Unlicensed Exchangers - page 5. | Bitcointalksearch.org

mayax

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Quote from: Wendigo on April 30, 2016, 10:56:36 PM

Is BTC-e really registered in Cyprus? I know the exchange is owned and operated by Russians but if you do a Google search it says that it's a cryptocurrency exchange based in Bulgaria. Where did you find it's registered in Cyprus? Maybe they opted to register in Cyprus because Cyprus has the most lenient trade laws in the EU or something.

The company is registered in Cyprus but the owners are from Russian and Bulgaria.

mayax

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Quote from: richkellj on April 30, 2016, 09:29:35 PM

Quote from: Dabs on April 29, 2016, 11:28:53 PM

Quote from: mayax on April 29, 2016, 06:47:34 PM

Quote from: Dabs on April 28, 2016, 10:28:06 AM

I use exchanges that don't require me to be verified. But then I don't usually trade more than 10k USD at a time.

you can do that but do not complain on forums if an exchanger will steal your funds

They don't require me to be verified, but they are licensed by the financial thingy in their country. So, they probably verify me through my deposit method or something. Doesn't matter. The coins disappear once I've bought them.

Bitcoin cannot be regulated because there is no central power

it was never about BTC regulation but about the ones who are the "middle" man(exchangers) between you, as user and BTC as e-currency.

keyscore44

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Quote from: Wendigo on April 30, 2016, 10:56:36 PM

Is BTC-e really registered in Cyprus? I know the exchange is owned and operated by Russians but if you do a Google search it says that it's a cryptocurrency exchange based in Bulgaria. Where did you find it's registered in Cyprus? Maybe they opted to register in Cyprus because Cyprus has the most lenient trade laws in the EU or something.

According to this old Coindesk article:

Quote

Although from its Google search description, BTC-e appears to be headquartered in Bulgaria, it uses Czech banks and the managing company is in fact based in Cyprus.

http://www.coindesk.com/russian-prosecutors-office-btc-e-investigation-hoax/

BTC-e terms & conditions:

Quote

Jurisdiction Laws in the country where the user resides may not allow the usage of an online tool with the characteristics of BTC-e or any of its features. BTC-e does not encourage the violation of any laws and cannot be held responsible for violation of such laws. For all legal purposes, these Terms of Use shall be governed by the laws applicable in the Cyprus. You agree and hereby submit to the exclusive personal jurisdiction and venue of the Cyprus for the resolution of any disputes arising from these Terms of Use.

Wendigo

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Is BTC-e really registered in Cyprus? I know the exchange is owned and operated by Russians but if you do a Google search it says that it's a cryptocurrency exchange based in Bulgaria. Where did you find it's registered in Cyprus? Maybe they opted to register in Cyprus because Cyprus has the most lenient trade laws in the EU or something.

richkellj

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Activity: 756

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Quote from: Dabs on April 29, 2016, 11:28:53 PM

Quote from: mayax on April 29, 2016, 06:47:34 PM

Quote from: Dabs on April 28, 2016, 10:28:06 AM

I use exchanges that don't require me to be verified. But then I don't usually trade more than 10k USD at a time.

you can do that but do not complain on forums if an exchanger will steal your funds

They don't require me to be verified, but they are licensed by the financial thingy in their country. So, they probably verify me through my deposit method or something. Doesn't matter. The coins disappear once I've bought them.

Bitcoin cannot be regulated because there is no central power

mayax

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Quote from: yayayo on April 30, 2016, 04:32:21 PM

Quote from: mayax on April 30, 2016, 04:06:13 PM

yes, the exchangers(the companies) need license. it does not matter where they are incorporated.

Regulatory requirements differs from country to country. Saying that exchangers need a license, regardless of their home country is simply not true. Kraken, BTC-e and Bitfinex all operate lawfully within their jurisdiction.

Bitcoin has evolved to a degree where the state is well aware of its existence. If the named high-volume exchanges would be operating illegally (based on current laws), they would have been closed already. Of course, new laws might change the situation.

