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Author Topic: are UK companies subject to USA laws?  (Read 1640 times)
giantdragon
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October 12, 2013, 07:49:05 PM
 #21

I don't know about UK, but most countries will not extradite from their territory if an act committed is not an offense in this country. For example, if Germany resident was charged in the Saudi Arabia for drinking alcohol or out-marriage sex and runned back to Germany, he will not be extradited.

So, you should abide laws of your own country. If you travel to the U.S., don't hope that IP blocking will save you from prosecution (FBI could just visit your service through proxy and collect enough evidence against you).
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nobbynobbynoob
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October 12, 2013, 08:51:46 PM
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At least Pirateat40 is in jail because he actually committed real crime (fraud). (And he was always in the US to begin with, likewise the alleged DPR.)

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October 12, 2013, 10:13:06 PM
 #23

At least Pirateat40 is in jail because he actually committed real crime (fraud). (And he was always in the US to begin with, likewise the alleged DPR.)

Ross Ubrecht is in custody having been accused of being Dread Pirate Roberts (DPR) and responsible for the acts outlined in the New York and Deleware complaints.

Trendon Shavers (pirateat40) is not in custody (yet) as current there are only civil charges against him (although he was recently arrested for beating his wife).  Times get tough when the money runs out and the law is on your tail.
http://www.justmugshots.com/texas/collin-county/18816833

Ford
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October 13, 2013, 09:45:05 AM
 #24

Ford. Please don't rely on on the internet for your legal advice. If you are really starting a proper business please consult an attorney who specialized in the area of your planned business. Unfortunately this is usually not cheap. Also you seem to be embarking on a financial services type of business. Again this area of business is highly regulated, both in the jurisdiction in which you operate (UK) and in the jurisdiction in which you hope to serve customers/clients (US/UK).  

The US and the UK have high levels of cooperation in most areas of law and regulation so it is not likely that you would be beyond the reach of the US Government if your activity is unlicensed or unregulated and if the level and volume of your activity warranted action on behalf of any enforcement agency.

There is a reason other similar businesses are pulling out of the US. The risks of operating outside of regulation and/or the cost of becoming compliant with all the required laws and regulations far out weight the benefits for a small start up company. This risks include both civil (monetary fines) and criminal (loss of personal freedom) penalties.

You should maybe do a little research about the past bitcoin businesses that may have been great ideas but went wrong badly for either the operators, the users or both.

Extreme cases include the recent Silk Road seizure, and the civil complaint against Trendon Shavers also known as pirateat40 and his Bitcoin Savings and Trust. Nefario's Bitcoin Stock Exchange was another Disaster. Then there is Mybitcoin, Bitcoinica, Bitfoor and the list goes on. All of the cases are well documented and discussed within this forum, reddit and else where around the internet.

There are plenty of successful bitcoin companies and some very interesting (and well funded) startup on the horizon. Unfortunately , for the most part, gone are the days when any coder with a hosted service could spin up a multimillion dollar bitcoin business.
Good luck.

Hello

Thanks for the advice.

I will, prior to launch, seek "proper" UK legal advice, although i don't think (nor intend) to be an illegal business!
(just for the record, I AM NOT PLANNING ANYTHING LIKE THE SILK ROAD! i am an honest business man!)

Most of what i intend will be perfectly legal in all countries with no need for any regulations/registrations, my only concern is that if i offer Shares in my business/website, will there be any regulations i need to abide by (firstly in the UK, and secondly in other countries. And hopefully these regulations will not be vastly different in the US). where required i will abide by these regulations.

Best Regards
Ford

giantdragon
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October 13, 2013, 03:05:04 PM
 #25

Most of what i intend will be perfectly legal in all countries with no need for any regulations/registrations, my only concern is that if i offer Shares in my business/website, will there be any regulations i need to abide by (firstly in the UK, and secondly in other countries. And hopefully these regulations will not be vastly different in the US). where required i will abide by these regulations.
Again, you should not care about abiding laws of every country in the world, it is absurdly! Following this logic, you should cease all business operations because private entrepreneurship may be illegal entirely in some countries like Cuba and North Korea, so Kim Jong-un may ask your extradition Grin
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October 13, 2013, 03:19:39 PM
 #26

Ford. What you are describing sounds like a private placement or a public offering.
Both are regulated here in the US and would have similar regulation in the UK unless you are able to secure funds from your personal assets or a loan from family or friends.

http://en.wikipedia.org/wiki/Private_placement
http://onswipe.investopedia.com/investopedia/#!/entry/,52292bfdda27f5d9d017f9e2

I'm not suggesting you are planning to conduct an illicit business. The Securities and Exchange Commission was investigating Trendon Shavers for selling "unregistered bitcoin securities" before they determined it was actually an Ponzi  scheme.

Once you raise money for your business what type of business will you conduct. That will also determine other regulations your business activity may fall under.
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October 15, 2013, 10:09:30 AM
 #27

Ford. What you are describing sounds like a private placement or a public offering.
Both are regulated here in the US and would have similar regulation in the UK unless you are able to secure funds from your personal assets or a loan from family or friends.

http://en.wikipedia.org/wiki/Private_placement
http://onswipe.investopedia.com/investopedia/#!/entry/,52292bfdda27f5d9d017f9e2

I'm not suggesting you are planning to conduct an illicit business. The Securities and Exchange Commission was investigating Trendon Shavers for selling "unregistered bitcoin securities" before they determined it was actually an Ponzi  scheme.

Once you raise money for your business what type of business will you conduct. That will also determine other regulations your business activity may fall under.

Thanks for the info!

I have booked myself in with a Solicitor in the UK, i will see what they think.....
I am hoping that if i only offer "virtual shares" that will not carry the same rights that "normal shares" carry (i will of course make this clear) that i may be exempt from many of the regulations.
I am not selling shares in order to fund my business (i can and will do this on my own), i intend it to be more on a co-op basis, so that the users of the site can have a vested interest and/or so that i am not being greedy and keeping it all for myself. As after all it is the users that will "make" the site should it work as i hope (i also think this will keep things in the same spirit that bitcoin does).
Of course my plan may not work, but i think it may be just what bitcoin needs, and would love to see it work, even if i make nothing from it!

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October 15, 2013, 01:43:46 PM
 #28

Most of what i intend will be perfectly legal in all countries with no need for any regulations/registrations, my only concern is that if i offer Shares in my business/website, will there be any regulations i need to abide by (firstly in the UK, and secondly in other countries. And hopefully these regulations will not be vastly different in the US). where required i will abide by these regulations.
Again, you should not care about abiding laws of every country in the world, it is absurdly! Following this logic, you should cease all business operations because private entrepreneurship may be illegal entirely in some countries like Cuba and North Korea, so Kim Jong-un may ask your extradition Grin

Actually, we do need to carry about the "laws", or rather wishes, of everyone in the world.  Just because somebody was born on the other side of a fence doesn't mean they can't come across and slap you upside the head. 
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