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Author Topic: Why are UK bitcoin buying options disappearing  (Read 10651 times)
franky1
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May 12, 2013, 11:03:02 PM
 #41

I am curious, would I face any legal complications if I were to set up an eCommerce store which sells BTC? I have set up systems that accept bank transfer and Bitcoin before so perhaps I could offer better prices then Localbitcoins etc.
this is not official advise, just unofficial tip

speaking to most banks, the FSA, HMRC the basic rule of thumb is, if you stay under the wire transfer limits of roughly £850 per customer per day banks wont see it as a risk to require investigating you. speak to your bank about how much transfer YOU are allowed per day on YOUR account. exceeding this second amount will get the banks and......... (dramatic pause) HMRC to start to take in interest in you (ripple effect through to FSA).

basically if you stick under £850 per customer and under the total daily transmission limits your bank account allows then both FSA and your bank will treat you as a personal transaction (not business) so you can get away with a certain amount.
the general amounts are  here but thats generalised as each account type within each bank have their own limits.

so, to those doing occasional localbitcoin style transactions, you don't have much to worry about..much... but don't get "to big for your own boots", and be honest with your bank as to why or what the transactions are for. as saying your selling advertising where infact its bitcoins. and then some scamming &a$tard tries contacting your bank for a transfer reversal, lying to your bank won't have helped your cause.

it is also worth noting that if you do want to regularly exceed these amounts and do it as a business, (hopefully you already know the regulations and what limits there are) to look at if you want to just be FSA authorised or FSA accredited. as they are 2 separate things. (accredited is the more expensive one for businesses doing more then £3mill a month).

i personally would say don't have the mindset of 'what you can get away with' - instead, learn the regulations, learn the limits and do everything official and honest. Purely to avoid headaches and surprises later.

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May 12, 2013, 11:05:36 PM
 #42

I have a family member in the UK who sends me some money occasionally and beginning last year I started asking them to do it using bitcoin. We used to use Intersango, but that was shut down soon after. We moved to using blockchain.info's UK options but even that was shut down in the last week or so. I asked on the bitcoin-otc IRC channel and someone said the UK authorities are cracking down. I haven't seen any news on this and I follow bitcoin realetd news regularly. Does anyone know WTF is going on?? Huh

It could probably be a good business idea for someone to open a cash office in London, ala WU, only going GBP <> BTC.
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May 12, 2013, 11:23:06 PM
 #43

I personally believe that BitBargain.co.uk is by far the easiest option. Because its a marketplace and not an exchange, you can often pick up cheap coins solely off sellers needing some quick cash. Other benefits over Local Bitcoins is that you can trade LTC too and ratings actually mean something. Plus I hear BTCFaucet is going to implement some sort of ID check soon!

1. Litecoin 2. Bitcoin 3. Any of the Anon coins
owenprescott
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May 12, 2013, 11:34:43 PM
 #44

I am curious, would I face any legal complications if I were to set up an eCommerce store which sells BTC? I have set up systems that accept bank transfer and Bitcoin before so perhaps I could offer better prices then Localbitcoins etc.
This is exactly what the whole thread is about.

Yes but Localbitcoins and Bitbargain seem to offer the same kind of options, on a larger scale yet they seem to be ok in the UK (including offer bank transfers)? The other Bitcoin services that are getting shut down etc seem to be suseptible due to scale where as I am wondering if a small time shop would work under the radar.

I am curious, would I face any legal complications if I were to set up an eCommerce store which sells BTC? I have set up systems that accept bank transfer and Bitcoin before so perhaps I could offer better prices then Localbitcoins etc.
this is not official advise, just unofficial tip

speaking to most banks, the FSA, HMRC the basic rule of thumb is, if you stay under the wire transfer limits of roughly £850 per customer per day banks wont see it as a risk to require investigating you. speak to your bank about how much transfer YOU are allowed per day on YOUR account. exceeding this second amount will get the banks and......... (dramatic pause) HMRC to start to take in interest in you (ripple effect through to FSA).

basically if you stick under £850 per customer and under the total daily transmission limits your bank account allows then both FSA and your bank will treat you as a personal transaction (not business) so you can get away with a certain amount.
the general amounts are  here but thats generalised as each account type within each bank have their own limits.

so, to those doing occasional localbitcoin style transactions, you don't have much to worry about..much... but don't get "to big for your own boots", and be honest with your bank as to why or what the transactions are for. as saying your selling advertising where infact its bitcoins. and then some scamming &a$tard tries contacting your bank for a transfer reversal, lying to your bank won't have helped your cause.

it is also worth noting that if you do want to regularly exceed these amounts and do it as a business, (hopefully you already know the regulations and what limits there are) to look at if you want to just be FSA authorised or FSA accredited. as they are 2 separate things. (accredited is the more expensive one for businesses doing more then £3mill a month)

This was my line of thinking tbh, if I was to set up my proposed idea then I highly doubt I would reach a significant size worth investigation. I am sure many on these forums, eBay and so on regularly make large sums. Obviously I wont be using any of this theoretical talk as a basis for legal information. I might offer up 1BTC on one of my merchant channels just to get an idea of how easy the transaction goes through.
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May 31, 2013, 02:40:12 PM
 #45

I tried an alternative account number for Bitstamp... this worked once for a small payment but then a slightly larger payment failed.

I then tried Currencyfair. I tried a very small payment to Bitstamp as a test, that was 2 days ago. I then tried €100 a day ago and that too isn't there yet either.

I have been using Bitcoin to regularly reduce banking fees. It means that instead of saving up and sending in big blocks of cash to reduce fees I was able to send as little as £1 if I wanted to with no extra costs - otherwise this would have cost me £25 on send, ~$20 in the middle and $15 on receive.

I will try bitbargain. Might look into getting paid outside the UK... it can only get worse

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October 13, 2014, 07:38:14 AM
 #46

Check out Bitcoin Magnet for buying BTC @ Bitstamp +5%  Smiley

Bitcoin Magnet - Buy & sell bitcoin automatically using your UK bank account!
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October 20, 2014, 09:58:50 AM
 #47

we need a good gbp/btc exchange imo ! Smiley

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