I was totally serious, btw.
What is the "rule of thumb" for reporting transfers? I see you allow something like $500 per transfer not to exceed $4000/day.. if you had those daily for a month (or more) would you report them, or allow them unreported?
Sure, see below. One thing to note is 'Suspicious Activity' does NOT mean its illegal, it just means that the government would like to have on file, that I've reported such things.
MtGox, TradeHill, and other exchanges have extremely similar requirements (To the best of my knowledge)
This
only applies if we don't have your records (ID, utility bill) on file. We have arbitragers and high volume traders that go well beyond these limits and we dont have to report.
Suspicious Activity - DefinedIt is impossible for the directorate to define all activity that would qualify as suspicious. However, the following guidelines quantify the types of suspicious activities that BitInstant will monitor for.
Suspicious Activity1. Two or more deposits made during a week, where the total amount of the deposits is greater than $10,000.
2. Two or more deposits made during a month, where the total amount of the deposits is greater than $20,000.
3. Two or more cash deposits made during a quarter, where the total amount of the deposits is more than $36,000.
4. Any one time cash deposit between $8,000 and $10,000.
5. Transfers equal or above $4,000 in a day.
-Charlie
