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Balls
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December 08, 2014, 06:58:03 PM |
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As assumed and stated it is to do with regulatory reasons that obviously Localbitcoins doesn't currently comply.
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newIndia (OP)
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December 08, 2014, 07:00:51 PM |
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As assumed and stated it is to do with regulatory reasons that obviously Localbitcoins doesn't currently comply.
Localbitcoins is one of the oldest exchange. So what regulatory issue has suddenly popped up ? Moreover, AFAIK, they are from Finland. So, how come German regulation applies to them ? |
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drugs
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December 08, 2014, 07:10:49 PM |
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Where it's based doesnt matter because if they want to operate in a specific country then they need to apply and comply with local laws.
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krach
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Get Rekt
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December 08, 2014, 07:15:52 PM |
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It is an intersting move, maybe they are just protecting themselves. Currently as bitcoin is "private money" you are allowed to sell it, but if you are selling in a commerical manner, repeat sales ect then you need a money transmitter license.
ATM operators also need a money transmitter license for the most part.
It is not easy to get a money transmitter license in Germany, this is one reason why bitcoin.de had to partner with fidor bank to even be allowed, and it is a p2p exchange. This also could be a reason why skrill has its company registered in England but is more or less a German company.
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Ludi
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December 08, 2014, 07:40:37 PM |
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As assumed and stated it is to do with regulatory reasons that obviously Localbitcoins doesn't currently comply.
Localbitcoins is one of the oldest exchange. So what regulatory issue has suddenly popped up ? Moreover, AFAIK, they are from Finland. So, how come German regulation applies to them ? Problems pop up all the time for various reasons but it's usually because the authorities have suddenly took an interest or some new laws or regulations have come into place. |
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abyrnes81
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December 08, 2014, 07:42:03 PM |
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As assumed and stated it is to do with regulatory reasons that obviously Localbitcoins doesn't currently comply.
Localbitcoins is one of the oldest exchange. So what regulatory issue has suddenly popped up ? Moreover, AFAIK, they are from Finland. So, how come German regulation applies to them ? Why they have decided to close it ? I think it is not a good idea , but at the end why this type of decision ? |
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newIndia (OP)
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December 08, 2014, 08:33:04 PM |
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Is there anyone from Germany who can really confirm that LocalBitcoins is unavailable at their location ?
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abyrnes81
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December 08, 2014, 08:35:45 PM |
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Is there anyone from Germany who can really confirm that LocalBitcoins is unavailable at their location ?
Me too , I'm interested to know if it is a real thing or not. Can someone confirm ? |
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Mr Crabs
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December 08, 2014, 08:36:17 PM |
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As assumed and stated it is to do with regulatory reasons that obviously Localbitcoins doesn't currently comply.
Localbitcoins is one of the oldest exchange. So what regulatory issue has suddenly popped up ? Moreover, AFAIK, they are from Finland. So, how come German regulation applies to them ? Why they have decided to close it ? I think it is not a good idea , but at the end why this type of decision ? Obviously some type or legal or regulatory pressure. Is there anyone from Germany who can really confirm that LocalBitcoins is unavailable at their location ?
Why do you need conformation when Local Bitcoins tweeted about it themselves? |
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leopard2
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December 08, 2014, 08:45:46 PM |
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German government needs to stop money from getting out, it is needed to save the Euro ...  Or maybe they are just under pressure because so many Germans have been scammed when stolen bank accounts were used to buy coins? So far LBC has done nothing to prevent that at all. We will see. If it is about cash trades, it means totalitarian reasons. If it is about SEPA/bank transfers, that would make perfect sense. What are the alternatives to LBC? |
Truth is the new hatespeech.
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newIndia (OP)
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December 08, 2014, 08:49:22 PM |
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German government needs to stop money from getting out, it is needed to save the Euro ... From Germany to Bangladesh, every government is worried that money is going out. So, where the money is going in ? |
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abyrnes81
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December 08, 2014, 08:55:15 PM
Last edit: December 08, 2014, 09:10:30 PM by abyrnes81 |
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German government needs to stop money from getting out, it is needed to save the Euro ... Or maybe they are just under pressure because so many Germans have been scammed when stolen bank accounts were used to buy coins? So far LBC has done nothing to prevent that at all. We will see. If it is about cash trades, it means totalitarian reasons. If it is about SEPA/bank transfers, that would make perfect sense. What are the alternatives to LBC? For the moment I don't know another service like localBitcoins , because I just got back here in the forum & I'm an early adopter from 2011 and I would like to know how to sell some bitcoins. |
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MrWDunne
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December 08, 2014, 08:56:20 PM |
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It is an intersting move, maybe they are just protecting themselves. Currently as bitcoin is "private money" you are allowed to sell it, but if you are selling in a commerical manner, repeat sales ect then you need a money transmitter license.