That said, I want to add that I do not endorse "licensing" Bitcoin at all. In my eyes it's plain old school repression.

ya.ya.yo!

Kraken is registered in California, USA and they have no license. Do you think they are legal?

Many unlicensed exchangers from USA are in jail for this thing. Kraken operates in almost all the US without ANY license. Example: they accept clients from Florida and Florida requires a MSB license

BTC-e = registered in Cyprus. According to EU, they need a financial license.

Bitfinex= registered in BVI. BVI requires a financial license for their activity. Bitfinex says that they operate from Hong Kong; same as in BVI, HK requires a financial license for Bitcoin exchangers.

yayayo

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Quote from: mayax on April 30, 2016, 04:06:13 PM

yes, the exchangers(the companies) need license. it does not matter where they are incorporated.

Regulatory requirements differs from country to country. Saying that exchangers need a license, regardless of their home country is simply not true. Kraken, BTC-e and Bitfinex all operate lawfully within their jurisdiction.

Bitcoin has evolved to a degree where the state is well aware of its existence. If the named high-volume exchanges would be operating illegally (based on current laws), they would have been closed already. Of course, new laws might change the situation.

That said, I want to add that I do not endorse "licensing" Bitcoin at all. In my eyes it's plain old school repression.

ya.ya.yo!

mayax

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Quote from: socks435 on April 30, 2016, 11:40:28 AM

Quote from: Oralmat on April 30, 2016, 11:09:36 AM

Quote from: PangLima Coin on April 21, 2016, 12:02:57 PM

Quote from: mayax on April 21, 2016, 11:52:48 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 america if you think so, they are out of the law of america

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.

how about coin?does the coin must have license too or it will be closed ,.lol

bitcoins does not need any licenses.

I think bitcoins need licensed if they are willing to start a business exchanger site so that they can accept banks to use their services or to buy bitcoin using banks..

yes, the exchangers(the companies) need license. it does not matter where they are incorporated.

socks435

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I'm looking for free spin.

Quote from: Oralmat on April 30, 2016, 11:09:36 AM

Quote from: PangLima Coin on April 21, 2016, 12:02:57 PM

Quote from: mayax on April 21, 2016, 11:52:48 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 america if you think so, they are out of the law of america

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.

how about coin?does the coin must have license too or it will be closed ,.lol

bitcoins does not need any licenses.

I think bitcoins need licensed if they are willing to start a business exchanger site so that they can accept banks to use their services or to buy bitcoin using banks..

Oralmat

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Quote from: PangLima Coin on April 21, 2016, 12:02:57 PM

Quote from: mayax on April 21, 2016, 11:52:48 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 america if you think so, they are out of the law of america

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.

how about coin?does the coin must have license too or it will be closed ,.lol

bitcoins does not need any licenses.

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: vero on April 30, 2016, 02:07:23 AM

Quote from: Amph on April 30, 2016, 01:39:57 AM

Quote from: Hazir on April 28, 2016, 11:30:37 AM

Quote from: Dabs on April 28, 2016, 10:28:06 AM

I use exchanges that don't require me to be verified. But then I don't usually trade more than 10k USD at a time.

Same as me. I don't like KYC policy and ID collecting by companies when it is perfectly fine to transfer BTC without any of my personal info given.
I feel uneasy when I am asked to release my personal information to some unknown service which can be selling my info tomorrow.

especially if those exchange go bankrupt like mtgox shit, and your real info is leaked and probably stolen by someone whose intention are not really legal

This is one case that should make us learn to not saving the money in exchanger even they've licensed because if a company declared bankrupt we can't ask for replacement of the money has lost because of a case.

but you can get some money back if the company is licensed because they put an amount as guarantee when they asked for license. same with the banks. a bank can go bankrupt but you can get back up to 100,000 EURO in Europe. I don't know how much in USA.

also, a licensed exchanger will not have problems with the banks it's using. most of the exchangers are changing the bank accounts often due to this thing. the banks are blocking their accounts because they are not respecting the KYC/ AML. in short, they are outlaws.

also, why don't you use an unlicensed bank and you do prefer to use a licensed local one(preferably near to your house)?

vero

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Quote from: Amph on April 30, 2016, 01:39:57 AM

Quote from: Hazir on April 28, 2016, 11:30:37 AM

Quote from: Dabs on April 28, 2016, 10:28:06 AM

I use exchanges that don't require me to be verified. But then I don't usually trade more than 10k USD at a time.

