Developer of Bitcoin Tumbling Service “Coin Ninja” Arrested

blue_knight

blue_knight

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CEO Larry Harmon has been arrested and is currently in Youngstown Ohio federal jail.

Charged with:
- Conspiracy to launder money instruments
- Operating an unlicensed money transmitting business

He faces up to 30 years.

It looks like the end of tumbling services is near. I wonder what will be destiny of privacy coins. I wonder if the state can stop them and allow only surveillance coins like BTC.
 
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They can ban the coins from exchanges, true. But there will be Bisq.Network or LocalMonero.co I hope it will be difficult to stop it.
 
blue_knight said:
They can ban the coins from exchanges, true. But there will be Bisq.Network or LocalMonero.co I hope it will be difficult to stop it.
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It will be difficult for a couple of years after privacy coin ban until all official exchanges are completely compliant with KYC requirements and there are cameras in all streets worldwide with harsh punishments for trading in person. Public anonymity networks will soon follow.
 
Regarding KYC on exchanges, you cannot enforce the same rules all over the world. But it is also true that banning privacy coins from big exchanges might negatively impact the price of the coin.
 
blue_knight said:
Regarding KYC on exchanges, you cannot enforce the same rules all over the world. But it is also true that banning privacy coins from big exchanges might negatively impact the price of the coin.
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Banks can disallow usage of foreign exchanges, for example US banks only allow US based exchanges, EU banks only allow EU based exchanges, Asian banks Asian exchanges, etc... It's already happening.
 
Doesn't Monero + Bisq do this already? This guy was asking for trouble.
 
Bitcoin is not money for so it's not money laundering.
The Federal Reserve is trying the maintain their monopoly on the US dollar.
 
moonshine7000 said:
Bitcoin is not money for so it's not money laundering.
Click to expand...

Interesting opinion as the Federal Govt in the USA would certainly have the ability to convict without it being actual currency. Not sure of other countries but surely in the USA and I'd bet England as well knowing what little I do about their legal system.

The laws are a lot more reaching than one sees on the surface.
 
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