Burwood woman arrested for selling cryptocurrency

Discussion in 'Digital Currencies' started by willrocks, May 17, 2020.

  1. willrocks

    willrocks Well-Known Member Silver Stacker

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    "This is the first arrest executed by Cybercrime Squad detectives relating to non-compliant digital currency providers in New South Wales"

    How long before you need to be licensed in order to sell PMs?

    https://www.dailymail.co.uk/news/ar...ng-cash-cryptocurrency-Bitcoin-sydnicate.html
     
    Last edited: May 17, 2020
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  2. SilverDJ

    SilverDJ Well-Known Member

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    Clickbait headline. They cannot prosecute her for simply selling bitcoin, she was charged with "three counts of knowingly dealing with the proceeds of crime and breaching digital currency exchange service requirements."
    It's the former charge that is the big deal here, not the bitcoin sale itself or the lack of a licences the do so, although that was a bonus charge just because they could.
     
  3. mongrelmaple

    mongrelmaple Well-Known Member Silver Stacker

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    Totally agree. The majority of the non-stacking, financially illiterate public see crypto’s as some dodgy, criminal money laundering scheme. And sensationalist headlines like this only fuel that perception. You can’t be arrested for selling your bitcoin/crypto through legit, registered channels. It’s the back door, unregulated, and untaxed loopholes they’re going after.
     
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  4. willrocks

    willrocks Well-Known Member Silver Stacker

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    It's concerning that they don't mention any actual crimes the proceeds were alleged to come from.

    A crime would need to have been already established and convicted in court. So there shouldn't be any concerns disclosing them to the public.
     
  5. SilverDJ

    SilverDJ Well-Known Member

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    Would it even be illegal to accept cash for your crypto? I can't possibly see how they could charge you with anything provided you paid any appropriate capital gain tax on it. And then it's not a matter for the police it's a matter for the tax department.
     
  6. Jason1

    Jason1 Well-Known Member

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    Yer the head line should have read, "Woman arrested for Money Laundering"
     
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  7. STKR

    STKR Well-Known Member Silver Stacker

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    Gotta love how these articles always portray cash as a resource utilised by criminals.

    I love cash because when it's in my possession it's not aiding the criminal fractional reserve banking system.
     
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  8. silverhair

    silverhair Well-Known Member

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    This is exactly what it was ....money laundering , swapping BTC for drug money. Only T1 banks are allowed to deal with the proceeds of crime with out punishment, surely ever she knew this.
     
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