Unlicensed Exchangers | Bitcointalksearch.org

tbterryboy

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Quote from: mayax on April 21, 2016, 11:20:29 AM

Why do the people still use unlicensed exchangers like Kraken, Xapo, BTC-e, Okcoin, BTC China, Bitfinex and many others? All of them are out law and they can be closed anytime and your money lost...

This is only the most recent example but there are so many like: http://www.coindesk.com/men-plead-guilty-running-unlicensed-bitcoin-exchange/

This seems to be the number one way people are abusing bitcoin. Slowly these people are going to jail which is great for the real bitcoin community. Eventually unlicensed exchangers will be gone and only legit sellers will exist. It’s just a matter of time in my opinion.

QuestionAuthority

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You lead and I'll watch you walk away.

Quote from: coinplus on August 17, 2016, 08:14:19 AM

Quote from: QuestionAuthority on August 16, 2016, 08:48:19 AM

Quote from: gentlemand on August 16, 2016, 08:13:10 AM

Quote from: QuestionAuthority on August 16, 2016, 07:41:41 AM

Bitcoin seems to be the worst magnetic attractant for criminals since the prohibition era liquor business or the 40s-50s Vegas gambling business. Too bad Bitcoin didn't exist in the mid 20th century. The Chicago, New York and Vegas La Cosa Nostra would have loved it. LOL

Internet, irreversible, quasi anonymous, moronic users. It's just about the single most perfect petri dish for dishonesty ever conceived.

I know, right? It's pure perfection. Not to mention being the best source of comedy gold there is.

I just posted "LOL" in so many whining threads about "somebody stole my bitcoins, how do I get them back" that I almost got permabanned.

ROFL

I just can't help but laugh at them either, although I feel bad about it but still.

Can't really blame them for not knowing enough about bitcoins though and ignorance is a bliss is not a good excuse.

Nah, feel free to laugh at the idiots. I had a professor in college that responded this way to one of the more hippie liberal students. The student wanted everyone to share equally in the wealth of society. The professor said, "some people are just too stupid, poor or lazy to educate themselves. I'm not sharing what I have with those lazy fools. If you want to give them all of your money, go right ahead but I believe the world needs low paid ditch diggers too".

He was right. I'm not leaving my big house in San Francisco to drive over to Salinas and pick my own spinach. Let the idiots do that job. In the immortal words of the English poet Thomas Tusser, "A fool and his money are soon parted".

btccashacc

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Quote from: mayax on August 16, 2016, 07:01:51 AM

BTC is not considered a legal currency in any country. It is considered a commodity or asset. Also, the same laws operate in almost all the countries. Once you are running an exchange/broker/forex business (accepting fiat or sending fiat) you must be licensed.

USA is enforcing the laws much better than other countries, that's why some exchangers registered in US have applied for financial licenses. The rest of them are operating illegally.

you're right !
in my country our local exchanger has licensed same like broker or forex company, since bitcoin used as a commodity like gold or oil thus our government allow them, however using bitcoin as a currency in our country is breaking the law and could be prosecuted, but until now I did not see anyone convicted cause used bitcoin as currency

coinplus

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Quote from: QuestionAuthority on August 16, 2016, 08:48:19 AM

Quote from: gentlemand on August 16, 2016, 08:13:10 AM

Quote from: QuestionAuthority on August 16, 2016, 07:41:41 AM

Bitcoin seems to be the worst magnetic attractant for criminals since the prohibition era liquor business or the 40s-50s Vegas gambling business. Too bad Bitcoin didn't exist in the mid 20th century. The Chicago, New York and Vegas La Cosa Nostra would have loved it. LOL

Internet, irreversible, quasi anonymous, moronic users. It's just about the single most perfect petri dish for dishonesty ever conceived.

I know, right? It's pure perfection. Not to mention being the best source of comedy gold there is.

I just posted "LOL" in so many whining threads about "somebody stole my bitcoins, how do I get them back" that I almost got permabanned.

ROFL

I just can't help but laugh at them either, although I feel bad about it but still.

Can't really blame them for not knowing enough about bitcoins though and ignorance is a bliss is not a good excuse.

keyscore44

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There is no option to trade with FIAT without control. If is - just let me know where i can open anonymous account! Please!

There are zones where transfer over 50k euros are over control, but we - i mean casual users of Bitcontalk - can only dream about..

zodin

full member

Activity: 224

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even bitcoin is out of law in most of the area and if they closed using bitcoin in their state and take a serious action then what about your investment, so we can say that people are investing their money for making money.

eternalgloom

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Quote from: franky1 on April 21, 2016, 12:58:13 PM

Quote from: Lauda on April 21, 2016, 11:58:14 AM

Quote from: mayax on April 21, 2016, 11:52:48 AM

All the countries have laws regarding to financial transactions and they require a financial license for the Bitcoin exchangers. It doesn't matter if you are in USA or China.