Same as me. I don't like KYC policy and ID collecting by companies when it is perfectly fine to transfer BTC without any of my personal info given.
I feel uneasy when I am asked to release my personal information to some unknown service which can be selling my info tomorrow.

especially if those exchange go bankrupt like mtgox shit, and your real info is leaked and probably stolen by someone whose intention are not really legal

This is one case that should make us learn to not saving the money in exchanger even they've licensed because if a company declared bankrupt we can't ask for replacement of the money has lost because of a case.

Amph

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Activity: 3248

Merit: 1070

Quote from: Hazir on April 28, 2016, 11:30:37 AM

Quote from: Dabs on April 28, 2016, 10:28:06 AM

I use exchanges that don't require me to be verified. But then I don't usually trade more than 10k USD at a time.

Same as me. I don't like KYC policy and ID collecting by companies when it is perfectly fine to transfer BTC without any of my personal info given.
I feel uneasy when I am asked to release my personal information to some unknown service which can be selling my info tomorrow.

especially if those exchange go bankrupt like mtgox shit, and your real info is leaked and probably stolen by someone whose intention are not really legal

Wendigo

legendary

Activity: 2604

Merit: 1036

Yeah mate it doesn't matter if the exchange that I am using is licensed or not at all. The most important thing is to handle my orders on time and to have low fees and of course to be honest towards their customers. Everything else is just bureaucracy which doesn't make an entity more trustful just because they have a bunch of documents issued by the government.

Cyaren

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Well, why do you trust theymos? He's unlicensed. What about all the sellers on localbitcoins? They're unlicensed too.

Having a license doesn't mean you're trustworthy. Look at how many banks go insolvent each year. It's about reputation and trust.

Dabs

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The Concierge of Crypto

Quote from: mayax on April 29, 2016, 06:47:34 PM

Quote from: Dabs on April 28, 2016, 10:28:06 AM

I use exchanges that don't require me to be verified. But then I don't usually trade more than 10k USD at a time.

you can do that but do not complain on forums if an exchanger will steal your funds

They don't require me to be verified, but they are licensed by the financial thingy in their country. So, they probably verify me through my deposit method or something. Doesn't matter. The coins disappear once I've bought them.

OROBTC

legendary

Activity: 2968

Merit: 1895

...

Some of the brightest people on the planet are computer scientists or programmers. (I am not.)

At some point a team of these very bright people may come up with a way to stay hidden (or beyond the touch of the LAW), set up an exchange with good service and not rip-off people. I do not know how that will be done, but my guess is that it will.

An example (though not attracting as much attention as an exchange would) is bitmixer. They have been a reputable service for years yet they keep on serving their customers excellently.

mayax

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Quote from: Dabs on April 28, 2016, 10:28:06 AM

I use exchanges that don't require me to be verified. But then I don't usually trade more than 10k USD at a time.

you can do that but do not complain on forums if an exchanger will steal your funds

richkellj

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Ok coin has over 90% exchange distribution, while CNY is the main currency on china. Youalso cannot accpet china exchanges

Hazir

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★Nitrogensports.eu★

Quote from: Dabs on April 28, 2016, 10:28:06 AM

I use exchanges that don't require me to be verified. But then I don't usually trade more than 10k USD at a time.

Same as me. I don't like KYC policy and ID collecting by companies when it is perfectly fine to transfer BTC without any of my personal info given.
I feel uneasy when I am asked to release my personal information to some unknown service which can be selling my info tomorrow.

Topic: Unlicensed Exchangers - page 5. (Read 7284 times)