Nobody knows at this point what legal issue has brought about the sudden closure of GLBSE because Nefario has so far refused to reveal that information.  While the catalyst may well have been the SEC's investigation into pirate, it could be the UK's FSA which has delivered the smack down.  While it's true that regulators rarely pursue criminal charges against small operators, that doesn't mean that they don't issue administrative penalties against small operators.  Regulators also decide to blitz specific types of illegal activity from time to time and they generally throw the book at anyone who gets caught during such blitzes.

That GLBSE was offering unregistered securities to the public is only one legal issue.  It also played a role in facilitating pirate's scam and that may create a bigger legal problem for the owners than simply operating an unregulated exchange.

If that's the case, then wouldn't all of those who sent money in to GLBSE be facing the same charges?  Afterall, how many of us have any idea who Nefario is? Not to mention who is on the other side of the securities we purchased.

The AML /Terrorism issue is to stop funds being paid back to a laundery or terrorist. You dont have to compare it to where the funds came from the exchange just has to have proof of who they are passing that money back too. Ideally in order to comply with AML they should have had those details before they accepted deposits, they didnt do that and it seems they are trying to cover there backs by taking these steps. IF that is what is aactually happening. Much of the converstation in these threads is conjecture and speculation and FUD.

Sorry, that doesn't hold water.  He didn't get any ID to get the money in, so the ID means nothing now.  What's he going to compare it to?

The only way to have any faith it's being returned to the depositors is to return it to the same address.


Now, THAT I could see as a problem.  Is there any way to tell if a payment comes from a person or a 3rd party?  If so, he could still "reverse" the direct payments.

What, exactly, is stopping him from simply sending them all back to the accounts from whence they came?

WoW

Im new here and already lost money.

Maybe a new section can be put on the forum, such as POTENTIAL SCAMS and we could warn each other against this kind of wrongdoing.

So now what, how will a safe secure exchange be setup ?

I don't mind at all what they do with their GLBSE profits. But I think that is a right of the users to know now WTF are they going to do with their service. Do we have to wait that they get some permission from some state? (then we can fugged about it).  Are they going to sell the whole thing to someone else? Are they going underground on the .onion? What are the fucking procedures to deal directly with the asset issuers to recover the ownership of the shares?

All this talk about GLBSE being illegal is nonsense. All that happened was the exchange of bitcoins, someone said its because its unregulated securities where a security is anything of value. Well if thats the case then every transaction of bitcoins is also an illegal transaction of a security, so watch out what your so quick to measure out, all those who consider themselves oh so pure.

If government wants to call it illegal then it has to first define bitcoins as a species of money or come out with an offical stance, otherwise its no different to saying you cant trade within a game.

This was there when the statement was first posted.

Nef is using strong words to try and get Theymos to give him these monies, which are really our monies.

IMO, any monies he sends to Nef we can all kiss goodbye.

I want for Theymos to step up, and agree to manage the dispersal of customer funds.  He has shown himself to be far more forthright than mr. Nef, and is treasurer after all.  Giving over the treasury funds to Nef now after all that has happened is highly unlikely to result in a happy ending for us users IMO.

Theymos, I understand that your position sucks, and you just want out of it, like you did even before this whole situation exploded.  Unfortunately, you're our only hope, and the funds that you hold are valuable leverage.

Please do not give our monies over to Nefario!  Instead, demand a copy of the user database, and manage the dispersals yourself, as a proper Treasurer should.

Any chance of a quick run-down of the chat? I think we're all curious to find out what's going on here...

Did you ask him if we can have the fees back we paid for an IPO he now will not provide since he has turned tail and run away?

I for one have a lot of sympathy toward Nefario, there have been missteps but what he (and other shareholders) were trying to accomplish was out of this world.

And he deserves some support from the community.

I do not think so, he deserves to be doxed and haunted for the rest of the time he uses the internet by the online mob.

You pay the import taxes to your state, it dosent change if the thing comes from Russia china or the states, it's always the 20%.

Yeah I'm interested in this also.

Can this be used to fix the mess Nefario and his gang left behind? https://bitcointalk.org/index.php?topic=115825.0

I think hes saying you can assume your investment with the issuer if you give the issuer your email user and btc addressa so they can carry on business without the interface of glbse. However we dont have any information on the issuers in order to contact them in the first place, so its immposible to do whats being asked, unless we can either access glbse or glbse emails each user with all their details.

This obviously should of happened anyway, for if someone doesnt check the website they would be none the wiser anyway, its either complete incompetence or theft.

Does anyone have the email for contacting glbse?