BTC-e legal problems?

[fr33d0miz3r]

These servers hold the data of your coins and $, so I wouldn't call it nothing.

They follow Cypress laws. They aren't Russian company. Why Russia could seize their servers in Bulgaria?  
Maybe Russia would seize MtGox servers in Japan? Or Bitstamp's in Slovenia? All exchanges will fire because of Russian govt! We all will die! PANIC! SELL SELL SELL!!!11

The USA seized servers and arrested Kim DotCom in New Zealand. Even using FBI hardware and officers to do so.

The USA gets UK citizens extradited for breaking US law, despite the fact that the citizen never broke any UK laws.

Powerful countries have leverage over less powerful countries, especially when any kind of trading links are involved.

If Russia is serious about nailing BTC-E for whatever reason, and it leans on Bulgaria to any degree whatsoever, these servers are getting switched off. Simple as that.

Russia is not USA.
Yes, I know, you probably have a short position, but no, Russia is not USA and actually has no power to seize something outside.

The main thing Russian govt cares about is foreign money that could sponsor the Russian political opposition. Nothing more.
They are just trying to close any pipes of foreign money.

So, the most "scary" event that can happen is possible ban of access to the BTC-E website in Russia. Hello Tor & VPN!

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[kkaspar]

Also if there will be political pressure, then Cyprus will bend as well. There are not many countries in that region that are immune to Russian political pressure.

There are LOTS of Russian businessmen/investors who use Cyprus to hide themselves from Russian government. Every Cypriot can prove that.

I know that Cyprus is the main place for money laundering for Russian oligarchs, but they aren't doing it to hide from the government, or at least from those who are in charge. A lot of russians who launder their money through Cyprus, are actually the same people who have power in the government. They only have to hide their income from the public view and keep the appearance that there is no corruption. So, if the people in charge at Russian government are serious in getting BTC-E, then Cyprus will surely bend.
I bet that even US would bend, but Russia would have to offer gifts, not threats, to make the deal work. With most others, threats will suffice.

So, the main question still is how bad do russians want to get BTC-E. I think that it won't be answered very soon. Anyway, I'm out of BTC-E, everyone else will do as they wish. The comfortable interface just doesn't outweigh the risk of getting my funds frozen or confiscated. If it turns out to be just weak FUD, then I can return in the future, so I don't see the reason why should I take even a small risk.

[MatTheCat]

Russia is not USA.
Yes, I know, you probably have a short position, but no, Russia is not USA and actually has no power to seize something outside.

I have no position. I do have 18K USD on Bitstamp, which I consider to be the most trustworthy and best run of all the major Bitcoin exchanges.

Also, I don't think a short position would help me very much in a scenario where exchanges start disappearing off the scene.

[fr33d0miz3r]

Also if there will be political pressure, then Cyprus will bend as well. There are not many countries in that region that are immune to Russian political pressure.

There are LOTS of Russian businessmen/investors who use Cyprus to hide themselves from Russian government. Every Cypriot can prove that.

I know that Cyprus is the main place for money laundering for Russian oligarchs, but they aren't doing it to hide from the government, or at least from those who are in charge. A lot of russians who launder their money through Cyprus, are actually the same people who have power in the government. They only have to hide their income from the public view and keep the appearance that there is no corruption.

Not only money laundering. Honest and legal businessmen also use Cyprus to hide themselves from Russian govt (and successfully) and protect themselves from raider attacks which often happen in Russia.

[seriouscoin]

I dont know if you're brainwashed by goverment but why no KYC means money laundering? Why no direct banking means money laundering?

So far your points are just as the idiots' calling bitcoin ponzi/illicit currency

Under Bulgarian law if one engages in financial mediation is obliged to "Know Your Customer" or validate customer personal information. If he doesn't he breaks the law.

Which part you don not understand?

Have you ever been in Bank?

Whoosh you hear that? it just went right over your head....

So your logic says.... if you dont comply with the law, you're money laundering?

Awsome logic you have there. You just answered my first sentence.

[MatTheCat]

Whoosh you hear that? it just went right over your head....

So your logic says.... if you dont comply with the law, you're money laundering?

Awsome logic you have there. You just answered my first sentence.

I can't believe that you are not already on my ignore list. I am sure I would have added you right away if I had came across any of your posts.

Go and do business with any bank or financial mediator for even a modest sum, and try getting the transaction done without verifying your ID, proof of address etc.

In fact don't. Lay of the junk food, think before you puke your bile out onto the forum, and frankly just stop embarrassing yourself.

[Dalmar]

...

[Satyre_Noir]

I dont know if you're brainwashed by goverment but why no KYC means money laundering? Why no direct banking means money laundering?

So far your points are just as the idiots' calling bitcoin ponzi/illicit currency

Under Bulgarian law if one engages in financial mediation is obliged to "Know Your Customer" or validate customer personal information. If he doesn't he breaks the law.

Which part you don not understand?

Have you ever been in Bank?

Whoosh you hear that? it just went right over your head....

