3 arrested in Bangladesh for merely trading Bitcoin

[teejayrichard2]

When a country declares something illegal, it becomes an offence to be part of it or engage in it even if it is legal in neighbouring countries. Well I hope they get released soon and the country realizes bitcoin is here to serve a great purpose and should be adopted for use. Hope the Bangladesh government changes her decision about bitcoin soon enough

[1714995539]

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[1714995539]

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[thankyoulord]

It is a pity they were arrested for merely trading bitcoin, thats if thats why they were arrested. I do hope countries who are against bitcoin and has made it an offence to trade in bitcoin will soon enough realize the numerous unique benefits bitcoin has to offer and will accept, adopt and legalize its usage. But then if these guys were arrested based on fraud with bitcoin then they should face the full wrath of the law.

[ecnalubma]

Well if such country prohibits the use of Bitcoin and cryptocurrencies then we should respect that to avoid general problem. It seems that this countries lawmakers has primitive thoughts about the technology, thats why most conservative countries don't grow due to their conservative thinking.

[DTalk]

Yup. There are two people fully involved with crime (Scam). They scammed a lot of money from innocent people and police searched them. People who got scammed, they case against of https://easypaidbd.com

How do you confirm that the exchange was easypaidbd.com? The news didn't mention any name or I missed it somehow?

Sunno330 is probably from our local. Local people know what has happened in reality, cyber policed has added a notice on that website "This website has been closed by Bogura Cyber Police".

[fiulpro]

Come on it's not like they were arrested for trading Bitcoins , we all know that they were actually arrested for something else , it was because of the fraud that was coming out instead of cryptocurrency and all it's something else thus you shouldn't think about it much , yes cryptocurrencies are amazing but if you use it in improper way then things are bound to happen , using them for illegal activities and frauds and all is bound to make things bad for everyone.
This wasn't the case for Bitcoin it was the case for doing illegal activities.

[FIFA worldcup]

When a country declares something illegal, it becomes an offence to be part of it or engage in it even if it is legal in neighbouring countries. Well I hope they get released soon and the country realizes bitcoin is here to serve a great purpose and should be adopted for use. Hope the Bangladesh government changes her decision about bitcoin soon enough

As long as Bangladesh does not change their decision, it is the moral duty for the citizens to abide by the rules of the country. If anyone still involve in bitcoin then he cannot complain as the rules comes first before the bitcoin. The best option for the Bangladesh people is to stop bitcoin trading for the time being and sign a petition to legalize bitcoin in their country and make efforts so that government is forced to change its decision.

[vatt55]

lol "cryptocurrency gang". It is not possible that in 2019 people are arrested for bitcoin trading, it is absurd. Some countries should review their laws.

[Caladonian]

When a country declares something illegal, it becomes an offence to be part of it or engage in it even if it is legal in neighbouring countries. Well I hope they get released soon and the country realizes bitcoin is here to serve a great purpose and should be adopted for use. Hope the Bangladesh government changes her decision about bitcoin soon enough

As long as Bangladesh does not change their decision, it is the moral duty for the citizens to abide by the rules of the country. If anyone still involve in bitcoin then he cannot complain as the rules comes first before the bitcoin. The best option for the Bangladesh people is to stop bitcoin trading for the time being and sign a petition to legalize bitcoin in their country and make efforts so that government is forced to change its decision.

Rules needs to be followed sad truth in part of those who's residing inside Bangladesh as the government still not open for this opportunities, the society needs to do legal actions such as petitions if they really wanted to reverse this law under their government, if the majorities can joined hands and do legal actions to push the government to reconsider this act, until then they need to comply with the government rules.

[kaya11]

I thought they were innocent traders, OP should change the subject. This could be a misunderstanding and therefor lead to FUD, with new users of crypto currencies now, they would be easily confused in the subject alone. Unless click the link and read the article carefully. They were not just "mere traders of Bitcoin" but they did something that is not right and against the laws.

[Vishnu.Reang]

They were not just "mere traders of Bitcoin" but they did something that is not right and against the laws.

Do you have any proof for this? These guys were merely being involved in fiat-crypto trading. They were not involved in any other criminal activity. They were arrested because Bitcoin is banned in Bangladesh and trading in Bitcoins is a criminal offense. Yes.. they did something that is against the laws. But what can you do if the laws themselves are stupid?

[r1s2g3]

Yup. There are two people fully involved with crime (Scam). They scammed a lot of money from innocent people and police searched them. People who got scammed, they case against of https://easypaidbd.com

How do you confirm that the exchange was easypaidbd.com? The news didn't mention any name or I missed it somehow?

Sunno330 is probably from our local. Local people know what has happened in reality, cyber policed has added a notice on that website "This website has been closed by Bogura Cyber Police".

