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Author Topic: Is Selling Bitcoins on LocalBitcoins.com Legal?  (Read 21028 times)
silverkamote
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June 19, 2017, 05:45:04 AM
 #81

its legal bro . as long as your in the u.s and your above 18yrs old. just be cautios of who you are selling to avoid getting scamed. ok bro gudluck and have fun.
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June 19, 2017, 06:28:03 AM
 #82

Until you are selling the bitcoins for the payment which is you own country fiat currency till then i dont think that it is illegal or money laundering or foreign currency, when you are accepting other fiat currency which comes under foreign currency then i think you have to rethink it as it will become like trading in foreign currency and for that you have to take the legal steps

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June 19, 2017, 02:56:50 PM
 #83

It is legal because it assumes KYC at the personal business level.  The site does not directly exchange FIAT for anything, so it does not have to collect the regulated information.  However, the unspoken assumption is that both parties, being citizens of their countries, are fully aware of all local and federal laws and are keeping with those laws by sharing the proper background/identity information with each other.
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June 22, 2017, 02:01:26 PM
 #84

its legal bro . as long as your in the u.s and your above 18yrs old. just be cautios of who you are selling to avoid getting scamed. ok bro gudluck and have fun.

It is like asking why a car can do 100 MPH when it illegal it most places.  The car manufacturer assumes the driver is going to behave in a legal manner, the site is "assuming" legally that both people are being 100% legal.


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April 01, 2018, 09:16:01 AM
 #85

If someone were to sell bitcoins on localbitcoins.com in exchange for paypal my cash cards, which were then deposited into paypal. Is that legal as long as any taxable gains received in the transaction are paid? If the amount is under $500 per day and $4000 per month would there be any requirement to know the customer or comply with anti-money laundering laws?
There really arent any major laws related to it. All that matters is that you have to pay adequate taxes and thats it. There are no other such compliance laws. Moreover localbitcoins.com work because it is legal to sell btc. If it would have been illegal you wont have seen it operating on such a large scale. But yes I still prefer to use some different ways to sell your btc. This method is highly unsafe.


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April 01, 2018, 03:07:58 PM
 #86

If someone were to sell bitcoins on localbitcoins.com in exchange for paypal my cash cards, which were then deposited into paypal. Is that legal as long as any taxable gains received in the transaction are paid? If the amount is under $500 per day and $4000 per month would there be any requirement to know the customer or comply with anti-money laundering laws?

I don't think there is an issues behind. Bitcoin has not set any law that if any transaction crosses any threshold limit, tax has to be paid or the seller or buyer need to liable to any authority. Its a open forum. But in case, if you are using any other payment method then you have be liable for the concern authority. I am sure yes.

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April 01, 2018, 03:11:23 PM
 #87

If someone were to sell bitcoins on localbitcoins.com in exchange for paypal my cash cards, which were then deposited into paypal. Is that legal as long as any taxable gains received in the transaction are paid? If the amount is under $500 per day and $4000 per month would there be any requirement to know the customer or comply with anti-money laundering laws?
There really arent any major laws related to it. All that matters is that you have to pay adequate taxes and thats it. There are no other such compliance laws. Moreover localbitcoins.com work because it is legal to sell btc. If it would have been illegal you wont have seen it operating on such a large scale. But yes I still prefer to use some different ways to sell your btc. This method is highly unsafe.
I believe that localbitcoins are charging some fee to the seller or buyer for every they made successfully. Besides that, Localbitcoins didn't holds any money and it acts only as medium for trading just like this forum so in my own perspective. Localbitcoins is legit AF.

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April 01, 2018, 03:42:26 PM
 #88

There is nothing wrong with selling our bitcoins in localbitcoin.com because it is an exchange and you are using bank accounts for transferring your money so your transaction are also recorded so you need to pay taxes even.But if you do big trades then chances of your bank account will get freezed by governments so as long as we do small trades then there is no problem.

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April 01, 2018, 04:22:40 PM
 #89

As far as I know localbitcoins is good as a decentralized exchange and as long as you trading cryptos i dont see anything wrong but if transactions involve fiat then your countries laws could be applied here and if cryptos are legal or illegal in a country that will tell if LBC is legal.

maarx
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April 01, 2018, 06:47:57 PM
 #90

There is no issues in it unless the buyer and seller are genuine enough in dealing the deal genuine. This is another source of income. I love trading and wish to start trading. Discussing with my friends on getting a trading ideas. This is the right time to buy as many cheapest coins as i can to see a huge profits in not so far but in December 2018.

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