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

legendary
Activity: 1470
Merit: 1004
May 16, 2016, 05:08:32 AM
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.
legendary
Activity: 1470
Merit: 1004
May 02, 2016, 05:30:01 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 Smiley

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.
legendary
Activity: 2002
Merit: 1016
May 01, 2016, 08:01:08 AM
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.
legendary
Activity: 2604
Merit: 1036
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.
hero member
Activity: 756
Merit: 500
April 30, 2016, 09:29:35 PM
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 Smiley

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
legendary
Activity: 1470
Merit: 1004
April 30, 2016, 09:26:18 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? Smiley 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 Smiley

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.

legendary
Activity: 1806
Merit: 1024
April 30, 2016, 04:32:21 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!
legendary
Activity: 1470
Merit: 1004
April 30, 2016, 04:06:13 PM
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.
legendary
Activity: 2058
Merit: 1030
I'm looking for free spin.
April 30, 2016, 11:40:28 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..
hero member
Activity: 588
Merit: 500
April 30, 2016, 11:09:36 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.
legendary
Activity: 1470
Merit: 1004
April 30, 2016, 10:56:25 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)? Smiley

hero member
Activity: 518
Merit: 500
April 30, 2016, 02:07:23 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.
legendary
Activity: 3248
Merit: 1070
April 30, 2016, 01:39:57 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
legendary
Activity: 2604
Merit: 1036
April 30, 2016, 12:20:56 AM
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.
sr. member
Activity: 294
Merit: 250
April 29, 2016, 11:35:31 PM
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.
legendary
Activity: 3416
Merit: 1912
The Concierge of Crypto
April 29, 2016, 11:28:53 PM
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 Smiley

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.
legendary
Activity: 2940
Merit: 1865
April 29, 2016, 10:27:00 PM
#99
...

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.
legendary
Activity: 1470
Merit: 1004
April 29, 2016, 06:47:34 PM
#98
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 Smiley
hero member
Activity: 756
Merit: 500
April 28, 2016, 12:29:07 PM
#97
Ok coin has over 90% exchange distribution, while CNY is the main currency on china. Youalso cannot accpet china exchanges
legendary
Activity: 1596
Merit: 1005
★Nitrogensports.eu★
April 28, 2016, 11:30:37 AM
#96
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.
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