Feeds

Gendarmes grab French Bitcoin exchange in €200k sting

Liberté, Égalité, but not crypto-currency

The Essential Guide to IT Transformation

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”. ®

Boost IT visibility and business value

More from The Register

next story
Just TWO climate committee MPs contradict IPCC: The two with SCIENCE degrees
'Greenhouse effect is real, but as for the rest of it ...'
Adam Afriyie MP: Smart meters are NOT so smart
Mega-costly gas 'n' 'leccy totting-up tech not worth it - Tory MP
'Blow it up': Plods pop round for chat with Commonwealth Games tweeter
You'd better not be talking about the council's housing plans
Arrr: Freetard-bothering Digital Economy Act tied up, thrown in the hold
Ministry of Fun confirms: Yes, we're busy doing nothing
ONE EMAIL costs mining company $300 MEEELION
Environmental activist walks free after hoax sent share price over a cliff
Help yourself to anyone's photos FOR FREE, suggests UK.gov
Copyright law reforms will keep m'learned friends busy
Apple smacked with privacy sueball over Location Services
Class action launched on behalf of 100 million iPhone owners
UK government officially adopts Open Document Format
Microsoft insurgency fails, earns snarky remark from UK digital services head
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.