Know the laws around trading

[Steamtyme]

https://www.msn.com/en-ca/money/topstories/unlicensed-bc-bitcoin-trader-jailed-in-us-after-federal-sting/ar-AAxvxVe?li=AAgh0dA

Scrolling through today I came up on this guys story. I guess I'm a little surprised, but I am ignorant to the laws in the US.

I'm wondering is there something wrong with buying and selling BTC not using an exchange? I would have thought as long as you claimed your profits come tax time that everything would be fine.

I could understand if the only reason they went after him was because he tried to maintain "plausible deniability" in regards to where the funds had come from; but they were already investigating him at that point.

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[trupero_uno]

The story is quite tragic for me, but that's perhaps some reason that various ICO are prohibited US citizenship to avoid similar case with that guy in the news. Even I know also in the US, bitcoin community is exist and possibly similar to Chinese people. Their government are not allowed bitcoin and cryptocurrenies distributed freely in the countries, but the blockchain consensus has been held in US. This is some contradictions with government policies for cryptocurrencies.

[kojoannan]

Most trading exchanges or even ICOs specified the country they want to deal with their clients. If are aware your country is restricited, there isn't any need to put yourself into trouble , by going contrary to the laws.

[stayeduptolate]

https://www.msn.com/en-ca/money/topstories/unlicensed-bc-bitcoin-trader-jailed-in-us-after-federal-sting/ar-AAxvxVe?li=AAgh0dA

Scrolling through today I came up on this guys story. I guess I'm a little surprised, but I am ignorant to the laws in the US.

I'm wondering is there something wrong with buying and selling BTC not using an exchange? I would have thought as long as you claimed your profits come tax time that everything would be fine.

I could understand if the only reason they went after him was because he tried to maintain "plausible deniability" in regards to where the funds had come from; but they were already investigating him at that point.

Being being decentralised crypto currency does not have any authentic regulating body over it and thus there are not that much rules and regulations over bitcoin and over bitcoin transactions and this is the sole reason why bitcoin in now a days has been very frequently used in many illegal activities and thus many governments are not centralising it in their nation but there must be proper set of rules and regulations for functioning of any investment and if speaking more precisely then it’s very important for success of any currency.

[rudox]

The story is a pathetic one. The issue is that the man in question is at faults. He knew the stand of his government as regards to Bitcoin and cryptocurrencies. He should have comply by leaving US to another country that is crypto friendly. So sorry for him.

[realcrypto]

I really pity residence of those countries that are experiencing restriction or taxation of cryptocurrencies transactions. I am enjoying in my country now. withdrawing at anytime without restriction. I want the entire cryptocurrency community to put head together and make sure this rubbish stop.

[xanaxxx]

https://www.msn.com/en-ca/money/topstories/unlicensed-bc-bitcoin-trader-jailed-in-us-after-federal-sting/ar-AAxvxVe?li=AAgh0dA

Scrolling through today I came up on this guys story. I guess I'm a little surprised, but I am ignorant to the laws in the US.

I'm wondering is there something wrong with buying and selling BTC not using an exchange? I would have thought as long as you claimed your profits come tax time that everything would be fine.

I could understand if the only reason they went after him was because he tried to maintain "plausible deniability" in regards to where the funds had come from; but they were already investigating him at that point.

the reason he was sentenced is that he served as an exchange, therefore money transmitter. He wasn't buying and selling crypto only for his purposes, but obviously running business exchanging bitcoin for fiat.

[freesia_pnp888]

it's quite a sad story for me....

[yatogami]

https://www.msn.com/en-ca/money/topstories/unlicensed-bc-bitcoin-trader-jailed-in-us-after-federal-sting/ar-AAxvxVe?li=AAgh0dA


I'm wondering is there something wrong with buying and selling BTC not using an exchange? I would have thought as long as you claimed your profits come tax time that everything would be fine.

That's the question I'm asking myself after having read the article.
What stopped all these guys from buying bitcoins on exchange? Why would they meet in a McDonald's parking lot? Isn't it easier to get some BTC being in front of your computer? All these transactions are anonymous!
Yeah, poor guy, but the story is a bit unclear to me..

[Steamtyme]

the reason he was sentenced is that he served as an exchange, therefore money transmitter. He wasn't buying and selling crypto only for his purposes, but obviously running business exchanging bitcoin for fiat.

So what is the difference to someone who has been hodling long term, and decides to make in person deals for BTC, or even escrowed deals through the forum if both participants are in the
US. Would they also be charged? or is there some other trigger I am missing?

That's the question I'm asking myself after having read the article.
What stopped all these guys from buying bitcoins on exchange? Why would they meet in a McDonald's parking lot?

The purchases in question were made by federal agents; who were looking to lay charges.

I'm trying to find out more information as to what law was actually broken and what triggered it; prior to him not caring about the illegal means the money apparently came from.
I myself don't know what the problem is with this guy selling bitcoin in person.


I'm really looking for why he was being investigated in the first place, because without the undercover operation how did they know he was doing anything illegal.