So your logic says.... if you dont comply with the law, you're money laundering?

Awsome logic you have there. You just answered my first sentence.

For all people here who want to know more about AML/KYC regulation, here you can find ultimate guide for almost each country in the world cause knowledge is the power:

http://www.pwc.com/en_GX/gx/financial-services/publications/assets/pwc-anti-money-laundering-know-your-customer-quick-reference-guide.pdf

It's updated for 2014.

[akujin]

BTC-e = 804
Huobi =806
Bitstamp = 806

Last time i checked it, btc-e is usually 10-20btc lower... LOL
So the whales bought btc and moved to other exchanges?

[BitcoinAshley]

Even if this ends up not being a problem, it's a good lesson to not keep too much on an exchange. I tend to forget exactly how much I have on any given exchange... don't get me wrong, I do keep track, but not in my head... so when this happened, I realized I had, well, just a little more LTC than I was comfortable with on BTC-e. Withdrew some of it. Didn't withdraw all, since the news isn't exactly the direst (the company is owned in Cyprus, servers in Bulgaria, and owners live in Russia but are not citizens) and again, I don't have my life savings on there or anything. Losing what I have as a "convenience" amount on the 4 exchanges I use would be nothing more than a mild annoyance.

[shmadz]

So if I understand correctly Bitstamp is now the only valid exchange left?

CaVirtex for the lulz, and the rapidly depreciating CAD!

[akujin]

I don't have any utility bill under my name.. how do i get verified in bitstamp? LOL

[MANofthePEOPLE]

I don't have any utility bill under my name.. how do i get verified in bitstamp? LOL

It's just a myth, a legend, that people get verified on stamp (at least I'm unable to no matter how many times I send the papers).


Do you actually think people should get the f out of btc-e asap or is it just fud? I have coins there and I can't change to stamp for above reason and don't want to go to gox.

[BitcoinAshley]

So if I understand correctly Bitstamp is now the only valid exchange left?

CaVirtex for the lulz, and the rapidly depreciating CAD!

CampBX is a decent choice for US users, so long as they don't need oodles of market depth and don't mind the shitty interface. I'm not sure why more don't use it. Depositing by personal check or money order is not bad either. They had ACH until recently but good things never last...

[fr33d0miz3r]

http://vk.com/feed?w=wall-20537665_34455

Note to editors:
The Volgograd region prosecutor's website is under hackers attack. As a result, it was posted on the website the news about criminal's online resources which is untrue. Prior to resolve technical issues, please check the authenticity of the news in the press service of the Prosecutor of the Volgograd region on the phone 31-04-21.

[seriouscoin]

Whoosh you hear that? it just went right over your head....

So your logic says.... if you dont comply with the law, you're money laundering?

Awsome logic you have there. You just answered my first sentence.

I can't believe that you are not already on my ignore list. I am sure I would have added you right away if I had came across any of your posts.

Go and do business with any bank or financial mediator for even a modest sum, and try getting the transaction done without verifying your ID, proof of address etc.

In fact don't. Lay of the junk food, think before you puke your bile out onto the forum, and frankly just stop embarrassing yourself.

But does that prove i'm laundering money? Because i choose to not complying with the law ?

Dumb ass you missed my point. The law requires money service businesses to follow such rules, but that does not mean the only reason for that is laundering money.

[seriouscoin]

I dont know if you're brainwashed by goverment but why no KYC means money laundering? Why no direct banking means money laundering?

So far your points are just as the idiots' calling bitcoin ponzi/illicit currency

Under Bulgarian law if one engages in financial mediation is obliged to "Know Your Customer" or validate customer personal information. If he doesn't he breaks the law.

Which part you don not understand?

Have you ever been in Bank?

Whoosh you hear that? it just went right over your head....

So your logic says.... if you dont comply with the law, you're money laundering?

Awsome logic you have there. You just answered my first sentence.

For all people here who want to know more about AML/KYC regulation, here you can find ultimate guide for almost each country in the world cause knowledge is the power:

http://www.pwc.com/en_GX/gx/financial-services/publications/assets/pwc-anti-money-laundering-know-your-customer-quick-reference-guide.pdf

It's updated for 2014.

Yay!!! knowledge is power only if you can understand it.

You call any business not compliant with such rules because they're laundering money. Care to prove that? apparently you dont know there are other reasons?

[TERA]

[rurickjames]

.....ah the dangers of believing everything one reads.......

http://volgoproc.ru/newversion/cgi-bin/run.pl?mod=news.mod&dirmod=mod&func=view&id=2332

[akujin]

I don't have any utility bill under my name.. how do i get verified in bitstamp? LOL

It's just a myth, a legend, that people get verified on stamp (at least I'm unable to no matter how many times I send the papers).


Do you actually think people should get the f out of btc-e asap or is it just fud? I have coins there and I can't change to stamp for above reason and don't want to go to gox.

I just want to have an account at other exchanges for arbitrage or when shit happens
Right now I only have btc-e and cryptsy.. Not sure where I could trade BTC <--> $ other than btc-e