Unlicensed Exchangers

[Cyaren]

Well, why do you trust theymos? He's unlicensed. What about all the sellers on localbitcoins? They're unlicensed too.

Having a license doesn't mean you're trustworthy. Look at how many banks go insolvent each year. It's about reputation and trust.

[Wendigo]

Yeah mate it doesn't matter if the exchange that I am using is licensed or not at all. The most important thing is to handle my orders on time and to have low fees and of course to be honest towards their customers. Everything else is just bureaucracy which doesn't make an entity more trustful just because they have a bunch of documents issued by the government.

[Amph]

I use exchanges that don't require me to be verified. But then I don't usually trade more than 10k USD at a time.

Same as me. I don't like KYC policy and ID collecting by companies when it is perfectly fine to transfer BTC without any of my personal info given.
I feel uneasy when I am asked to release my personal information to some unknown service which can be selling my info tomorrow.

especially if those exchange go bankrupt like mtgox shit, and your real info is leaked and probably stolen by someone whose intention are not really legal

[vero]

I use exchanges that don't require me to be verified. But then I don't usually trade more than 10k USD at a time.

Same as me. I don't like KYC policy and ID collecting by companies when it is perfectly fine to transfer BTC without any of my personal info given.
I feel uneasy when I am asked to release my personal information to some unknown service which can be selling my info tomorrow.

especially if those exchange go bankrupt like mtgox shit, and your real info is leaked and probably stolen by someone whose intention are not really legal

This is one case that should make us learn to not saving the money in exchanger even they've licensed because if a company declared bankrupt we can't ask for replacement of the money has lost because of a case.

[mayax]

I use exchanges that don't require me to be verified. But then I don't usually trade more than 10k USD at a time.

Same as me. I don't like KYC policy and ID collecting by companies when it is perfectly fine to transfer BTC without any of my personal info given.
I feel uneasy when I am asked to release my personal information to some unknown service which can be selling my info tomorrow.

especially if those exchange go bankrupt like mtgox shit, and your real info is leaked and probably stolen by someone whose intention are not really legal

This is one case that should make us learn to not saving the money in exchanger even they've licensed because if a company declared bankrupt we can't ask for replacement of the money has lost because of a case.

but you can get some money back if the company is licensed because they put an amount as guarantee when they asked for license. same with the banks. a bank can go bankrupt but you can get back up to 100,000 EURO in Europe. I don't know how much in USA.

also, a licensed exchanger will not have problems with the banks it's using. most of the exchangers are changing the bank accounts often due to this thing. the banks are blocking their accounts because they are not respecting the KYC/ AML. in short, they are outlaws.

also, why don't you use an unlicensed bank and you do prefer to use a licensed local one(preferably near to your house)?

[Oralmat]

closed by who? if it's not by their local jurisdiction, they cannot be closed america if you think so, they are out of the law of america

All the countries have laws regarding to financial transactions and they require a financial license for the Bitcoin exchangers. It doesn't matter if you are in USA or China.

how about coin?does the coin must have license too or it will be closed ,.lol

bitcoins does not need any licenses.

[socks435]

closed by who? if it's not by their local jurisdiction, they cannot be closed america if you think so, they are out of the law of america

All the countries have laws regarding to financial transactions and they require a financial license for the Bitcoin exchangers. It doesn't matter if you are in USA or China.

how about coin?does the coin must have license too or it will be closed ,.lol

bitcoins does not need any licenses.

I think bitcoins need licensed if they are willing to start a business exchanger site so that they can accept banks to use their services or to buy bitcoin using banks..

[mayax]

closed by who? if it's not by their local jurisdiction, they cannot be closed america if you think so, they are out of the law of america

All the countries have laws regarding to financial transactions and they require a financial license for the Bitcoin exchangers. It doesn't matter if you are in USA or China.

how about coin?does the coin must have license too or it will be closed ,.lol

bitcoins does not need any licenses.

I think bitcoins need licensed if they are willing to start a business exchanger site so that they can accept banks to use their services or to buy bitcoin using banks..

yes, the exchangers(the companies) need license. it does not matter where they are incorporated.

[yayayo]

yes, the exchangers(the companies) need license. it does not matter where they are incorporated.

Regulatory requirements differs from country to country. Saying that exchangers need a license, regardless of their home country is simply not true. Kraken, BTC-e and Bitfinex all operate lawfully within their jurisdiction.

Bitcoin has evolved to a degree where the state is well aware of its existence. If the named high-volume exchanges would be operating illegally (based on current laws), they would have been closed already. Of course, new laws might change the situation.

That said, I want to add that I do not endorse "licensing" Bitcoin at all. In my eyes it's plain old school repression.

ya.ya.yo!

[mayax]

yes, the exchangers(the companies) need license. it does not matter where they are incorporated.

Regulatory requirements differs from country to country. Saying that exchangers need a license, regardless of their home country is simply not true. Kraken, BTC-e and Bitfinex all operate lawfully within their jurisdiction.

