Trading is legal, exchanges are illegal

The first thing to clarify is that ICO is not legal in China, and digital currency exchanges are not allowed either. There is no explicit prohibition on digital currency transactions, but relevant risk warnings are also issued and it is stated that digital currency transactions do not have relevant legal benefits.

However, abroad, some countries support cryptocurrency transactions, and relevant laws and regulations are gradually improving. In other words, cryptocurrency trading, according to the world macro perspective, is legal in some countries, but most countries have a wait-and-see attitude. It is neither legal nor illegal, nor is it protected by law. Once you are deceived, the state or institution will help you recover it.

It’s hard to say whether it’s legal or not

But scammers are definitely stealing money

Since the advent of Bitcoin, today’s digital currencies are all talking about Bitcoin.

I have personal experience, a relative, I don’t know where someone deceived people into investing, and I bought some K tokens.

During the Chinese New Year, they said they would appreciate in value and that it would rise to 140,000 U.S. dollars a piece in the future. Now let's get caught. I can’t take it out even if I want to.

Recently, I said that I would go to Shenzhen to hold a conference with tens of thousands of people, and I would also go on a free trip to Zhuhai, Hong Kong and Macao.

People were fooled and invested more than 100,000 yuan. I also made more than 10,000, which I will never get back.

Now I just paint a pie for them every day. How much will it rise today, and how much will it rise tomorrow

It’s hard to say how much Bitcoin will rise now. How about

Maybe it will collapse one day

We ordinary people are working hard to earn some hard-earned money, so it is best to keep it in the bank

Thousands Don’t listen to people’s deceptions, invest here or where

No matter how high the income is, it’s all a lie

The safest way is to deposit in a bank

Hello everyone , I am Di Shen; Di Fu Ji (DFG, Digital Finance Group) is committed to popularizing blockchain-related knowledge, delivering the latest blockchain industry information, and sharing interesting facts about blockchain. Welcome everyone to pay attention.

Is cryptocurrency trading completely legal?

Cryptocurrency transactions are divided into several situations. In some cases, it can only be said that it is not illegal, and it is only legal in a few areas.

In China, it is illegal to trade cryptocurrencies on the platform. Because the country has regulations that prohibit trading platforms from providing cryptocurrency trading services. People who participate in buying and selling on the platform are actually breaking the law.

However, because the country also stipulates that Bitcoin is a legal virtual asset, it is legal for individuals to hold, exchange, trade, and give away. Two people can trade privately, but they cannot build a platform for trading. Anyone who provides platform services is illegal.

Abroad, trading cryptocurrencies in certain areas that lack regulation can only be said to be illegal because there are no local laws. As long as the behavior in the transaction does not violate local laws, it will be fine. Such as India.

There are also some countries that recognize the legal status of cryptocurrency transactions, and buying and selling cryptocurrency in these countries is protected by local laws, such as Japan.

The vast majority of cryptocurrencies linked to crime in 2018 ended up being laundered through basic online exchange services. ?Blockchain researchers at Chainalysis calculated that about 64% of the more than $1 billion in cryptocurrency linked to crime last year was laundered and traded by simply depositing it into digital asset exchanges and trading it. Legitimate funds.

Money launderers use other peer-to-peer (P2P) exchange services to clean up a further 12% of their illegally processed funds. This means that more than three-quarters of “illegal” cryptocurrencies were processed through online exchange services at some point last year. Chainalysis said that most illicit funds are actually converted through exchange exchanges or peer-to-peer transactions, with the rest through other conversion services such as mixing services, Bitcoin ATMs, and gambling websites.

Most of these digital funds were stolen directly through hackers attacking cryptocurrency exchanges. Researchers note that $36 million worth of Ethereum was also stolen in 2018, often through phishing, Ponzi schemes or exit scams.

The report stated that in previous investigations of money laundering crimes related to traditional currencies, analysts could estimate money laundering activities by looking back at the entire process after the money laundering case was successfully prosecuted and making assumptions about the total amount of activity that had been detected. But cryptocurrencies often have transparent and complete transaction data, which provides new avenues for tracking and estimation.

Like traditional currencies, cryptocurrency laundering has three distinct stages: placement, layering, and integration. A successful money laundering scheme therefore involves "dropping" criminal funds into the financial system, moving or "layering" them around to avoid detection, and then "integrating" these funds into the real economy, usually through businesses, Make it look like legitimate profit.

It is better to find a formal platform for investment. Even if you lose money, you will know it. The domestic securities market and futures market are both legal investment venues, do not choose others. In recent years, many miscellaneous coins that have emerged from Bitcoin are all pitfalls of the previous batch of spot gold and silver or postage stamp speculation. I will deceive you without negotiation and stay away from this kind of promotion.

Whether a cryptocurrency trading platform is legal mainly depends on whether the cryptocurrency trading platform is formal, because some cryptocurrency trading platforms currently on the market are created by criminals in order to make money. Such trading platforms will eventually They all run away. The most important thing is that because it involves illegal activities such as money laundering, the cryptocurrency trading platform is illegal. Of course, there are still many cryptocurrency trading platforms that are legal.