EasyD (OP)
Newbie
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Activity: 62
Merit: 0
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January 31, 2014, 02:22:55 AM |
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Hey guys,
I've been trying to buy some crypto and someone just told me that it is illegal to buy crypto with cash, especially in the USA because you would be considered a payment processor??
Can anyone confirm this? If you have any documentation I can read over that would be great.
I'm looking to make a buck, not get locked up.
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Cryptopher
Legendary
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Activity: 1789
Merit: 1008
Keep it dense, yeah?
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January 31, 2014, 02:25:59 AM |
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Hey guys,
I've been trying to buy some crypto and someone just told me that it is illegal to buy crypto with cash, especially in the USA because you would be considered a payment processor??
Can anyone confirm this? If you have any documentation I can read over that would be great.
I'm looking to make a buck, not get locked up.
Surely that has to be BS? You are buying, so you aren't processing any 'money'. What difference would hard cash make vs any other payment form? In terms of selling Bitcoins, does that mean you can't accept cash for selling your car? Your bike? Your old console? |
Sign up to Revolut and do the Crypto Quiz to earn $15/£14 in DOT |
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smooth
Legendary
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Activity: 2968
Merit: 1198
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January 31, 2014, 02:27:43 AM |
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Hey guys,
I've been trying to buy some crypto and someone just told me that it is illegal to buy crypto with cash, especially in the USA because you would be considered a payment processor??
Can anyone confirm this? If you have any documentation I can read over that would be great.
I'm looking to make a buck, not get locked up.
In theory, probably. Not much you can do in the USA without potentially breaking some law. Google the book "Three Felonies a Day." In practice unless you are running a business and/or using the BTC in connection with illegal drugs, etc., you have nothing to worry about. |
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empoweoqwj
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January 31, 2014, 03:27:10 AM |
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Probably depends on which State you are in. Each has its own regulations. Some exchanges won't touch US customers because they know at some point in time those nice NYC lawyers will come after them for money laundering or other such nonsense.
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empoweoqwj
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January 31, 2014, 06:58:44 AM |
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I'm in Ohio, looks like we do not have any laws against crypto, yet. I'll be buying/selling until they crack down, hopefully they dont.
Thanks everyone
Being in Ohio is definitely preferable to being in NY for crypto trading. |
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hilariousandco
Global Moderator
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Activity: 3990
Merit: 2713
Join the world-leading crypto sportsbook NOW!
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January 31, 2014, 12:15:20 PM |
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Yeah that same person just told me what you said. They said as long as I do it on a personal level I should be good, but if I try to start up an exchange improperly I could have problems.
Thanks guys! I was just about to take down my post for buying LTC.
Buying Bitcoins and setting up an exchange are two completely different things. |
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Stevets
Member
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Activity: 70
Merit: 10
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January 31, 2014, 09:04:30 PM |
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Hey guys,
I've been trying to buy some crypto and someone just told me that it is illegal to buy crypto with cash, especially in the USA because you would be considered a payment processor??
Can anyone confirm this? If you have any documentation I can read over that would be great.
I'm looking to make a buck, not get locked up.
I'm looking at a dollar bill. It says "this note is legal tender for all debts public and private" If you get into trouble just point this out to the police. It has the secretary of the treasury's signature on it. |
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SaltySpitoon
Legendary
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Activity: 2590
Merit: 2156
Welcome to the SaltySpitoon, how Tough are ya?
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January 31, 2014, 10:56:36 PM |
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Hey guys,
I've been trying to buy some crypto and someone just told me that it is illegal to buy crypto with cash, especially in the USA because you would be considered a payment processor??
Can anyone confirm this? If you have any documentation I can read over that would be great.
I'm looking to make a buck, not get locked up.
check this out https://bitcointalk.org/index.php?topic=442407 |
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empoweoqwj
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February 01, 2014, 02:48:59 AM |
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I'm in Ohio, looks like we do not have any laws against crypto, yet. I'll be buying/selling until they crack down, hopefully they dont.
Thanks everyone
Being in Ohio is definitely preferable to being in NY for crypto trading. Charlie Lee seemed optimistic about the progress in NYC relating to crypto, I guess time will tell Yeah, time will tell. "Hearings" are mainly for show. Decisions are made elsewhere. |
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Sonny
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February 01, 2014, 03:15:43 PM |
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Hey guys,
I've been trying to buy some crypto and someone just told me that it is illegal to buy crypto with cash, especially in the USA because you would be considered a payment processor??
Can anyone confirm this? If you have any documentation I can read over that would be great.
I'm looking to make a buck, not get locked up.
check this out https://bitcointalk.org/index.php?topic=442407Thanks for that link. No worries, OP, you will not be locked up lol.  |
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atc1
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February 02, 2014, 05:57:56 AM |
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Good to know. I prefer freedom.
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XenInvestments
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February 05, 2014, 09:39:08 PM |
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"This note is legal tender for all debts, public and private."
That's printed on every banknote, how could you miss it?
The police, lawyers, IRS, Justice Department, DEA, ALF and others all seem to overlook it whenever it suits them. |
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R0yalAir
Member
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Activity: 84
Merit: 10
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February 06, 2014, 06:57:31 AM |
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I'm in Ohio, looks like we do not have any laws against crypto, yet. I'll be buying/selling until they crack down, hopefully they dont.
Thanks everyone
Being in Ohio is definitely preferable to being in NY for crypto trading. Sources ? FUD ? Apart from the first Bitcoin ATM, I've never heard something against BTC in NYC |
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