ATM operators also need a money transmitter license for the most part.
It is not easy to get a money transmitter license in Germany, this is one reason why bitcoin.de had to partner with fidor bank to even be allowed, and it is a p2p exchange. This also could be a reason why skrill has its company registered in England but is more or less a German company.
Derp. To start with, there is no money transmitter license in Germany. Second, according to Germany's interpretation it comes under MiFid. They potentially (I think not, because jurisdiction) need the licenses required for a ' Multilateral trading facility' which is a step down from a full blown commodities/stock exchange. But yes, that is why Kraken/Bitcoin.de use Fidor's license. As that covers MiFid. |
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leopard2
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December 08, 2014, 09:37:55 PM |
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Fidor is a bank, such is needed only for wires. Bitcoin.de has its own system of registering bank accounts and work with Fidor, because many banks do not like Bitcoin. So that is clear; in fact it would be nice if LBC would eliminate SEPA scams that way. But, but, but: for LOCAL trades, and that is what LBC is all about, one would need no Fidor or anything else, because it is perfectly legal to do cash trades for legal goods and services, in Germany. The limit is 10 000 EUR for businesses but not private counterparties (afaik) This makes no sense so far: if putting buyers and sellers together would require a license, any forum or newspaper that lists small ads, would need such a license...  |
Truth is the new hatespeech.
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100bitcoin
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December 08, 2014, 09:41:31 PM |
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German government needs to stop money from getting out, it is needed to save the Euro ... Or maybe they are just under pressure because so many Germans have been scammed when stolen bank accounts were used to buy coins? So far LBC has done nothing to prevent that at all. We will see. If it is about cash trades, it means totalitarian reasons. If it is about SEPA/bank transfers, that would make perfect sense. What are the alternatives to LBC? For the moment I don't know another service like localBitcoins , because I just got back here in the forum & I'm an early adopter from 2011 and I would like to know how to sell some bitcoins. We are in the last phase of testing of our exchange and will launch soon on www.100bit.co.in. Its going to be similar to LocalBitcoins but with more feature. If you are interested, you may like to leave your ID on the site for an early invite... |
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whywefight
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www.explorerz.top
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December 08, 2014, 09:59:59 PM |
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Is there anyone from Germany who can really confirm that LocalBitcoins is unavailable at their location ?
i am from germany, getting this message: "Unfortunately LocalBitcoins is currently not available in your selected region. Please look for other location or come back later."  but i can login and browse adds. after logging in it looks normal... |
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Denker
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December 08, 2014, 10:02:48 PM |
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Is there anyone from Germany who can really confirm that LocalBitcoins is unavailable at their location ?
I can confirm! To reach the site I have to use proxy from outside of germany. I checked if any seller and services from germany are available. Nothing! Each city and known sellers can not be find any more.  |
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krach
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December 08, 2014, 10:03:37 PM |
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Derp.
To start with, there is no money transmitter license in Germany.
Second, according to Germany's interpretation it comes under MiFid.
They potentially (I think not, because jurisdiction) need the licenses required for a 'Multilateral trading facility' which is a step down from a full blown commodities/stock exchange.
But yes, that is why Kraken/Bitcoin.de use Fidor's license. As that covers MiFid. First of all you are going to need a license from bafin whatever you want to call it,"transmitter or not" the bafin gives you a license. People that wanted to have ATMs were told they need a license from bafin. Second of all if you are going to sell bitcoins on a comerical basis in Germany you are going to need the ok from bafin. The issue -could- be that LBC is registered in finnland, I think. That is in the EU and then they might have to comply with some EU regulation or could be presured by an EU coutnry more than a company not based in the EU. |
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whywefight
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December 08, 2014, 10:07:33 PM |
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Is there anyone from Germany who can really confirm that LocalBitcoins is unavailable at their location ?
I can confirm! To reach the site I have to use proxy from outside of germany. I checked if any seller and services from germany are available. Nothing! Each city and known sellers can not be find any more. i am in germany, i can access the site, login and browse ads. only getting a message on the mine site |
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