I'm charged with money laundering?

[jobsworth]

I have never traded in bitcoins but I have investigated the system.

Unlike a normal currency exchange there is no central bank that you can buy from and sell to.

So somebody has to sell you their bitcoins or somebody has to buy your bitcoins.

The problem is you don't know who. It could be anybody.

In this case it was between you and a criminal.

So you become responsible for whatever the criminal is accused of.

Since the transactions are supposed to be anonymous how did the police find out?

It cannot be as anonymous as all that.

 

 

 

[me4175]

Why deal on Localbitcoins and not on a real exchange like BX, TDAX or coins.co.th? Rates on Localbitcoins are much worse and you definitely end up with way more loss than paying SWIFT fees! Makes no sense.

[Brickbat]

The world is slowly realising that Crypto and their applications are already being accepted by huge corporations into their operations and the vested interests who will not benefit eg banks, are now circumventing and absorbing it into their operations. Bitcoin and similar, eg Litecoin is the future of currency . And Ethereum and similar is the future of the internet. 

This complaint is lame and I would not be surprised there is more to it or nothing at all.

[britishrepublican]

You are required by law to know and adhere to the "know your clients" rules which are the same the world over.

 

In your OP you have clearly admitted to breaking the law with regard to anti-money laundering laws, by admitting you do not know your clients, that is a criminal offence, definitely in the U.K. and in the USA. I'm sure Thailand has similar laws. 

 

 

Edited March 5, 2018 by britishrepublican

[Acemaker]

On 3/5/2018 at 6:08 PM, jobsworth said:

I have never traded in bitcoins but I have investigated the system.

Unlike a normal currency exchange there is no central bank that you can buy from and sell to.

So somebody has to sell you their bitcoins or somebody has to buy your bitcoins.

The problem is you don't know who. It could be anybody.

In this case it was between you and a criminal.

So you become responsible for whatever the criminal is accused of.

Since the transactions are supposed to be anonymous how did the police find out?

It cannot be as anonymous as all that.

 

 

 

Thats why i prefer Buying Gold Bullion to Crypto, thru Karatbars, 10 year old German Company, also has an incredible business opportunity tied into it , take say 100 Euros of your money each month buy Gold Bullion with it , have it stored for Free in Stuttgart or have it delivered via Fed ex fully insured to your Address here in Thailand, fully registered and compliant in over 100 Countries,including Thailand,

Edited March 9, 2018 by Rimmer

[taninthai]

57 minutes ago, me4175 said:

Why deal on Localbitcoins and not on a real exchange like BX, TDAX or coins.co.th? Rates on Localbitcoins are much worse and you definitely end up with way more loss than paying SWIFT fees! Makes no sense.

I prefer local bitcoins to any trading site,,,,,,I find nd it’s actually better rates and money is going straight in your bank with no fees

[me4175]

1 hour ago, jobsworth said:

So somebody has to sell you their bitcoins or somebody has to buy your bitcoins.

The problem is you don't know who. It could be anybody.

That's not correct. There are Cryptocurrency Exchanges where you know with whom you're dealing and you can avoid such unpleasant surprises like in the OP.

[Guitar God]

7 hours ago, Suradit69 said:

... and believe that any whingeing message that someone posts of TV must be the whole story and completely true because it suits your agenda?? 

 

Banks in most countries are obliged to report suspicious activities. Unfortunately trading in cryptos is well known to have attracted the criminal element. Even in western countries governments are struggling to regulate crypto trades that were designed in large part to circumvent regulation and oversight.

 

The O/P has been allowed to leave the country while the matter is under investigation, so he hasn't been charged with anything yet. 

 

http://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-price-fall-criminals-blockchain-anonymous-cryptocurrency-zcash-monero-dash-a8174716.html

36 Billion dollars a year in illegal Bitcoin transactions? I call bs. 

Bitcoin isn't anonymous, the truely anonymous coins like Dash work just as good as btc, the transactions are faster, cheaper and untraceable. 

 

I know  a lot of people who hold and use cryptocurrency and none of them use it for anything illegal. I've spent 20k in btc and bch on products in the past few months and everything was totally legal. 

 

More FUD from the anti crypto campaign. Banks and stock brokers hate it because they're going to lose money. 

