. If they care tho, I'm still sure officials here would look the other way if the owner is somehow powerful. Or even get a percent of money out of it.

Its a serious case cause he already admitted he is aware some of the money really came from crime activities. So its really a case of money laundering.

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Quote from: mk4 on July 23, 2020, 11:14:08 AM

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.

The term illegal means using unlawful activity, providing forged business licence also fall under this category.

I am pretty sure he might have also shown forged business license to the managers of these Malls plus a small percentage from the revenue generated by the kiosk.

Without the involvement of bribe and commission, you cannot operate illegal business so easily.

cheezcarls

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This reminds me of an office that I visited back then somewhere in the National Capital Region of the Philippines. It was last year. My friend and I have visited her business contact, and he showed to us his various Bitcoin ATMs. I asked him if these Bitcoin ATMs are already registered and regulated for massive adoption, but he said it was still "under process", so it was not yet licensed to operate in various public establishments.

It's very essential for a Bitcoin ATM to be registered with proper license even if it's decentralized. Although licensing fees costs us a lot, it's way better than just doing massive adoption in an illegal way. Like Forsage right now, they are massively adopting Ethereum in an illegal way.

mk4

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Quote from: stompix on July 23, 2020, 12:31:07 PM

I don't know what the laws are in the US but here it's pretty easy to install almost any kind of teller machine in malls, since it's a private company running it they will simply lend you the space needed, you just need a registered company and that's all, nobody will do extended checks on you, like a fincen compliant check. They are happy to take your money as long as your machines don't interfere too much with the shop activity. Besides he started his business well back in 2014, probably got them set up years ago when rules were much much lax.

I mean, yea. I wasn't expecting compliance checks, but at the very least they should've at least checked for a company registration document. I'd let it pass for the smaller convenience stores and probably the less-commercial gas stations too, but freakin malls lmao.

Wexnident

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Damn man has balls of steel. He should've gotten warning signs when he registered but failed to comply in 2018. He could've gone under for a bit of time and proceeded to continue after a period of time has passed. Well, not like I know how investigations go though. Still, it's pretty fair for him to get punished, his illegal activities have been ongoing for ~5 years after all. If the guy still got away even after doing that openly for 5 years, then I suppose investigative units should just quit their jobs.

Quote from: Oasisman on July 23, 2020, 04:25:54 PM

Quote from: The Sceptical Chymist on July 23, 2020, 03:32:56 PM

Well, you know malls these days ain't what they used to be, and who knows what kind of management they have now. Sounds like there were some seriously careless managers at those malls if they allowed this dude to install all those ATMs.

He might have made a good offer to this malls. ATM machines only occupies a very small portion of floor area in the malls. So, I guess the mall management won't dig deeper on your legalities and papers to install your machine if you pay more for the rent.

Then technically, shouldn't the malls also be fined or something? I mean, they were technically part of illegal activity, whether it is voluntary or not. Plus, it wasn't only malls but convenience stores and gas stations.

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Quote from: Vaskiy on July 23, 2020, 05:56:33 PM

People tries to make money out of each and everything associated with bitcoin. Anyhow he hasn't scammed the people, until then it's good. Now this could've been a big loss for the government as no taxes paid. This guy is truly intelligent, because he has been running more number of ATM with perfect functionalities. This is like illegal slot Machines that are placed on the African countries.

Yes, I thought he scammed people but it was his fault that he did not acquire permits and licenses to operate this business. He should know better as this is very prominent to the eyes especially with authorities. So someone will really notice this business, and now is the time to uncover the foundation of his business. Maybe, just pay what he owed to the government up to the last cent and get license and he can still operate the business.

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People tries to make money out of each and everything associated with bitcoin. Anyhow he hasn't scammed the people, until then it's good. Now this could've been a big loss for the government as no taxes paid. This guy is truly intelligent, because he has been running more number of ATM with perfect functionalities. This is like illegal slot Machines that are placed on the African countries.

20kevin20

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It's quite fair though to punish the guy for running an entire chain of ATMs without a license, I mean it's nothing compared to the abuses and unfair sentences given in some of the crypto cases. If the guy is guilty, let him serve his sentence. This doesn't hinder the ATM (and Bitcoin) expansion at all, it's not like he was legally running the chain of bancomats.

Quote from: mk4 on July 23, 2020, 11:14:08 AM

impressive how the malls have been so careless to the point that they conducted business with some dude without a license.

Guess all those places should be penalized as well for letting this happen as well..

Topic: Illegal mass adoption - page 3. (Read 691 times)