3 arrested in Bangladesh for merely trading Bitcoin

[BitCoinDream]

https://www.youtube.com/watch?v=KncarNpmGzY

https://www.dhakatribune.com/bangladesh/nation/2019/04/27/bogra-cyber-police-arrests-three-members-of-cryptocurrency-gang

Bogra cyber police arrests three members of cryptocurrency gang

Police found two of their used websites and blocked one
 
The cyber police in Bogra has arrested three members of a cryptocurrency gang.

They seized two laptops, 16 mobile phones, and 20 SIM cards from the detainees after the arrest on Thursday.

Police conducted raids in Habiganj and Lakshmipur for two days and arrested them and brought them to Bogra.

Police found two of their used websites and blocked one.

Bogra Detective Branch (DB) of Police SI Shafiul Alam Shafiq filed a case against them with Bogra Sadar police station under section 1(B) of the Digital Security Act, 2018.

The arrestees are: Shah Md Tanim, 22, Sohel Mia, 27, and Maruf Billah, 25.

The investigating officer of the case, Cyber Police Inspector Emran Mahmud Tuhin sought eight-days’remand after producing them before Bogra Judicial Magistrate Court on Friday afternoon.

Bogra Superintendent of Police (SP) Ali Ashraf Bhuiyan in a press briefing said: “The virtual currency bitcoin is illegal in Bangladesh. However, the use of cryptocurrency is increasing day by day.

“The gang sold bitcoins and other forms of web money to their particular customers.

“Digital currency transactions are functioned online where all information is kept secret. This type of digital currency is called cryptocurrency. “

 Cryptography method is used for bitcoin exchange and the code used in this method is quite impossible to figure out, the SP added.

[Haunebu]

They were robbers who were robbing innocent people. What is so bad about that? The title made me think that innocent people were arrested. It is a known fact that Bitcoin is not completely anonymous in nature which is why it is possible to trace BTC TX to an extent.

KYC process makes it even more easier to trace a transaction in this aspect.

[Genemind]

It's a good thing that they have been arrested.
If they're doing it for a long time, I guess authorities have been looking after their activities.
Though they're already paying for what they did,
we still can't deny the fact that there are still lots of criminals roaming around like them so it should serve as a warning and we must be observant all the time.

[erikalui]

They were robbers who were robbing innocent people. What is so bad about that? The title made me think that innocent people were arrested. It is a known fact that Bitcoin is not completely anonymous in nature which is why it is possible to trace BTC TX to an extent.

KYC process makes it even more easier to trace a transaction in this aspect.

Even if they were innocent, trading anything illegal in a country is a punishable offence and they would be arrested. This is what the Bangladesh Bank said: https://www.coindesk.com/bangladesh-outlaw-bitcoin-jail

[okala]

This is misinformation how can you say arrested because they where trading bitcoin, from the body of your post I can tell you that the gang arrested are more of cyber criminals who operate on a website which police have blocked, so how do you relate operating a website and trading bitcoin?

[YuginKadoya]

Well illegal in their country but not in the others that embrace this kind of currency and trading towards it, Well for the country of Bangladesh this is an illegal act for them and is punishable by law, But surely people that are conducting something that is illegal in their jurisdiction is accountable by their government but what if they did it in the USA and other countries that makes cryptocurrency legal? Would they take the same fate as what happened to them in Bangladesh, Well I am not saying that they are innocent or what but the law is strictly enforced in their country even though for some it is not really illegal they should just follow the law and be a law-abiding citizen in their part?

[gantez]

Despite that bitcoin might have been illegal in Bangladesh, I think the suspects are more into illicit deals with bitcoin from the nature of items found with them. What are they doing with 16 phones and 20 sim cards should be the curiosity.

[BitCoinDream]

Many of you are claiming that these people were arrested for something more than Crypto trading. But, what's that crime you are talking about? From the news article and the video, it appears to me that these guys were merely running some crappy Crypto exchange at local level, which were shut down by their cyber police.

[rahmatullah9305]

The Bangladeshi government warns people not to do transactions with Bitcoin, and the central bank says that virtual currencies are not legally valid anywhere in the world. is warning other commercial banks to be leery of people using the daddy of cryptocurrency. The reason is that, despite the massive popularity enjoyed by the virtual currency, the use and trading of Bitcoin is still illegal in Bangladesh.

[leonair]

They were arrested not solely for trading Bitcoin but more of a scammers who uses it as their money to get from innocent people. Please stop tagging the trading of Bitcoin is a bad deed because anyone can do bad things whenever and whichever currency they'll want to use.

[Kakmakr]

The news is vague, it's not clear if those people arrested only because they trade Bitcoin or also involved on another criminal activity.
Nevertheless, they've seen it coming since Bitcoin is illegal on Bangladesh.

Well if Bitcoin and Crypto currencies are illegal in Bangladesh, then people doing this are breaking the local law. We saw this with one of our own forum members, when he was arrested and charged for running a money transmitter service, without the proper licenses.  

