Category Archives: The Law

National Bank of Romania Clarifies Its Position On Bitcoin

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In a press release dated the 11th of March 2015, the National Bank of Romania clarified its position on Bitcoin stating that it is neither a national nor foreign currency, that no-one is obligated to accept bitcoin as a means of payment and that is not a form of electronic money as defined by the law.

Referencing the risks associated with Bitcoin as claimed by the European Central Bank and European Banking Authority, BNR advises consumers to be mindful of such risks and finished by saying that the BNR will attempt to keep track of Bitcoin's progress.

Journalist Barrett Brown Bears Full Restitution Brunt

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After a guilty plea that when presented to the judge assigned him 63 months of time spent in a Federal prison and ordered nearly a million dollars in restitution, Barrett Brown's effort to have the restitution reduced has been denied by the United States District Court for the Northern District of Texas. Brown was ordered to pay restitution to Stratfor and others based on the full calculated damages for the crime of reporting on a crime where the actors responsible for committing the criminal act have not been found, convicted, or otherwise sanctioned. Continue reading →

Coinbase Compliance Chief Resigns

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The Washington Free Beacon reports that the Chief Compliance Officer of Coinbase has resigned. Chief Compliance Officer Martine Niejadlik resigned Coinbase after spending a bit more than a year with the organization. The Free Beacon notes that recently investors and regulators have been critical of Coinbase's "outreach" efforts where Coinbase has noted that Bitcoin does not respect international sanctions as well as Coinbase's failure to definitively achieve licensing in every US state it claims to operate.

Czech Ministry Fingers Heist Suspect

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Czech Republic based Bitcoin exchange Bitcash.cz was allegedly hacked on November 11, 2013 and approximately 4000 bitcoins were stolen. The operator or operators almost succeeded in their efforts to remain anonymous with impunity, were it not for disgruntled users that named some suspected perpetrators in online forums. According to the 2014 yearly report of the analytics departmentt of the Czech Ministry of Finance, one of the named persons opened new bank account (in a Czech bank) and immediately transferred to there non-trivial amounts from an EU Bitcoin exchange, thus prompting a closer look from the Department. It concluded with a money laundering criminal complaint, which is currently waiting for court proceedings.

Alleged USMS Auction Winner Leaves Eldritch Message

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Reuters reports that an auction for 50,000 BTC held last week by the USMS was allegedly won by three bidders who each took home 27,000, 20,000 and 3,000 BTC respectively. Spokesman for the USMS Lynzey Donahue confirmed with Reuters via email that the transfer of the coins is complete, but did not specify who the winners are. The distribution of the 50,000 BTC believed to have been purchased at auction is as follows: Continue reading →

Bitcoin Stash Baffles Dutch Police

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Police in the Netherlands have arrested three persons allegedly involved in cannabis cultivation and money laundering. During a raid in Sneek, Friesland police seized 135 cannabis plants, cash, jewels, and assorted other items. Allegedly a financial investigation shows the suspects received "440,000 euros" in Bitcoin, though how they received it apparently remains a mystery. Dutch legal treatment of cannabis involves a "tolerance policy" allowing for limited retail commerce in cannabis though production and wholesaling to retailers is prosecuted.

14 Bidders 34 Bids In Latest USMS Bitcoin Auction

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Bloomberg reports that an auction held today by the USMS1 for 50,000 BTC attracted a total of 34 bids from 14 participants including third time bidders SecondMarket. The fenced goods are expected to be transferred to the winner/s of the auction by Monday at the earliest.

Alluding to Buterin's Waterfall, Gil Luria of Wedbush Securities Inc was quoted by Bloomberg as saying: Continue reading →

  1. Mirrored here as the USMS have deleted the pages for previous auctions. ↩