Bitcoin Forum

Need some help!

I registered my business with fincen , but i have no state licence , I have alot of illegal immigrants that want to buy bitcoin from me.
My question > Can i sell bitcoin to illegal immigrant? or should i have a  no-action letters?  they are  not resident or us citizen. Those illegal immigrants got us bank account .

Do you have to get people's ID? If not I'd say it's more the role of their banks... If its a US bank account then it's probably not even your problem...

Just look into laws on selling things for other people, most anti money laundering picies say that $1000-5000 in cash cna be traded without the need to check ID. To be honest, if its amounts like $20 you're very unlikely to be proved by anyone...

I don't think you'll be getting any no-action letters about this. :D

Offhand, I am not aware of any legal issues with selling bitcoins to illegal immigrants. The main thing to worry about is complying with FinCEN requirements and state requirements. FinCEN recently distinguished money orders and traveler’s checks from all other MSB operations, which now require SAR reporting at $2,000 or more (https://www.fincen.gov/money-services-business-msb-suspicious-activity-reporting).

Are you sure you don't need a state license? Look into it if you haven't. Many states require a license.

If you don't need a state license and you are dealing under $2,000 in aggregate transactions with any one person, you probably don't need to worry too much. You should be collecting ID above that threshold and possibly below it too. Avoid anyone who mentions illicitly obtained funds and people who insist on trading high volumes without KYC.

If illegal immigrants in the US can buy houses, cars, have jobs, and also have loans from bank I don't think that you would be doing something illegal on your side since other businesses does this as well. Simply them being undocumented people in the US doesn't restrict them from paying something up after all cash is king. You really don't have to worry about this since even if you are aware that they are illegal immigrants there is no law that is stopping you from conducting a business with them. Just think of it like they are buying in Walmart or shopping in Amazon they aren't stopped or ban their accounts just because they aren't citizens there.

There is no law which can stop you from selling bitcoin to an illegal immigrant. These illegal immigrants can even buy houses through ITIN route because there is now law that states illegal residents can't buy a house in US. So you are good.

Just ensure to have their ITIN numbers as a proof to ensure you have not sold your bitcoins to undocumented aliens. But I believe you need to have a separate state permission in order to even start operating. Please have a discussion with lawyers before you even start selling to legal people.

Wouldn't you need to ask for a SSN or ITIN if this is the case since KYC is mandatory? If SSN is required then there's probably no way to do this fully legally; illegal immigrants can get an ITIN though, so there's that.

Either way, small amounts should be mostly inconsequential.

Illegal immigrant to me has no problem of buying bitcoin since it is through internet transfer and if the transaction of bitcoin is not illegal in the America. This is one better aspect of bitcoin, because it is anonymous .

If you're a gun dealer, you must make sure your customer is having the proper license, but there are no such laws regarding BTC. You can trade with whoever you want. Besides, you're not supposed to know if the guy is legal or illegal, an American citizen or a foreigner. Plenty of citizens are of mixed race with an accent. You just can't tell what they are!

Well, my own opinion is will not be caused you of without action letter or any issue at all in your part since you will only be dealing with a little US dollar amount when selling bitcoins to illegal immigrants. As a matter of fact, these illegal immigrants can also do a transaction in big companies for their necessities and they are also using their bank accounts on these moreover, --some of these could even buy expensive properties such as cars but the company where they bought it wasn't even summoned without action letter.

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Furthermore, these illegal immigrants are already dwelling in the US where they also have the freedom to buy whatever they want and whenever they please as long all their transactions should not go against the law and must be subject to the policies implied by the government which doesn't include the citizenship of the buyer. For your peace of mind, you may want to sell it in cash or other methods that they may not need to disclose their identity.

This is exactly my line of thought because as far as they can still go to the mall to buy things and there is no rule against that, then I don't see you having problem. The challenge is if you suspect that they might be using it for illegal means then its on you to make formal report to the authority. Other than that, you are good.

Exactly, I don't see anything wrong with illegal immigrants buying bitcoin in the US. We haven't heard any rules against them purchasing BTC. And probably depends on how much they are going to buy, maybe you can ask them to show you their ITIN, for documentation.