Silk Road forums

Discussion => Legal => Topic started by: SuckDick4Weed on September 30, 2013, 05:13 am

Title: Warning: Localbitcoin traders
Post by: SuckDick4Weed on September 30, 2013, 05:13 am
Just a warning to all about BTC traders having their accounts suspended or restricted. This includes seized payments and some banks now requiring ID for teller cash deposits.

I learnt the hard way :/
Title: Re: Warning: Localbitcoin traders
Post by: darkmagic65 on September 30, 2013, 10:27 am
why would their account be getting suspended?
Title: Re: Warning: Localbitcoin traders
Post by: SuckDick4Weed on September 30, 2013, 10:31 am
To clarify, their bank account. Not web account
Title: Re: Warning: Localbitcoin traders
Post by: heatcheck on October 01, 2013, 05:51 am
Please provide more info. without giving yourself away.


What bank? What source for buying coins? Anything else suspicious with the account that would get it seized or frozen?
Title: Re: Warning: Localbitcoin traders
Post by: Moon Fried on October 01, 2013, 06:18 am
I don't see why this would happen. Couldn't the bank account owner just explain their buying and selling BTC and provide proof of doing so? There's nothing wrong with that.
Title: Re: Warning: Localbitcoin traders
Post by: SuckDick4Weed on October 01, 2013, 09:40 am
I'd prefer not going into specifics. A trader has stated on their page the new rules regarding one of their banks in Australia for cash deposits.

Actually, I don't think their bank seized the payment. Looking more like mine. So just be careful where you're sending cash.
Title: Re: Warning: Localbitcoin traders
Post by: lowberry on October 01, 2013, 10:47 am
Some more information please? This kinda concerns me as a I rely on localbtc for all my bitcoin purchases... I do cash deposits to banks (cash checking deposit to seller). I am in the US.  I dont sell though... Do I have anything to be worried about? They dont ask for ID. I did mention to the teller that its a deposit for a friend or someone else, is that bad?? Even if they know its for bitcoins I dont see how any law is being broken? please give some more info if you can... and is this only in aus so far?
Title: Re: Warning: Localbitcoin traders
Post by: dolmio on October 01, 2013, 10:47 am
does anyone know about the new rules regarding bank deposit`s?
Title: Re: Warning: Localbitcoin traders
Post by: arananegro on October 01, 2013, 01:25 pm
I'd prefer not going into specifics. A trader has stated on their page the new rules regarding one of their banks in Australia for cash deposits.

Actually, I don't think their bank seized the payment. Looking more like mine. So just be careful where you're sending cash.

I think you shouldve gave a little more info in your original post, you confused a lot of people.  To clarify,  you are talking about local bitcoin traders doing bank deposits in Australia?
Title: Re: Warning: Localbitcoin traders
Post by: BenJesuit on October 01, 2013, 05:23 pm
Yeah Australia - the ultimate nanny/police state. No surprise.
Title: Re: Warning: Localbitcoin traders
Post by: Moon Fried on October 02, 2013, 03:48 am
Some more information please? This kinda concerns me as a I rely on localbtc for all my bitcoin purchases... I do cash deposits to banks (cash checking deposit to seller). I am in the US.  I dont sell though... Do I have anything to be worried about? They dont ask for ID. I did mention to the teller that its a deposit for a friend or someone else, is that bad?? Even if they know its for bitcoins I dont see how any law is being broken? please give some more info if you can... and is this only in aus so far?

You can tell them whatever you want... you don't even have to give them a reason. I've done mostly $1000+ deposits so far and haven't had any problem. Even if a teller did ask, I'd just tell them that I'm buying bitcoins to participate in the exchange market. Nothing more. ::)

Yeah Australia - the ultimate nanny/police state. No surprise.

This thread had me worried until I saw him specify Australia. :P
Title: Re: Warning: Localbitcoin traders
Post by: railroadbill on October 02, 2013, 03:23 pm
An ID to make a deposit? So USA, Aus, UK, just some of the places you should never step foot into.
Title: Re: Warning: Localbitcoin traders
Post by: bluegreen23 on October 03, 2013, 03:09 am
you know banks are private companies and can refuse service to anyone they want right?

"oh no that's not fair. they can't do that"
yeah.. they can. and yeah they do. It sucks, it's not fair, and so what? Deal with it as a real possibility.
Title: Re: Warning: Localbitcoin traders
Post by: MacyGrey on October 05, 2013, 06:44 am
My landlords bank (Bank Of America), doesnt ever ask me for ID or what im depositing cash in for.....I deposit $1200 a month for rent for the past 1.5 years with no issues.
Ive also bought bitcoins from localbitcoins and did a cash deposit at an M&T Bank in NY (When i pre ordered by BFL Jalepeno) last year and had no issues and no questions asked.

Its none of their business, money is going into their bank, dont tell them anything other than "I'd like to deposit this" and hand them cash and deposit slip and be gone!