Topic: LocalBitcoins and FinCEN (Read 485 times)
I'm planning on being very small and don't really have the resources to do this. I'm just asking for community advice since a lot of the community here.... well trades bitcoins. I'm curious if they ran into any troubles and if so what.
If you choose not to get legal advice from a qualified attorney, then:
You pays your money, and you takes your chances.
You pays your money, and you takes your chances.
I hope to move this to legal once I have the ability. I would like to start trading with others through localbitcoins. If I do will I have to register with FinCEN? Registration is too capital intensive for me since I hear you need $100k liquid and $1,000 registration fee. I am going to be very small time and would simply like to help foster local adoption and make a little coin. I do not want to go to jail or pay $50,000 for a lawyer to save me. I have read the following:
* You do have to register if you are doing this "regularly"
* You do not have to register if you do it regularly but stay under $999 per day.
* You do not have to register if you keep a single transaction under $10,000.
* You do have to register no matter what.
There is so much contradictory information regarding this.
I found this (http://bitcoin.stackexchange.com/questions/12559/legal-issues-banking-issues-selling-bitcoins-to-people-otc) but I am not sure how much I trust their advice. I also am unsure of the definition of "single person". Does that mean you can only trade $999 with a single person, or are you the seller the person?
Does FinCEN even make "laws" that are prosecutable in court or are these just "guidelines". I don't think I want to piss off FinCEN.
* You do have to register if you are doing this "regularly"
* You do not have to register if you do it regularly but stay under $999 per day.
* You do not have to register if you keep a single transaction under $10,000.
* You do have to register no matter what.
There is so much contradictory information regarding this.
I found this (http://bitcoin.stackexchange.com/questions/12559/legal-issues-banking-issues-selling-bitcoins-to-people-otc) but I am not sure how much I trust their advice. I also am unsure of the definition of "single person". Does that mean you can only trade $999 with a single person, or are you the seller the person?
Does FinCEN even make "laws" that are prosecutable in court or are these just "guidelines". I don't think I want to piss off FinCEN.
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