[Xaos]

Bx.in.th asks you for passport

Sent from my SM-G955F using Tapatalk

[phycokiller]

I would guess that quite a lot of btc in circulation can be traced to having gone through a known dark market wallet at some stage. maybe this is what they are referring to as gansters

[Cricky]

13 hours ago, Acemaker said:

Thats why i prefer Buying Gold Bullion to Crypto, thru Karatbars, 10 year old German Company, also has an incredible business opportunity tied into it , take say 100 Euros of your money each month buy Gold Bullion with it , have it stored for Free in Stuttgart or have it delivered via Fed ex fully insured to your Address here in Thailand, fully registered and compliant in over 100 Countries,including Thailand, message me anytime for more info.

Is it legal to send and receive, gold in Thailand? Are there any Customs charges on gold imports/exports?

[Cranky]

Freedom more important.  Leg it and deal with the bank from afar. 

[PAIBKK]

You're not the only one. This is what happened to me in 2011 in Europe: http://bitcoinoffer.top/history

[me4175]

13 hours ago, Xaos said:

Bx.in.th asks you for passport

Sent from my SM-G955F using Tapatalk
 

All legal crypto exchanges in Thailand will ask for proper identification.

[taninthai]

39 minutes ago, me4175 said:

All legal crypto exchanges in Thailand will ask for proper identification.

Just because an exchange asks for a passport does not make it 100% safe or that you know who you are dealing with,,,it’s not difficult to send in picture of doctored or fake passport.

in the U.K. when selling on certain selling platforms you have to ask for picture of bank card where payment is coming from you can then match the name from m bank card to sellers name.

fraud is everywhere when selling bitcoins many sellers will not sell to new accounts s or accounts with less than 10 feedback.

[me4175]

16 hours ago, taninthai said:

I prefer local bitcoins to any trading site,,,,,,I find nd it’s actually better rates and money is going straight in your bank with no fees

I challenge you to show me a better price to buy Bitcoin on LBC any time. From what I can see there's always at least 3% surcharge on LBC.
There's a price for dealing outside of the system.

If you find a nice guy who pays you more than he has to for your Bitcoin, good for you of course. But you may end up in a situation like OP...

[taninthai]

26 minutes ago, me4175 said:

I challenge you to show me a better price to buy Bitcoin on LBC any time. From what I can see there's always at least 3% surcharge on LBC.
There's a price for dealing outside of the system.

If you find a nice guy who pays you more than he has to for your Bitcoin, good for you of course. But you may end up in a situation like OP...

Lbc depends if you post a trade or just steam straight in and buy of a trader,yes if you are posting a trade you pay a % anyway there is a screenshot from 5 mins ago lbc cheaper then glax.

8215 on gdax or 8145 on lbc.

no messing about loading money onto an exchange ,it don’t get any easier??

 

Edited March 6, 2018 by taninthai

[me4175]

1 hour ago, taninthai said:

Lbc depends if you post a trade or just steam straight in and buy of a trader,yes if you are posting a trade you pay a % anyway there is a screenshot from 5 mins ago lbc cheaper then glax.

8215 on gdax or 8145 on lbc.

no messing about loading money onto an exchange ,it don’t get any easier??

I thought this thread was about trading in Thailand, sorry if I misunderstood.

[chingching]

"I thought this thread was about trading in Thailand, sorry if I misunderstood"

The L in LBC stands for "Local"  When accessing in Thailand, it means the trades are done in Thailand.

[ubonr1971]

20 hours ago, jobsworth said:

I have never traded in bitcoins but I have investigated the system.

Unlike a normal currency exchange there is no central bank that you can buy from and sell to.

So somebody has to sell you their bitcoins or somebody has to buy your bitcoins.

The problem is you don't know who. It could be anybody.

In this case it was between you and a criminal.

So you become responsible for whatever the criminal is accused of.

Since the transactions are supposed to be anonymous how did the police find out?

It cannot be as anonymous as all that.

 

 

 

I can tell your knowledge is limited. 

 

Most folk buy and sell on an exchange...period. Its a market place with normal buyers and sellers. 

[manchega]

Hi OP,

 

your case looks interesting.

 

as is always the case with dealing with the police, admit nothing and show no evidence.

 

don't give them any reason to lose face and you should be ok.

