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Author Topic: [2017-10-29] Man In Michigan Prosecuted For Selling Bitcoin  (Read 4750 times)
Squidoogeek
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October 28, 2017, 02:53:15 PM
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https://cointelegraph.com/news/man-in-michigan-prosecuted-for-selling-bitcoin

According to local news media reports, a Michigan man named Bradley Anthony Stetkiw has been charged by local authorities for operating an unlicensed money transmitting business. The charges have been filed in US District Court.

Yeah. He was selling Bitcoin on Localbitcoins.
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October 28, 2017, 03:39:36 PM
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People often ask here questions like "what if Bitcoin was regulated?" or "can Bitcoin be regulated?". But the answer is, it is already regulated in some countries and this is an example of how it looks - people are forced to participate only on licensed markets like Coinbase, otherwise they will face charges. On the network level we will always be free to do whatever we want with out coins, but governments will always be able to direct the use of cryptocurrencies via their laws. We are still on a very early stages of crypto revolution and many things has to happen before the crypto economy will be able to challenge the governments, but Bitcoin has set the first stone for it.

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October 28, 2017, 05:24:58 PM
 #3

I don't understand why would federal authorities even look at him but still... The IRS is the one that should be worried. He's basically evading taxes. Only reason why he is meeting and taking cash for his BTC
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October 28, 2017, 05:56:24 PM
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That's crazy. So exchanging BTC online is all fine, because you're trading via a site that's licensed while selling it for cash is not? That's some crazy logic if you ask me. I bet there's a lot more people selling on localbitcoins and they don't have those licenses, why are they focusing on this or that person instead of asking localbitcoins, which is overseeing the transactions and making them possible, to apply for that license?
Actions like that prove to me that the US gov is only looking to make money on it and targeting the wealthiest traders to steal from them. 
pixie85
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October 28, 2017, 09:55:18 PM
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I don't understand why would federal authorities even look at him but still... The IRS is the one that should be worried. He's basically evading taxes. Only reason why he is meeting and taking cash for his BTC
You can't know for sure. He's registered on localbitcoins and his transactions are logged there, so if the authorities really wanted to check him they would be able to. It would be unwise to sell coins via a site that can allow them to trace him and at the same time trying to avoid income tax.  

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October 28, 2017, 10:40:01 PM
 #6

Nothing surprising here. There have been many individuals and even services who have been shut down and prosecuted for running an unlicensed fiat transmitting service ~ important factor is that it happened in the USA.

The USA has been going nuts on exchanges and individuals doing something that initially looks innocent, but according to their outdated laws, is a serious offense.

Obviously, the majority of the people here don't agree with such governmental actions, but it is what is. If you want to do something like that, at least understand and accept the involved risks ~ at some point, you'll get busted.

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October 28, 2017, 11:56:26 PM
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Nothing surprising here. There have been many individuals and even services who have been shut down and prosecuted for running an unlicensed fiat transmitting service ~ important factor is that it happened in the USA.

the US has always acted behind the scenes, if they want something they act behind the scenes, just look at the problem of disabled accounts that the people of bittrex have, are people from specific countries.



" According to local news media reports, a Michigan man named Bradley Anthony Stetkiw has been charged by local authorities for operating an unlicensed money transmitting business. The charges have been filed in US District Court.

Per the report, Stetkiw had been brokering Bitcoin transactions worth hundreds of thousands of dollars without the proper licensing required for monetary brokering. He had been using the website LocalBitcoins, and would meet his would-be clients at Tim Horton’s restaurant, going by the moniker ‘SaltandPepper.’

As part of a sting operation, federal agents met the trader and purchased more than $55,000 in Bitcoin over the course of a number of meetings, with Stetkiw even brokering deals with out of state sellers. These activities are all licensed by state and federal agencies. "

he was moving a lot of money

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October 29, 2017, 12:13:41 AM
 #8

These news always try to sound like Bitcoin is to blame. Like owning or exchanging Bitcoin is illegal.

While the truth is, that the suspects are always arrested for something else. For not paying taxes, operating some business without license etc. And it really doesn't matter that BTC was somehow involved.

My cryptocurrency portfolio: http://www.coinparator.com/. Track your coins rates for free, no registration!
freebutcaged
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October 29, 2017, 12:57:57 AM
 #9

Well we already know this mate, Bitcoin is not a friend of any government, if it was you losing millions of dollars in tax, it would have made you to

Prosecute him as well. you know what is the best method to sell your Bitcoins without facing charges in the court? instead of selling for cash in places

Like localbitcoins, you should buy something with a lot of demand online, then you could set up a shop to sell them with some discount in exchange for

Cash.
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October 29, 2017, 07:16:50 AM
 #10

None of this will be happening if in the first place that man knows “unlicensed mean illegal”, but now after all he profited and use it inside a jail is unpractical. This is regulation even I would agree because ignorance in the law excuses no one.

Then if it is the price of not taking precautions and only thinks about profits is much of a greedy thing. Then who will be wrong in this doing, the government or the man itself.
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October 30, 2017, 11:17:52 AM
 #11

especially in Michigan... hundreds if not thousands of people are trading at local bitcoins
and there are at least several dozens of american citizens
the question is simple- why Michigan and why this guy? scapegote to make an example of and create a precendent?
hundreds of thousands of dollars he has been,allegedly,exchanging is nothing compared to the daily trading volumes
so it is legal,till you reach a certain threshold? or is it illegal at all?
this makes no sense,but it is not very good for americans who should be very cautious not to fall victim to one of the federal agents buying coins from them

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October 31, 2017, 07:07:02 AM
 #12

That's very unfortunate for him. The others should be aware of the laws regarding in btc. I'm lucky because my country isn't like that.
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