Re: FreeBitco.in - Contest with $30,000 in GUARANTEED PRIZES now live!
It's not being abandoned, just when we rebrand it will no longer be in the name. That's about getting away from the perception that we are just a faucet.
By the way, any news about rebranding. I remember it was planned in July or something similar, but now I suspect that it will not happen this summer?And I got email message about reward points bonus and I noticed this thing at the bottom of message
FreeBitco.in, 3rd Floor, J and C Building, PO Box 933, Road Town, Tortola, British Virgin Islands
So, this means that Freebitco.in now registered as official company?
Probably not. There are probably minimal laws and minimal enforcement there (however, they are sending out their location so maybe).
The British Virgin Islands are one of the places Britons use for legal tax evasion (probably what this site is doing also).
It's nothing new. If you do a whois lookup of the domain it tells you it is registered in Tortola, VG. I can't remember where I found it now but I found that address when I searched for it years ago.
The British Virgin Islands are a very popular place to base an internet company. The government there is very welcoming with a friendly attitude to regulation and taxes.
Personal income generated in another country, does not exempt you from paying taxes in your country of origin. They might use the Virgin Islands as a tax haven, but they can still be held liable for the tax income and the penalties, if they are caught. As TheQuin said, most unregistered gambling sites do this, but at one stage they grow too big and then people start knocking at your door.
Freebitco is currently operating as a Bank / Gambling site / Unregistered Business and I bet you, they not paying any taxes. They might want to legitimize this operation now, by re-branding the site.
