Bitcoin Forum

A few months later, finally got a response from ASIC about tradehill
quote:

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http://www.tradehill.com

I refer to your correspondence of 4 July 2011 in which you raise concerns about a foreign company called TradeHill, which operates the website http://www.tradehill.com where bitcoins can be exchanged for national currencies. I understand that you are specifically concerned that the company and the website are not subject to government regulation.

ASIC has extensively considered the issues raised in your correspondence and has decided that we will not take any further action in connection with your concerns at this stage.

Firstly, there is insufficient evidence before ASIC that TradeHill needs to be registered with us. It is noted that TradeHill is USA and Chilean based company, although it has some Australian users. Although a foreign company may not carry on a business in Australia unless it is registered under Div 2 of Pt 5B.2 of the Corporations Act 2001 ("the Act"), a company does not carry on a business here merely because it maintains a bank account in Australia or solicits or procures an order that becomes a binding contract in Australia.

ASIC has also considered whether TradeHill may be required to hold some type of licence issued and regulated by ASIC (such as an Australian Financial Services Licence or a Australian Market Licence) or be subject to consumer protection laws administered by this agency. It has been concluded that such rules are not applicable as TradeHill's business does not appear to involve financial products or services (as defined in the Act).

Although ASIC has decided not to pursue your concerns at this stage, we appreciate the time you have taken to alert us to this matter. Given bitcoins are a relatively new and novel technology it is possible that ASIC's position may be reviewed in the future. In addition, the information you have given us has been stored in our confidential internal database and will assist if we receive further similar reports.

You may wish to raise your concerns with other government agencies or your local Member of Parliament.

If you have any questions in relation to this email please contact me on

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It has been concluded that such rules are not applicable as TradeHill's business does not appear to involve financial products or services (as defined in the Act).

I'd love to see his original letter. What prompted him to whinge about them in the first place?

Noticed this posted to SA board (which I read when I'm bored). Not sure if this has been posted here, or if Tradehill guys are aware:


Source:
http://forums.somethingawful.com/showthread.php?threadid=3438321&userid=0&perpage=40&pagenumber=156#post398104448

SA goons really hate Bitcoin, think it's a scam, see it's users as lunatic idiots, think only use for bitcoin is illegal activities and scamming people, and they desperately want bitcoin to fail just to get some laughs at others' expence. In other words, they're a bunch of bored lonely trolls with a glorified sence of justice, and way way way too much free time on their hands. So that's why.

Assuming this is legit (and if it's a troll it's very well written) this is:

1) Reassuring
2) The first government to officially say it's ok with Bitcoin / not a financial instrument and not regulated as far as I am aware of.

Truly interesting stuff. We've had a few people try to cause problems for us in Australia and it could be for a variety of reasons. One of the most frustrating parts about Bitcoin is the uncertainty. This clears a little bit up for now. If they decide to change their mind I hope they let everyone know in advance.

Thanks for the link.

Jered

P.S. can you put a smiley face or something like good news in the title, assumed it was another troll thread and almost didn't click it.

SA goons really hate Bitcoin, think it's a scam, see it's users as lunatic idiots, think only use for bitcoin is illegal activities and scamming people, and they desperately want bitcoin to fail just to get some laughs at others' expence. In other words, they're a bunch of bored lonely trolls with a glorified sence of justice, and way way way too much free time on their hands. So that's why.

  Being a former SA member, from back when there were more sound minds about there, I would highly advise some of them to take a break from the interwebs. Then come back in a few months and just spend some time reading the content that is posted there these days. I believe their take on many of the views expressed therein would be quite different. As I know mine are. Of course, the few years of college and living in the 'real world' after my presense there probably have something to do with my view of the place now as well.

  Cheers

If they really though this they would not pay any attention to Bitcoin. Its because they believe it can take off that they are so obsessed.

Thinking about it a bit more, I think their biggest problem is that it's a clusterfuck of yes-men. The amount of peer pressure and regurgitation of each others ideas pretty much guarantees that everyone will be on the same page, wishing for the same thing (downfall of whatever they feel like laughing about), and I doubt any amount of education will make a difference.

Noticed this posted to SA board (which I read when I'm bored). Not sure if this has been posted here, or if Tradehill guys are aware:


Source:
http://forums.somethingawful.com/showthread.php?threadid=3438321&userid=0&perpage=40&pagenumber=156#post398104448

Apologies for raising this thread from the dead. Can someone PM me the details for contacting ASIC (email addy?) in reference to a similar query I have. This time its the broker WorldBitcoinExchange, based and registered in Australia.