Topic: Legal complaint against bitcoinica.com - page 3. (Read 14017 times)

I have already promised to release this information, but not now due to our on-going process of corporate re-organization. We just developed the account verification system today.

It's fine if you proceed with whatever you're doing. But your compliant is definitely invalid according to our current status.

So you didn't bother to ask him FIRST? A few days delay before they publish the necessary documents is too long to wait? What is the time-sensitive ulterior motive here? You are asking for information, have been told it will be coming very soon (which it will), and now it is our turn to ask you a few things. First question being: Do you have the necessary licenses to deal with cash in the manner that your "business" does? And, can you prove it?

Best thing I saw all day.

Thank you psy !!!

LOL. Seal of approval. Hehehe.

Despite digging his business its own grave, I think OP did actually something GOOD to the BTC economy:

IMO the complaint is just an obvious sample of what may be going on behind the scenes anyway. If we honestly thought nobody would ever question the legitimacy or status of BTC businesses, if just kept quiet about it, we would have changed that way of thinking at least after the recent pressure on tradehill & paxum became public. Its overdue.

So what are we complaining about?

In fact this little wake up call (and I certainly hope Zhou takes it seriously) may prove to be beneficial to BTC and Bitcoinica after all. If BTC related businesses havent thought too much about legal implications of their doing, then now they will start. Preparing and building resilience against legal difficulties can never be wrong. After all its only one individual lodging this rant. On top of all, its Spain (no offence Spanians )being a small market possible action may not affect others immediately. Being also part of the EU, any rulings may take a long time and can be expected to be publicly discussed, making it possible to take part in the decision making process.

To sum up, nothing unexpected should have happened and it only paves another step on the road to mainstream adoption.

@zhoutong thanks for answering some questions. Can you show us some paperwork on bitcoinica.com, like company registration with the local authorities, and your position in the company ? Contract or similar will do, you can blackout very sensitive information.

Who else works at bitcoinica.com ? Can you provide some relevant information in the public domain on the issues above ?

Ugh. Well I wish I could say OP didn't deserve it, but it's going to be an interest month while we wait for this meme to die down.

Attention business owners:

Please send you applications for the Paraipan Seal of Approval or you'll be denounced to the popos.

indeed but that would be only for my person, as i don't have a company. please keep on topic dude

Can you do the same for your "business"

@zhoutong thanks for answering some questions. Can you show us some paperwork on bitcoinica.com, like company registration with the local authorities, and your position in the company ? Contract or similar will do, you can blackout very sensitive information.

I don't think Zhou should use an internet forum to deal with legal complaints. It's not the right area.

I think bitcoinica should respond to this post offically .

Dear Bitcointalk members,

Thank you for your active participation in this thread. We're now working on the official response regarding this matter and hopefully we can clear things up.

Meanwhile, we want to make clear a few things:

- Bitcoinica is no longer a product of xWaylab Inc., and we no longer operate in the jurisdiction of Delaware. We have registered a new entity outside of United States and we are now a fully licensed financial services provider in that country. (We will announce our new corporate structure with proof of financial services license available from a government site.)

- Bitcoinica is a Bitcoin CFD (Contract For Difference) trading platform, not a bucket shop. Even though our trading facilities don't deliver actual Bitcoins, there is actual trading of Bitcoins among Bitcoinica customers or at other exchanges. The benefit of trading CFDs instead of Bitcoins is the possibility of margin trading of commodity-like assets, instead of contract-like assets. The underlying trading process is absolutely legal.

- We have a legal deadline for doing KYC procedures, and currently we are still far from that. However, we are considering requiring identification documents from our customers. We will launch a poll to hear your voices.

It's surprising that the OP didn't give us more than 3 days to announce the changes at the corporate side of Bitcoinica, and this thread has forced us to put aside our technical development and focus on the legal problems right away. We will address these issues soon.