The witch hunt on Crypto currencies will not stop, because governments wants to protect their local fiat currency. They will force you at gunpoint to only use their legal currency, because they know they can manipulate their own currency.  

[TheCoinGrabber]

Title made it seem that good ol traders are being hunted down in Bangladesh and that the country is clamping down on crypto like neighboring India. Glad to know that it wasn't the case. Good that those criminals got arrested.

Though this is bad publicity I think this is a good way to highlight that Bitcoin is not good (or no longer the best) for doing illegal activities online since authorities have ways of tracking transactions to some extent.

The news is vague, it's not clear if those people arrested only because they trade Bitcoin or also involved on another criminal activity.
Nevertheless, they've seen it coming since Bitcoin is illegal on Bangladesh.

A quick Google search has revealed that it is not exactly banned in Bangladesh. The country is considered "hostile" to it though.

[okala]

Many of you are claiming that these people were arrested for something more than Crypto trading. But, what's that crime you are talking about? From the news article and the video, it appears to me that these guys were merely running some crappy Crypto exchange at local level, which were shut down by their cyber police.

Crappy crypto exchange site which where blocked by the cyber police you said, if there is no illegal operations by they site it could have not attracted the cyber police, I have some folk's in India who still trade cryptocurrency and are not harassed by any body. Am sure if your activities becomes illegal before the law they fine you out and put you behind bars.

[BitCoinDream]

Many of you are claiming that these people were arrested for something more than Crypto trading. But, what's that crime you are talking about? From the news article and the video, it appears to me that these guys were merely running some crappy Crypto exchange at local level, which were shut down by their cyber police.

Crappy crypto exchange site which where blocked by the cyber police you said, if there is no illegal operations by they site it could have not attracted the cyber police, I have some folk's in India who still trade cryptocurrency and are not harassed by any body. Am sure if your activities becomes illegal before the law they fine you out and put you behind bars.

India? This is a news of Bangladesh. Two sovereign country with their own set of law.

I am not saying these guys were not involved in some criminal activity other than crypto trading. But, neither the news report nor the video says anything about that. Moreover, Crypto trading is prohibited in Bangladesh. So, it is not unlikely that these guys were arrested because of trading Crypto only.

[pixie85]

Another crazy news from a crazy country. On one hand if you know trading bitcoin is illegal you are aware of the consequences. They knew what they were doing but chose to do it because it was profitable and worth the risk.

On the other hand it's stupid that you can get arrested and robbed by the government for selling cryptocurrency.

[Astvile]

They were robbers who were robbing innocent people. What is so bad about that? The title made me think that innocent people were arrested. It is a known fact that Bitcoin is not completely anonymous in nature which is why it is possible to trace BTC TX to an extent.

KYC process makes it even more easier to trace a transaction in this aspect.

Even if they were innocent, trading anything illegal in a country is a punishable offence and they would be arrested. This is what the Bangladesh Bank said: https://www.coindesk.com/bangladesh-outlaw-bitcoin-jail

Police arresting this 2 bangladesh is reasonable first is what Haunebu said that using and trading bitcoin in the country is prohibited and considered as illegal act and if they are scamming people thats more offense so dont blame the government people cant follow

[Thermytee]

I think it the problem is that cryptocurrency is illegal in some countries including Bangladesh which I know it will not stop trading on bitcoin. Most government still don't understand how it works and as bitcoin price fluctuates, it's looks seemingly like they're right. And to the more reason that's its decentralised with non-regulatory frame work makes it easy for them to labor or as a scam. The finding of 20 simcards shows more than just bitcoin in this case. Frauds and robbery more likely

[tomahawk9]

Though this is bad publicity

How is it bad publicity? The article is only highlighting what happened in a country where Bitcoin is considered illegal, it's not doing any damage to bitcoin or the crypto market,  I find it very unlikely that this will have a negative effect on btc, we hear far worse from the media on a weekly basis.

A quick Google search has revealed that it is not exactly banned in Bangladesh. The country is considered "hostile" to it though.

Actually, it is banned. According to Wikipedia, Bangladesh banned bitcoin almost 5 years ago^[1], knowing this those who were arrested had it coming.

1. https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

[n0ne]

Once again this has taken place, last year the police arrested few trader in Bangladesh. What the government think of think of limiting the bitcoin usage, they're one among the country that has banned the use of bitcoin. There are people who move to the neighboring countries in specific to India for their cryptocurrency trading purpose. I believe this won't stop the true users of bitcoin from using it.

[pushups44]

This is the type of news that makes me pessimistic about the potential of some nations to advance. It seems India and Bangladesh are doing everything in their power to ensure they take a backseat to the coming blockchain revolution. Eventually and hopefully before it's too late, they will see how nations embracing cryptocurrencies are getting richer and more powerful, and will thus switch sides on this issue. If people are buying bitcoin in Bangladesh, it's probably because they lack faith in the nation's fiat currency.