Bitcoin has evolved to a degree where the state is well aware of its existence. If the named high-volume exchanges would be operating illegally (based on current laws), they would have been closed already. Of course, new laws might change the situation.

That said, I want to add that I do not endorse "licensing" Bitcoin at all. In my eyes it's plain old school repression.

ya.ya.yo!

 Kraken is registered in California, USA and they have no license. Do you think they are legal? Many unlicensed exchangers from USA are in jail for this thing. Kraken operates in almost all the US without ANY license. Example: they accept clients from Florida and Florida requires a MSB license

BTC-e = registered in Cyprus. According to EU, they need a financial license.

Bitfinex= registered in BVI. BVI requires a financial license for their activity. Bitfinex says that they operate from Hong Kong; same as in BVI, HK requires a financial license for Bitcoin exchangers.

[richkellj]

I use exchanges that don't require me to be verified. But then I don't usually trade more than 10k USD at a time.

you can do that but do not complain on forums if an exchanger will steal your funds

They don't require me to be verified, but they are licensed by the financial thingy in their country. So, they probably verify me through my deposit method or something. Doesn't matter. The coins disappear once I've bought them.

Bitcoin cannot be regulated because there is no central power

[Wendigo]

Is BTC-e really registered in Cyprus? I know the exchange is owned and operated by Russians but if you do a Google search it says that it's a cryptocurrency exchange based in Bulgaria. Where did you find it's registered in Cyprus? Maybe they opted to register in Cyprus because Cyprus has the most lenient trade laws in the EU or something.

[keyscore44]

Is BTC-e really registered in Cyprus? I know the exchange is owned and operated by Russians but if you do a Google search it says that it's a cryptocurrency exchange based in Bulgaria. Where did you find it's registered in Cyprus? Maybe they opted to register in Cyprus because Cyprus has the most lenient trade laws in the EU or something.

According to this old Coindesk article:

Although from its Google search description, BTC-e appears to be headquartered in Bulgaria, it uses Czech banks and the managing company is in fact based in Cyprus.

http://www.coindesk.com/russian-prosecutors-office-btc-e-investigation-hoax/

BTC-e terms & conditions:

Jurisdiction Laws in the country where the user resides may not allow the usage of an online tool with the characteristics of BTC-e or any of its features. BTC-e does not encourage the violation of any laws and cannot be held responsible for violation of such laws. For all legal purposes, these Terms of Use shall be governed by the laws applicable in the Cyprus. You agree and hereby submit to the exclusive personal jurisdiction and venue of the Cyprus for the resolution of any disputes arising from these Terms of Use.

[mayax]

I use exchanges that don't require me to be verified. But then I don't usually trade more than 10k USD at a time.

you can do that but do not complain on forums if an exchanger will steal your funds

They don't require me to be verified, but they are licensed by the financial thingy in their country. So, they probably verify me through my deposit method or something. Doesn't matter. The coins disappear once I've bought them.

Bitcoin cannot be regulated because there is no central power

it was never about BTC regulation but about the ones who are the "middle" man(exchangers) between you, as user and BTC as e-currency.

[mayax]

Is BTC-e really registered in Cyprus? I know the exchange is owned and operated by Russians but if you do a Google search it says that it's a cryptocurrency exchange based in Bulgaria. Where did you find it's registered in Cyprus? Maybe they opted to register in Cyprus because Cyprus has the most lenient trade laws in the EU or something.

The company is registered in Cyprus but the owners are from Russian and Bulgaria.

[rapazev]

I do use some of these
i'm kinda new in bitcoin world, so where can i see if a exchange is licensed or not? is poloniex trustable?

[mayax]

I do use some of these
i'm kinda new in bitcoin world, so where can i see if a exchange is licensed or not? is poloniex trustable?

NO, poloniex is not a financial licesed exchangers and they are based in USA. A country where many exchangers are in jail because of this.

Unfortunately, there are not so many regulated exchangers and all of them are USA. It's not good but..that's it. You may use Coinbase, Itbit, Circle, Gemini.

[spazzdla]

OP.. do you really think the people of this forum view the gov and law in a positive light? We see their oppression.

[mayax]

OP.. do you really think the people of this forum view the gov and law in a positive light? We see their oppression.

Good. then why do you go to a gov authority to complain if someone scam you(even with BTC) ?

I understand your point and you are right. You choose to be like that BUT be "like that" till the end.

gov and law= bad
BTC = good

Is that correct? If so, why there are so many people complaining about "scams" and some of these want the gov and laws to make justice for them?

[spazzdla]

OP.. do you really think the people of this forum view the gov and law in a positive light? We see their oppression.

Good. then why do you go to a gov authority to complain if someone scam you(even with BTC) ?

I understand your point and you are right. You choose to be like that BUT be "like that" till the end.

gov and law= bad
BTC = good

Is that correct? If so, why there are so many people complaining about "scams" and some of these want the gov and laws to make justice for them?

You can't do anything about it yourself.  

Laws are not bad, our govs are corrupt as all hell though thus corrupt laws.  



What does a license prove?