[SmartJoe]

I sell on Bx.in.th without any problem. Localbitcoin is good only if you want some small cash. And I ve to say that $ banknotes are n°1 of you want to make some money laundering not bitcoin. Bitcoin is not really anonymous.

Envoyé de mon S2_PRO en utilisant Tapatalk

[Jabers]

i see OP has gone dark, but i would like him to answer the true origins of his bitcoins

 

how did he get them all exactly?

 

if he has proof he bought them legitimately, then it would be no problem to prove his innocence.

 

but to me this story sounds fishy.

 

maybe he was paid a percent to sell bitcoins here and transfer money back? (most plausible)

 

if so, or if the bitcoins have bad origins (ie darkweb deals or bit mixers or organized crime), and if he was aware or not of this, it would make more sense that this is why the police are after him.

 

if he is an innocent as he is acting (which i doubt we are getting the full story), then he would have no worries

[taninthai]

I agree the story sounds a bit strange op could have easily been cashing out bit coins from a crime syndicate,my bank made it clear to me that you cannot have people you don’t know paying money into your bank account or have money paid into your bank when you do not know where it’s coming from.

on local bitcoins it’s quite easy to spot genuine traders and sellers and as a general rule you would stick to dealing with one or two  of the same traders all the time.

story below shows just what can happen.although this story stinks of entrapment .

https://news.bitcoin.com/24-year-old-sent-to-prison-for-selling-bitcoin-to-undercover-agents/

 

[Jabers]

another reason why i think there is more to this story is because i have cashed out more bitcoins here then op says he has (allegedly). mine came from different places as well, but i know were not anywhere near illegal.

 

so i dont see how they picked him up for this and i have been doing it for years.....

 

very odd

 

i have a feeling these people from out of country were sending it directly to his exchange account here, then him selling them and putting the money in his account. very easy for the exchange to see, and authorities.

 

then they look at his bank account quick and see what kind of visa he has....... and boom, wanted for questioning. which is understandable if you are sending millions of baht of bitcoin into the country then taking thais money. the government wont like that one bit!

[lkn]

8 hours ago, Jabers said:

if he has proof he bought them legitimately, then it would be no problem to prove his innocence.

I don’t think this is about bitcoins at all.

 

Imagine Thai police in Bangkok arrests a drug dealer, they get access to his bank account, and they see he transferred a total of 700,000 baht to our OP.

 

The police thinks that OP might be a supplier to the drug dealer, so they put a freeze on the account and send a letter to OP to come in for questioning.

 

OP was not busted for selling bitcoins, he had his money frozen because the source of the deposits into his bank account were suspect.

[XGM]

8 hours ago, taninthai said:

story below shows just what can happen.although this story stinks of entrapment .

https://news.bitcoin.com/24-year-old-sent-to-prison-for-selling-bitcoin-to-undercover-agents/

 

Hardly an innocent guy just trading some bitcoin once or twice and being too naive to ask for ID. That guy did a turnover of $1.5 million over two years, all that while being in jail for drug charges..

[taninthai]

13 hours ago, XGM said:

Hardly an innocent guy just trading some bitcoin once or twice and being too naive to ask for ID. That guy did a turnover of $1.5 million over two years, all that while being in jail for drug charges..

That’s the press and government side of the story........can’t beleive much of what they say ,they are fully against a decentralised system and are just as corrupt as Thailand.

https://youtu.be/FJ00lv9w0F4. That’s the guys side of the story.........

[SerenityLane]

On 3/5/2018 at 2:44 PM, XGM said:

The fee for a swift of 700,000 baht would be around $25.

That's about 0.1% of the sum.

For each transfer. But I want flexibility with my funds.

[SerenityLane]

On 3/5/2018 at 3:07 PM, Autonuaq said:

Bitcoins was/is prohibited in thailand to trade in.

 

So fist you have to check if they lifted this ban on bitcoins.

Then bitcoins are not exchangable by the normal banks.

If so they you suppose to the the declaration form provided by the bank

If you put in cash money then you need to have a slip too.

How you exchange the bitcoins.

 

Thailand is the country of the paperwork and love trees on their desks.

 

Who told you so? I know there is no ban on bitcoin in Thailand and just recently (after this story happened) a minister advised publicly banks to not deal with crypto.