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/biz/ - Business & Finance

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13604490 No.13604490 [Reply] [Original]

frens, i had a question.

i use this exchange in my country where i can buy/sell crypto for local currency.

is this all just based on good faith ?

what if i send my coins to them to sell and they just decide not to deposit fiat into my bank account ? are there any laws regarding this shit ?

>> No.13604507
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13604507

pls be troll

>> No.13604527

>>13604507
>my bank account ? are there any laws regarding this shit ?

no, seriously. im not in the US.

should i check local laws ?

whats stopping these cunts from not selling cash back to me ?

>> No.13604553

Businessman here. Most countries have no crypto legal framework. Its similar to trading currency and items in an online game. Basically its all one big meme

>> No.13604563

>>13604527
>>13604490
Nice Reddit spacing. To answer your question, there is absolutely nothing stopping them. However, you could always call your bank and dispute the transfer (tell them you were scammed and got nothing in return, and whatnot) which may get you your money back. If you're dumb and worried about losing your money, you probably will. Not even by an exchange but something as simple as sending your crypto to the wrong address.

>> No.13604579

>>13604527
the whole point of criptoe is there's no laws
the whole fucking reason billions is pouring OUT of traditional fiat on a monthly basis is that the govt FAILS day in day out to protect it's people and just continues to fuck us over

>> No.13604610

>don't use a sketchy exchange
>cash out small amount first to test
>keep all documentation, for potential legal recourse

>> No.13604650

>>13604490
Nothing. In fact that's what Binance is doing right now.

>> No.13604963

I have BTC confiscated by Localbitcoins. They just ban the account and say it's a fraud risk, and keep the coins. Fuck all you can do about it, you have to hope you'll be lucky.