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Thread: 2 year prison term for bitcoin unlicensed money transmitter

  1. #1

    2 year prison term for bitcoin unlicensed money transmitter

    http://www.engadget.com/2014/12/21/b...hrem-sentence/

    He exchanged 1 million USD for bitcoin through a partner on silk road.
    That didn't fly with Judge Rakoff, who decided that a "substantial prison sentence" was needed to serve as a warning to other unlicensed money transmitting businesses.
    “…let us teach them that all who draw breath are of equal worth, and that those who seek to press heel upon the throat of liberty, will fall to the cry of FREEDOM!!!” – Spartacus, War of the Damned

    BTC: 1AFbCLYU3G1dkbsSJnk3spWeEwpqYVC2Pq



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  3. #2
    More time than kops get for murder and significantly less than one would get for growing any number of prohibited plants...


    "Just-Us"

  4. #3
    From the article:

    Charlie Shrem, former Bitcoin Foundation board member and CEO of the now-defunct exchange BitInstant, has been sentenced to two years in prison for helping Silk Road users anonymously swap cash for digital currency....

    As Ars Technica explains, here's how the scheme was carried out: Faiella would instruct customers to deposit money to third-party bank accounts, then Shrem would use BitInstant to transfer the corresponding amount back to him, which he'd pass on to buyers' Bitcoin wallets.

    So if I'm reading this right, the only "crime" this guy supposedly committed was selling Bitcoins to people. Based on this reasoning, anyone who sells anyone else even a fraction of a bitcoin could conceivably be charged with the same "crime." As far as that goes, anyone who sells a person ANYTHING which could conceivably be used as some form of trade, swap or barter could be charged just like Mr. Shrem.

    I call bull$#@!.



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