Post
Topic
Board Bitcoin Discussion
Re: Unlicensed Exchangers
by
AgentofCoin
on 21/04/2016, 17:07:45 UTC
Why do the people still use unlicensed exchangers like Kraken, Xapo, BTC-e, Okcoin, BTC China, Bitfinex and many others? All of them are out law and they can be closed anytime and your money lost...

This is only the most recent example but there are so many like: http://www.coindesk.com/men-plead-guilty-running-unlicensed-bitcoin-exchange/

First of all, the article is about two individuals who are light weights ($10k in undeclared cash over 3 years).

These two people most likely used something like Localbitcoins to facilitate their trades,
and if that is true, then this story is not comparable to the above listed "unlicensed exchangers"
who are doing $100k+ in transactions/profits/fees per day within their own dedicated site.

Second, the term "unlicensed exchange" only applies in jurisdictions in which there are regulations.
Those jurisdictions are actually very few and being licensed or not does not assure your bitcoins are safe.

Third, Mayax is a known supporter of world regulation over bitcoin and constantly argues for principals that are anti-bitcoin.