Feeds

Gendarmes grab French Bitcoin exchange in €200k sting

Liberté, Égalité, but not crypto-currency

Secure remote control for conventional and virtual desktops

The operators of an illegal French Bitcoin exchange have been collared by the gendarmes and their Bitcoin holdings confiscated.

A sketchy story out of Reuters says that the raid netted €200,000 worth of the crypto-currency, but doesn't outline what specific laws the exchange is accused of breaking.

The Reuters story merely states: “Two people in the Riviera coastal cities of Cannes and Nice were placed under formal investigation on Friday and detained on suspicion that they operated a website which illegally sold and lent Bitcoins to its users.”

It adds that the people charged were also under investigation for possible “illegal banking, money laundering and illegally operating a gambling website” charges.

French outlet Le Point is more forthcoming. It explains that three people, not two, were arrested (the third was in Toulouse and seems to have been released).

“The respondents were the administrator of this illegal site, his wife and one of its suppliers”, Le Point states.

As well as 388 Bitcoin (€200,000 at the time of the arrest), the gendarmes also seized €9,000 in cash, along with credit cards and computer hardware (since the only way to “seize” a Bitcoin is to confiscate the machine holding the relevant data).

The police explained to Le Point that the site was operating without the approval of the Autorité de Contrôle Prudentiel et de Resolution – France's banking supervisor – and between November 2013 and July 2014 had handled 2,750 transactions on “at least 2,500 Bitcoins”. ®

Beginner's guide to SSL certificates

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
Lawyers mobilise angry mob against Apple over alleged 2011 Macbook Pro crapness
We suffered 'random bouts of graphical distortion' - fanbois
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
Feds seek potential 'second Snowden' gov doc leaker – report
Hang on, Ed wasn't here when we compiled THIS document
Verizon bankrolls tech news site, bans tech's biggest stories
No agenda here. Just don't ever mention Net neutrality or spying, ok?
Inside the EYE of the TORnado: From Navy spooks to Silk Road
It's hard enough to peel the onion, are you hard enough to eat the core?
prev story

Whitepapers

Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Protecting users from Firesheep and other Sidejacking attacks with SSL
Discussing the vulnerabilities inherent in Wi-Fi networks, and how using TLS/SSL for your entire site will assure security.