If Bitcoin isn't defined as money in their country, exactly why would they need such a license? Bitcoin is still in the 'grey zone' for a lot of places.

sometimes i think lauda needs to step outside of the box and see the whole ecosystem.

if they are touching FIAT.. like doing bank deposits. then they need licences of the type of currency they are accepting.

EG
if it were the american dollar.. then they need american licence.
if its were a euro then they need a european licence

if however they are just swapping bitcoin for altcoins(no fiat at all). then and only then do they not need a licence.

Completely agree with that, once you start dabbling with actual currency, you'd need a license. But I don't think it's fair to assume that Lauda was ignorant about that.

Quote from: FabioDelcatto on August 16, 2016, 07:21:45 AM

Most unlicensed exchanges, if not all, are just giving bitcoin a bad name. They practice shady schemes which makes the price vulnerable for investors.

If it's an unlicensed exchange that only deals with crypto-currency, there's no problem and there's nothing wrong with that.

coin_gambler

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Quote from: FabioDelcatto on August 16, 2016, 07:21:45 AM

Most unlicensed exchanges, if not all, are just giving bitcoin a bad name. They practice shady schemes which makes the price vulnerable for investors.

you are right, such exchanges usually turn to a scam that steals a lot of money from people so i avoid it

QuestionAuthority

legendary

Activity: 2156

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You lead and I'll watch you walk away.

Quote from: gentlemand on August 16, 2016, 08:13:10 AM

Quote from: QuestionAuthority on August 16, 2016, 07:41:41 AM

Bitcoin seems to be the worst magnetic attractant for criminals since the prohibition era liquor business or the 40s-50s Vegas gambling business. Too bad Bitcoin didn't exist in the mid 20th century. The Chicago, New York and Vegas La Cosa Nostra would have loved it. LOL

Internet, irreversible, quasi anonymous, moronic users. It's just about the single most perfect petri dish for dishonesty ever conceived.

I know, right? It's pure perfection. Not to mention being the best source of comedy gold there is.

I just posted "LOL" in so many whining threads about "somebody stole my bitcoins, how do I get them back" that I almost got permabanned.

ROFL

mayax

legendary

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Quote from: machinek20 on August 16, 2016, 07:53:03 AM

Even if the exchanger got licensed and then they closed or ran away, how can we sue or chase them, our account all is anonymous and we dont have any identity to prove it

a licensed exchanger is insured(a bond is requested by the authorities before the license is granted), it has bank accounts, it must have a real office, an accountant, an external auditor and many other things.

they are not and they cannot be anonymous.

now, try to visit Bitfinex office or BTC-e office

gentlemand

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Welt Am Draht

Quote from: QuestionAuthority on August 16, 2016, 07:41:41 AM

Bitcoin seems to be the worst magnetic attractant for criminals since the prohibition era liquor business or the 40s-50s Vegas gambling business. Too bad Bitcoin didn't exist in the mid 20th century. The Chicago, New York and Vegas La Cosa Nostra would have loved it. LOL

Internet, irreversible, quasi anonymous, moronic users. It's just about the single most perfect petri dish for dishonesty ever conceived.

machinek20

hero member

Activity: 840

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Even if the exchanger got licensed and then they closed or ran away, how can we sue or chase them, our account all is anonymous and we dont have any identity to prove it

QuestionAuthority

legendary

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You lead and I'll watch you walk away.

Quote from: mayax on August 16, 2016, 07:01:51 AM

Quote from: beerlover on August 15, 2016, 01:35:36 AM

Quote from: mayax on August 14, 2016, 08:49:18 AM

Quote from: davis196 on August 14, 2016, 08:41:13 AM

Quote from: mayax on April 21, 2016, 11:20:29 AM

Why do the people still use unlicensed exchangers like Kraken, Xapo, BTC-e, Okcoin, BTC China, Bitfinex and many others? All of them are out law and they can be closed anytime and your money lost...

This is only the most recent example but there are so many like: http://www.coindesk.com/men-plead-guilty-running-unlicensed-bitcoin-exchange/

Because they don`t have choice.Bitcoin is still illegal in some countries.

I don`t know is it possible for a cryptocurrency exchange platform to get a license.

see Coinbase, Gemini, ItBit, Circle. all these got licenses, so it's possible if you really want to run a legit business

Depends on the country where the exchanger is running it's operation.
See those exchangers that you have listed all run in the US, where bitcoin is officially considered a legal currency and laws apply to it which is why they are required to have license.

BTC is not considered a legal currency in any country. It is considered a commodity or asset. Also, the same laws operate in almost all the countries. Once you are running an exchange/broker/forex business (accepting fiat or sending fiat) you must be licensed.

