Unlicensed Exchangers - page 3. | Bitcointalksearch.org

mayax

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Quote from: Decoded on August 13, 2016, 04:06:24 PM

None of them are in America or places that don't allow unlicensed money exchangers.

any exchanger who is dealing with US clients, it is considered as making business on US soil ,so they must get a financial license(MSB). This is a FINCEN rule.

I will only say: XAPO, KRAKEN, POLONIEX. All of them are based in USA and they have NO financial license. Conclusion : they can be shutted down overnight

Decoded

legendary

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give me your cryptos

None of them are in America or places that don't allow unlicensed money exchangers.

mayax

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Quote from: Sharma on August 13, 2016, 03:52:22 PM

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/

They obviously dont have choice.Unless governments regulated bitcoin and accept it as currency,they will not give license to bitcoin exchanges

wrong. BTC is like a commodity.

Any broker/forex/exchanger must get a financial license according to the local/international laws(if they want to operate internationally). More, if they want to operate in USA, the exchanger must get a license from each state(50 licenses in total). If the exchanger wants to deal in European Union, it must get a license in any state from EU and this license will be passported to other EU countries. If the exchanger want to deal in Australia, it must get an license from there too.If it wants to deal in China, it's the same...and so on.

This is the way an exchanger is fully in compliance with the law. Be sure that a such exchanger will run over night and it won't make haircuts like Bitfinex did and then to offer you shit tokens.

nejibens

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There is always a big risk when we use those unlicensed exchangers, but sometimes people just don't have another choice and need to exchange their money fast, that's why this exchangers keep running till now

btvGainer

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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/

Yes you are right, unlicensed exchanges can run away with our coins and can't be booked in case they scam.But unfortunately many countries would not give license to bitcoin related exchanges.
The best option for these exchanges is to register their firm under some kind of digital business

Sharma

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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/

They obviously dont have choice.Unless governments regulated bitcoin and accept it as currency,they will not give license to bitcoin exchanges

marky89

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Quote from: Senor.Bla on August 13, 2016, 03:30:10 PM

Quote from: mayax on August 13, 2016, 03:24:37 PM

Yes, it is not go to deal with unlicensed exchangers. Bitfinex just did it as I warned a while. I am sorry that i had right

i think licensing would not have saved bitfinex. most would even say that bitfinex system that was hacked was a result of some changes made because of some kind of licensing. so as a result an unlicensed exchange might be safer.

That bit is not true, though. They made these changes before the CFTC probed and fined them. And it's not clear whether they were even in compliance with the CFTC at the time of the hack -- they don't tell you when you are "in compliance." They only fine you (or worse) when you aren't.

The whole "segregated wallet" BS was just some marketing gimmick for customers IMO. "You can see your coins on the blockchain!" (But per their terms, you can't control them, since even if you have a key and initiate a tx, BitGo can't sign unless compelled by law)

Jannn

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Hundreds of licensed banks failed in the crisis. Licenses did not prevent that.

Senor.Bla

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Quote from: mayax on August 13, 2016, 03:24:37 PM

Yes, it is not go to deal with unlicensed exchangers. Bitfinex just did it as I warned a while. I am sorry that i had right

i think licensing would not have saved bitfinex. most would even say that bitfinex system that was hacked was a result of some changes made because of some kind of licensing. so as a result an unlicensed exchange might be safer.

mayax

legendary

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Yes, it's not good to deal with unlicensed exchangers but many people are choosing without thinking.

Bitfinex just "borrowed some cash"(over 30 MIL USD) from its clients as I warned a while ago. I am sorry that i had right

Superbitzz

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i think its not good to do dealing with unlicenced exchange. there is always a chance that they will take your money . so they are difficult to believe on them . i think we should avoid to do business with them. or to do any exchange through them .

LiberOptions

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Unfortunately, there are still a lot of unlicensed exchangers in the world of cryptocurrency. It is still pretty risky dealing with such kind of exchanges, but many people do't have any other options, and as so their forced to use these sites.

Yakamoto

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Quote from: reuschman on June 11, 2016, 09:20:47 AM

Quote from: wintermeasures on June 11, 2016, 09:03:18 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/

if you do not use them, willing to use exchange what? because the average exchange not licensed. if you have a licensed exchanger then let me know. Thank you

coinbase is a licensed exchanger I guess! they have also an american USA headquarter.

