5

The most minimal elements of theft are: An unauthorised taking or use of another's property; and An intent to permanently deprive that person of that property or its use You've authorised the fee as per the terms of service that you agreed to. If you didn't read the terms of service, you are deemed to have read it. As the first element is not satisifed, ...


4

You agreed that they could charge for this when you accepted their terms of service (fees and charges).


4

Not really, just about every currency exchange company does this. After all, how would they make money? The story around this is that you are being charged for a service. You're paying them for the completion of a service, where they convert the currency of the money for you. Similar things can include being charged for delivery when buying things online, ...


4

This answer is for the US (at least). You're assuming that if income is not in dollars or some other national currency, then it is not taxable. That is false. "Barter" income, in which you are paid in other property or services, is taxable just as if you were paid in cash, based on the "fair market value" (in dollars) of the property or services you ...


4

You might get away with it under federal law. But there are potentially also state laws to worry about. Under Texas law 17.461: "Pyramid promotional scheme" means a plan or operation by which a person gives consideration for the opportunity to receive compensation that is derived primarily from a person's introduction of other persons to participate in ...


3

According to this Treasury Department web page refers the asker to the : ... Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, ...


3

https://www.irs.gov/pub/irs-pdf/p531.pdf Page 2: The value of noncash tips, such as tickets, passes, or other items of value, is also income and subject to tax Page 5: What tips to report. Generally, you must report all tips you received in 2016 on your tax return, including both cash tips and noncash tips. Any tips you reported to your ...


3

Title 31 (Money and Finance), Subtitle IV (Money), Chapter 51 (Coins and Currency), Subchapter I (Monetary System), Section 5103 (Legal Tender) of the United States Code states: United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public ...


3

None First, only cash transactions are reportable: electronic and cheque transactions aren't. The only ones that will be reported are your single withdrawal and deposit. As you say $10,000 is not a lot of money. What law enforcement is looking for a people who frequently have large cash transactions: they use data matching algorithms to identify these ...


2

You might be considered a money services business (MSB). Such business are regulated by the Treasury Department. You can find an introduction to the relevant regulations here. MSBs are subject to many requirements, such as: Registration Maintaining a list of their agents Reporting suspicious activity by their customers Creating an anti-money laundering (...


2

You seem to doubt your interpretation of the law because you assume that the guy was convicted in the absence of fraud. In fact, that is not the case. He was convicted of cutting pennies down to the size of dimes so he could use them in vending machines. The conviction therefore confirms your interpretation of the law rather than calling it onto doubt.


2

Any answer is somewhat speculative, because there are no significant legal precedents. That said, you are probably not in breach of counterfeiting laws, as they typically protect physical currencies. However, due to the way that laws are written, their scope may be somewhat fuzzy in areas that were not foreseen, so you may find that a law unintentionally ...


2

Yes, I would count it as counterfeit as the serial codes will already exist and you are bringing the other dimension $ to this one so they would be the "copy"


2

Article 1 Section 8 appears to answer your question - only the Federal Government has the power to regulate the value of currency. Unilaterally forbidding the use of pennies as currency would be a regulation of their value (from 1 cent to 0 cents). A state government might be allowed to refuse pennies for the purpose of paying for a service in advance like ...


1

This is a "how things are in practice" answer, not statutory. The ruling question is whether the virtual currencies are readily exchangeable for USD. For instance if there is a thriving, open currency exchange where I can convert 1000 World of Warcraft gold into 1 USD and back again anytime I please, then WoW gold takes on the character of a foreign ...


1

Cryptocurrency, and "virtual coins" are different things. What you described as "virtual coins" for a website is really just store credits, not Cryptocurrency. In the event of a website closing down. There is likely very little you would be able to do to recover your money. Cryptocurrency is considered property by the IRS, not legal money. The value is ...


1

Yes, they are legal tender. 31 USC 5103: United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. They are United States coins so they are legal tender. The age of the coins is irrelevant and I don't think that the ...


1

Superficially, this looks like a viable business model. You would want to check the UK regulations on KYC to see if it addresses these kinds of issues specifically. If there was a safe harbor provision, you would want to tailor your agreement to fit it.


1

Depends on the contract - they must refund the price in the contract. If the price is in bitcoin, you get the same amount of bitcoin. If the price is in $, you get the same amount in $, however, you have agreed that this can be paid in bitcoin.


1

Note: This answer is under the assumption that such coins are capable of functioning as tracking devices. Unfortunately, the laws on privacy in the UK are quite primitive. The main complaint against this coin that I can think of is that I wouldn't want the government knowing my location without my express permission. That said, I am not aware of any laws ...


1

someone could ... mistakenly assume that by playing the game he can win 100 gold coins aging 2500+ years. Yes someone could, if they were an idiot, however, that is not the legal criteria. The legal criteria is if a reasonable person would.


1

Let's take Runescape as the example, because there's some guidance about the Dutch legal status of items in that game: the ToS terms do not alter the fact that within Runescape, items are under the actual and exclusive control of a specific player. That is to say, we can treat these virtual goods as if they were non-virtual. Now what is the legal status if ...


1

In theory, every country that claims jurisdiction has jurisdiction. In practice, countries usually don't claim jurisdiction over things that are not their business, and judgements against you may be hard or impossible to enforce, and extradition may be hard or impossible to achieve. As an example, if your site defrauded gamblers in Germany, then Germany ...


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