Why you guys are risking yourself with bitcoin if it is illegal  in your country. I hope you all respect the local laws.
Do you have any party in your country that have soft instance on crypto , so that you can ask government to lift the ban from crypto.

[emberbekas]

They were not just "mere traders of Bitcoin" but they did something that is not right and against the laws.

Do you have any proof for this? These guys were merely being involved in fiat-crypto trading. They were not involved in any other criminal activity. They were arrested because Bitcoin is banned in Bangladesh and trading in Bitcoins is a criminal offense. Yes.. they did something that is against the laws. But what can you do if the laws themselves are stupid?

Yes, from the article, we can read that cryptocurrency is illegal in Bangladesh which means buying, selling and storing it will give a law problem to the citizens who violate it. Just like you, I can't see any other types of crime that they've done.

[uneng]

Very sad to think people are arrested just for using bitcoin in some countries, that is insane. Police should be focusing in bitcoin users doing illegal activities, not the honest ones (there aren't many informations about this particular case, but seems the men were only trading bitcoin).
The best these guys could have done were to move themselves to another country where bitcoin is legal.
On the other hand, the risk brings profitability: in an area where bitcoin is forbidden, the profit is higher for the seller for sure.

[sarmrakib]

I am watching for the first time that some are arrested for trading crypto or exchanging. I am even shocked .It has proved that btc user are not fully anonymous someone can track them. Its really bad feeling for me and also for them hopefully the government will learn and research more on blockchain and they can find the latest digital currency.

[akamit]

It has proved that btc user are not fully anonymous someone can track them.

Those guys who got arrested were giving exchange service, so it is basically easy to track by the authorities because they might have used a local payment system to pay local users for the exchange of bitcoin.

Ordinary crypto users are not easy to track with just their addresses unless they have not taken enough precautions while cashing out.

[acheampong64]

I am watching for the first time that some are arrested for trading crypto or exchanging. I am even shocked .It has proved that btc user are not fully anonymous someone can track them. Its really bad feeling for me and also for them hopefully the government will learn and research more on blockchain and they can find the latest digital currency.

Lol, Bitcoin transactions and functionality has always been anonymous buddy. It is the associated things people do that aren't anonymous. But for the tech, it is really is perfectly anonymous. For instance if you send Bitcoins to anyone, I can trace the transaction alright but wouldn't know it was you until you decide to cash out, which isn't anonymous.

[Jeborn]

It is a pity they were arrested for merely trading bitcoin, thats if thats why they were arrested. I do hope countries who are against bitcoin and has made it an offence to trade in bitcoin will soon enough realize the numerous unique benefits bitcoin has to offer and will accept, adopt and legalize its usage. But then if these guys were arrested based on fraud with bitcoin then they should face the full wrath of the law.

They are not arrested for trading bitcoin obviously. The are hardcore fruadsters posing as bitcoin trader. It a good thing they are arrested. So many believe the anonymity offered blockchain is created to fraudulent things

[7788bitcoin]

“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.

The funny thing that i found in the article is that, the authorities are claiming that it is impossible to figure out the transactions and yet they found those transactions and arrested three people. Are they trying to claim that they are intelligent enough and they can decipher anything which are quite impossible and i am not sure what all stories they are telling. The people who got arrested might have done something fishy, if not they wont get arrested like that and i am sure there are many people who are trading bitcoin from Bangladesh for years and now they are claiming that they arrested for trading bitcoin.

[okala]

“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.

The funny thing that i found in the article is that, the authorities are claiming that it is impossible to figure out the transactions and yet they found those transactions and arrested three people. Are they trying to claim that they are intelligent enough and they can decipher anything which are quite impossible and i am not sure what all stories they are telling. The people who got arrested might have done something fishy, if not they wont get arrested like that and i am sure there are many people who are trading bitcoin from Bangladesh for years and now they are claiming that they arrested for trading bitcoin.

The issue is that those 3 arrested committed other crime apart, they can not be arrested for just trading bitcon or cryptocurrency because from the news it clear there were operating a fake site which is related to crypto which can also be used to fraud others which is illegal before the law.

[Nolimitz84]

Though the attempt of using bitcoin even though it is banned in their country is very interesting to know as they still keep on trading even knowing that they will be punish once they will get caught.

As the news says they have shut down a website but didn't mention what type of business those three guys were running. I assumed, they definitely were running a currency exchange site where they were buying selling cryptocurrency with BDT. Of course Bitcoin is banned there and on the other hand they were running an unregistered business which is a financial service. And afaik in all countries, all the financial services must go under some strict rules from the central banks.

I also had this question in my head.If they just traded cryptocurrency then I'm sorry for them.If they were engaged in fraud,that the police did everything right.I certainly do not know what laws in Bangladesh regarding cryptocurrency,but in my country as yet undecided on the status of cryptocurrency,so I began to worry about myself.