|
Title: Currency Exchange vs. Money Transmission Post by: Junko on May 13, 2016, 04:29:26 PM Could someone kindly please explain in layman's terms the difference between currency exchange vs money transmission - in regards to bitcoin, of course.
And is using localbitcoins considered currency exchange or money transmission? Title: Re: Currency Exchange vs. Money Transmission Post by: BurtW on May 14, 2016, 05:57:14 PM Could someone kindly please explain in layman's terms the difference between currency exchange vs money transmission - in regards to bitcoin, of course. I was arrested, had my Bitcoins, cash, all my computers, and other property seized, was thrown into solitary confinement and charged with operating a money transmittal business without a license all for simply trading Bitcoins on localbitcoins.com.And is using localbitcoins considered currency exchange or money transmission? I claimed I was an investor trading for my own account, they claimed it was a business. In the end, after about $300,000 in legal fees and extortion payments, we agreed to disagree. You can read all about it here: http://www.burtw.com http://www.jmwagner.com https://bitcointalk.org/index.php?topic=1182005 (and many other threads here on this forum, just google my name + Bitcoin) Title: Re: Currency Exchange vs. Money Transmission Post by: Junko on May 15, 2016, 05:38:05 AM Could someone kindly please explain in layman's terms the difference between currency exchange vs money transmission - in regards to bitcoin, of course. I was arrested, had my Bitcoins, cash, all my computers, and other property seized, was thrown into solitary confinement and charged with operating a money transmittal business without a license all for simply trading Bitcoins on localbitcoins.com.And is using localbitcoins considered currency exchange or money transmission? I claimed I was an investor trading for my own account, they claimed it was a business. In the end, after about $300,000 in legal fees and extortion payments, we agreed to disagree. You can read all about it here: http://www.burtw.com http://www.jmwagner.com https://bitcointalk.org/index.php?topic=1182005 (and many other threads here on this forum, just google my name + Bitcoin) Yeah, man. I read about you and your story. Sounds like a shitty thing that happened to you to say the least. I can't even begin to imagine what it must have been like for you and your family to go through that whole ordeal. I hope you are able to recoup your losses in time. Title: Re: Currency Exchange vs. Money Transmission Post by: Dank14 on May 18, 2016, 06:09:01 AM I never knew you could get arrested for being a bitcoin trader.
Need a licence to trade bitcoins? Are they saying what localbitcoins is doing is wrong or what? |