USA is enforcing the laws much better than other countries, that's why some exchangers registered in US have applied for financial licenses. The rest of them are operating illegally.

Bitcoin seems to be the worst magnetic attractant for criminals since the prohibition era liquor business or the 40s-50s Vegas gambling business. Too bad Bitcoin didn't exist in the mid 20th century. The Chicago, New York and Vegas La Cosa Nostra would have loved it. LOL

LFC_Bitcoin

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Quote from: FabioDelcatto on August 16, 2016, 07:21:45 AM

Most unlicensed exchanges, if not all, are just giving bitcoin a bad name. They practice shady schemes which makes the price vulnerable for investors.

Yes but some people don't want to upload official documents to places like Coinbase because they lose anonymity. It's sad what happened at bfx but I understand why people use(d) them.

FabioDelcatto

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Most unlicensed exchanges, if not all, are just giving bitcoin a bad name. They practice shady schemes which makes the price vulnerable for investors.

mayax

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Quote from: beerlover on August 15, 2016, 01:35:36 AM

Quote from: mayax on August 14, 2016, 08:49:18 AM

Quote from: davis196 on August 14, 2016, 08:41:13 AM

Quote from: mayax on April 21, 2016, 11:20:29 AM

Why do the people still use unlicensed exchangers like Kraken, Xapo, BTC-e, Okcoin, BTC China, Bitfinex and many others? All of them are out law and they can be closed anytime and your money lost...

This is only the most recent example but there are so many like: http://www.coindesk.com/men-plead-guilty-running-unlicensed-bitcoin-exchange/

Because they don`t have choice.Bitcoin is still illegal in some countries.

I don`t know is it possible for a cryptocurrency exchange platform to get a license.

see Coinbase, Gemini, ItBit, Circle. all these got licenses, so it's possible if you really want to run a legit business

Depends on the country where the exchanger is running it's operation.
See those exchangers that you have listed all run in the US, where bitcoin is officially considered a legal currency and laws apply to it which is why they are required to have license.

BTC is not considered a legal currency in any country. It is considered a commodity or asset. Also, the same laws operate in almost all the countries. Once you are running an exchange/broker/forex business (accepting fiat or sending fiat) you must be licensed.

USA is enforcing the laws much better than other countries, that's why some exchangers registered in US have applied for financial licenses. The rest of them are operating illegally.

beerlover

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Quote from: mayax on August 14, 2016, 08:49:18 AM

Quote from: davis196 on August 14, 2016, 08:41:13 AM

Quote from: mayax on April 21, 2016, 11:20:29 AM

Why do the people still use unlicensed exchangers like Kraken, Xapo, BTC-e, Okcoin, BTC China, Bitfinex and many others? All of them are out law and they can be closed anytime and your money lost...

This is only the most recent example but there are so many like: http://www.coindesk.com/men-plead-guilty-running-unlicensed-bitcoin-exchange/

Because they don`t have choice.Bitcoin is still illegal in some countries.

I don`t know is it possible for a cryptocurrency exchange platform to get a license.

see Coinbase, Gemini, ItBit, Circle. all these got licenses, so it's possible if you really want to run a legit business

Depends on the country where the exchanger is running it's operation.
See those exchangers that you have listed all run in the US, where bitcoin is officially considered a legal currency and laws apply to it which is why they are required to have license.

Senor.Bla

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Quote from: avikz on August 14, 2016, 12:36:07 PM

Is there any licensed exchange available to trade bitcoin? I really don't know. If anyone know about it, then please let us know so that we can start using that exchange.

I am using c-cex since the beginning of my trading so is it also an unlicensed exchange? Just trying to know the truth.

just a few post over you:
https://bitcointalksearch.org/topic/m.15920306

to my knowledge c-cex operates without a license, but you should double check this. also i do not seed why we should all just use the licenced ones.

mayax

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Quote from: avikz on August 14, 2016, 12:36:07 PM

Is there any licensed exchange available to trade bitcoin? I really don't know. If anyone know about it, then please let us know so that we can start using that exchange.

I am using c-cex since the beginning of my trading so is it also an unlicensed exchange? Just trying to know the truth.

according to their Facebook, they are from Germany but it can be a misleading info. it seems they are from Russia. they have no information about company(very shady website) so they surely have no license. stay away !

Coinbase, Gemini, ItBit, Circle and Bitstamp are the only exchangers (for now) who have financial licenses.

avikz

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Is there any licensed exchange available to trade bitcoin? I really don't know. If anyone know about it, then please let us know so that we can start using that exchange.

I am using c-cex since the beginning of my trading so is it also an unlicensed exchange? Just trying to know the truth.

Topic: Unlicensed Exchangers (Read 7284 times)