Intersango exchange (formerly Britcoin) - page 21.

Calibre

newbie

Activity: 17

Merit: 0

Quote from: Jobbernowl on June 09, 2011, 10:51:55 AM

Quote from: janice on June 09, 2011, 10:40:02 AM

If BritCoin opt to operate out of the UK, they will be bound by the UK Money Laundering Regulations: http://www.legislation.gov.uk/uksi/2007/2157/regulation/20/made

That legislation looks like it pretty neatly covers Britcoin's operations. Is there a reason for them to be exempt from needing to do all that scrutiny of customers and transactions stuff?

I think the only weak element there is the use of OpenID, where customer contact details are not explicitly requested, and the non-verification of customer identity (copy of a utility bill, driving licence, passport, etc).

Calibre

newbie

Activity: 17

Merit: 0

Ahhhh... of course, that makes a lot of sense. Bank transfers are traceable and non-anonymous, cash payments are not (or rather, considerably less so).

How on earth am I going to be able to launder my profits from prostitution and crack dealing now? Grin

Jobbernowl

member

Activity: 222

Merit: 12

Quote from: janice on June 09, 2011, 10:40:02 AM

If BritCoin opt to operate out of the UK, they will be bound by the UK Money Laundering Regulations: http://www.legislation.gov.uk/uksi/2007/2157/regulation/20/made

That legislation look like it pretty covers Britcoin's operations. Is there a reason for them to be exempt needing do all that scrutiny of customers and transactions stuff?

janice

newbie

Activity: 5

Merit: 0

Quote from: Calibre on June 09, 2011, 10:00:13 AM

Thanks genjix - these updates are very much appreciated.

Just a quick question - would you have any objection to users making cash deposits at bank branches? I could understand you objecting to this (although there is nothing to stop people trying anyway) just in case the reference number was not captured/entered correctly by the teller at the time of deposit.

If BritCoin opt to operate out of the UK, they will be bound by the UK Money Laundering Regulations: http://www.legislation.gov.uk/uksi/2007/2157/regulation/20/made

That typically makes it impractical to accept funds by "anonymous" donations, else you risk an early morning wake up: http://www.guardian.co.uk/world/2011/jan/05/police-smash-london-drug-gangster-syndicate

"the nearby Euro Foreign Exchange, through which up to £1m a day in drug money would be laundered"

Calibre

newbie

Activity: 17

Merit: 0

Thanks genjix - these updates are very much appreciated.

Just a quick question - would you have any objection to users making cash deposits at bank branches? I could understand you objecting to this (although there is nothing to stop people trying anyway) just in case the reference number was not captured/entered correctly by the teller at the time of deposit.

genjix

legendary

Activity: 1232

Merit: 1076

Thank you, that is much appreciated. I am not taking donations now though as that may have legal implications.

Yesterday during the day, before the server change over, we processed all the deposits and withdraws. We are hoping to be able to do the same thing tomorrow during bank hours. Once we have fully switched servers, we plan to process deposits and withdaws daily during bank hours so that people in the UK will be able to deposit and have the funds in their account same day (if they deposit early in the day). Same for cashouts.

jonathan

member

Activity: 84

Merit: 14

Genjix, you are--or might be feeling--under a fuckload of pressure here. I hope you are coping OK. Don't let this all get you down! You have done some great work. What's the addy to send you a btc contribution?

Calibre

newbie

Activity: 17

Merit: 0

Thanks for the update!

Can you tell us what impact this has on processing bank deposits? Is there any kind of backlog at the moment? It would be good to get a view on how quickly or otherwise transfers will be processed.

genjix

legendary

Activity: 1232

Merit: 1076

We are really sorry for these delays. We are working full time to get this fixed. We have just moved servers and in the future we will be moving bank accounts. Although we are having some delays now, these switches are all being done to increase site security and to be able to seemlessly scale with future volume.

Thank you for your patience.

Calibre

newbie

Activity: 17

Merit: 0

I suspect that if the back-end is still down/broken then that would cause the lack of updates on bitcoincharts and would also explain any delays in bank transfers materialising in user profiles. The funds (including my own) are probably sat in the bank account, but genjix is remaining as cautious as ever (as he has done so far) to ensure that nothing gets screwed up during these platform changes.

Fingers crossed that he can get everything back to normal and stable before the price starts to motor again!

snaz30

newbie

Activity: 4

Merit: 0

icicle... Yeah i feel your pain dude that must suck... I cant talk for britcoin really so i have no idea what's happened in your case... All i can suggest is try to e mail again... Also the guy is offering a free service and you can imagine how many people are using it, mistakes are bound to happen, i know it's tough when its you, but just try to stay positive... I hope you get the matter resolved soon... It's a bit worrying that the britcoin charts have just seemed to stop... Hopefully we'll have news of what.s going on soon.

tomfluff

newbie

Activity: 17

Merit: 0

Site is still down for maintenance here.