They do probably have a license, or as close as you can get to one if they don't directly have one, since they ask for so many identification pieces and various forms of confirmation.

if you look around enough though there are a fair number of licensed exchanges, you just have to go and find them because most of them won't be advertising themselves.

reuschman

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Quote from: wintermeasures on June 11, 2016, 09:03:18 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/

if you do not use them, willing to use exchange what? because the average exchange not licensed. if you have a licensed exchanger then let me know. Thank you

coinbase is a licensed exchanger I guess! they have also an american USA headquarter.

wintermeasures

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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/

if you do not use them, willing to use exchange what? because the average exchange not licensed. if you have a licensed exchanger then let me know. Thank you

mayax

legendary

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Quote from: Lauda on April 21, 2016, 01:30:29 PM

Quote from: mayax on April 21, 2016, 12:06:29 PM

it's not about Bitcoin. It's about that an exchanger is doing financial transactions. They are receiving money from customers for doing a FINANCIAL service. You need license for a such thing in all the countries. There is NO grey zone.

I don't think these things work the way you think in a lot of places. For example, for withdrawing money in a country where Bitcoin is in the grey area I don't have to pay any kind of tax.

Quote from: mayax on April 21, 2016, 12:06:29 PM

Example: you need a financial license to trade gold even it's virtual gold. Gold is not money...

I need to have a license to trade my FarmVille coins? Roll Eyes

yes, you need a license to trade FarmVille coins to cash and cash to FarmVille coins

mayax

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Quote from: LCSociety on May 19, 2016, 11:58:00 AM

Quote from: Amph on April 21, 2016, 11:30:59 AM

closed by who? if it's not by their local jurisdiction, they cannot be closed by america if you think so, they are out of the law of america

Actually, if you're utilizing a ".com" domain, you're under the jurisdiction of the United States. No matter where you're based.

Just ask Kim DotCom who woke up one morning only to find dozens of US FBI personnel descending from helicopters onto his front lawn (IN NEW ZEALAND) kicking in his doors, seizing his property, businesses and bank accounts... due to internet piracy.

All of this just because his website MegaUpload had a .com at the end of it. Hence why his new website Mega.nz utilizes the .nz extension, thus removing it from the Jurisdiction of the united states.

So yes, each and every one of the aforementioned exchanges are under the jurisdiction of the united states - and if it ever becomes necessary, the owners of these platforms might wake up one day to find their wives and kids hogtied in the living room at the hands of the FBI

very good point and true !

LCSociety

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Quote from: Amph on April 21, 2016, 11:30:59 AM

closed by who? if it's not by their local jurisdiction, they cannot be closed by america if you think so, they are out of the law of america

Actually, if you're utilizing a ".com" domain, you're under the jurisdiction of the United States. No matter where you're based.

Just ask Kim DotCom who woke up one morning only to find dozens of US FBI personnel descending from helicopters onto his front lawn (IN NEW ZEALAND) kicking in his doors, seizing his property, businesses and bank accounts... due to internet piracy.

All of this just because his website MegaUpload had a .com at the end of it. Hence why his new website Mega.nz utilizes the .nz extension, thus removing it from the Jurisdiction of the united states.

So yes, each and every one of the aforementioned exchanges are under the jurisdiction of the united states - and if it ever becomes necessary, the owners of these platforms might wake up one day to find their wives and kids hogtied in the living room at the hands of the FBI

spazzdla

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https://www.reddit.com/r/Bitcoin/comments/4jxddg/erik_voorhees_complying_with_bitlicense_would/

O
W
N
E
D

with some bbq sauce

mayax

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Quote from: mindrust on May 18, 2016, 02:51:45 PM

is btc-e unlicenced really? Maybe in the United States. I don't think they are illegal in Russia. They were there for a long time and i don't think they will ge gone in the next 10 years at least.

yes, they are not licensed anywhere. they claim to be incorporated in Cyprus and according to the Cyprus laws(EU laws), BTC-e must have a financial license. It doesn't matter since they are online.

Topic: Unlicensed Exchangers - page 3. (Read 7284 times)