Still a great service Genjix is providing. It's just a shame my money is in GBP whilst the prices are rising Sad

Hopefully it's back up soon.

Genjix are you a one man army coding this site or is there a group of you?

nopasaran

newbie

Activity: 6

Merit: 0

"Down for maintenance."

icicle

member

Activity: 102

Merit: 10

Help me save Buddy!

Quote from: Sultan on June 09, 2011, 06:33:30 AM

Quote from: dotwaffle on June 09, 2011, 06:01:09 AM

Quote from: icicle on June 09, 2011, 05:11:06 AM

Well if you got yours in a couple of hours while I've waited 9 days then there's a problem. On the 6th I sent a message to [email protected] asking him to look into it.

Yeah, I've waited 6 days (though only 4 working days to be fair) and not had anything come through. 2 hours is a bit of an annoyance, I would have had a 50% rise on my order since then Sad

UID: 1184

If you are so eager to buy BitCoins and the exchange is not doing it, perhaps you can buy some over the counter? I'm sure there's some guys in the UK willing to accept a bank transfer to send you some of their BitCoins.

That is actually a very good idea. I will remember it for next time, thank you!

This time, sadly, all the cash I had allocated to this project has been in financial limbo somewhere between Mr Taaki's account and Britcoin since the 31st, so I can't spend it elsewhere.

Besides which, right now might well have been the time I'd have chosen to sell. But I don't know for sure. I have not examined the chart too well as I found the prospect depressing.

Oh well, there is always another day and another market.

janice

newbie

Activity: 5

Merit: 0

http://bitcoincharts.com/markets/britcoinGBP_trades.html

shows no trading activity since 10pm last night (GMT)...

Sultan

full member

Activity: 214

Merit: 100

Quote from: dotwaffle on June 09, 2011, 06:01:09 AM

Quote from: icicle on June 09, 2011, 05:11:06 AM

Well if you got yours in a couple of hours while I've waited 9 days then there's a problem. On the 6th I sent a message to [email protected] asking him to look into it.

Yeah, I've waited 6 days (though only 4 working days to be fair) and not had anything come through. 2 hours is a bit of an annoyance, I would have had a 50% rise on my order since then Sad

UID: 1184

If you are so eager to buy BitCoins and the exchange is not doing it, perhaps you can buy some over the counter? I'm sure there's some guys in the UK willing to accept a bank transfer to send you some of their BitCoins.

dotwaffle

newbie

Activity: 2

Merit: 0

Quote from: icicle on June 09, 2011, 05:11:06 AM

Well if you got yours in a couple of hours while I've waited 9 days then there's a problem. On the 6th I sent a message to [email protected] asking him to look into it.

Yeah, I've waited 6 days (though only 4 working days to be fair) and not had anything come through. 2 hours is a bit of an annoyance, I would have had a 50% rise on my order since then Sad

UID: 1184

realnowhereman

hero member

Activity: 504

Merit: 502

Quote from: Sultan on June 09, 2011, 04:35:11 AM

At the time of writing this, there is a sell order for 18.21 BTC for 300GP making it 16.4745 GBP/BTC

However there is also a buy order for 45.2 BTC for 840 GBP making it 18.5841 GBP/BTC

A guy is willing to pay £18.5 for BTC and somebody is willing to sell for £16.47.

Is there a problem with the site where the orders are not being matched and the trade not happening?

Looks to me like the website software is running fine, but the trading back end has crashed.

Looks like the migration didn't go as well as planned.

Raphael

newbie

Activity: 1

Merit: 0

Quote from: Sultan on June 09, 2011, 04:35:11 AM

At the time of writing this, there is a sell order for 18.21 BTC for 300GP making it 16.4745 GBP/BTC

However there is also a buy order for 45.2 BTC for 840 GBP making it 18.5841 GBP/BTC

A guy is willing to pay £18.5 for BTC and somebody is willing to sell for £16.47.

Is there a problem with the site where the orders are not being matched and the trade not happening?

Many thanks

Sultan

I'm seeing the same thing and have been for much of the day.

bitputrid

newbie

Activity: 1

Merit: 0

My 0.02BTC...

I was confused why everyone was reporting BritCoin to be up but it wasn't working for me...

The answer is that http://britcoin.co.uk is currently resolving correctly, but http://www.britcoin.co.uk isn't.
So, for now, drop the www.

Topic: Intersango exchange (formerly Britcoin) - page 21. (Read 75372 times)