Bad News for Otto De Voogd as Supreme Court Regulates Bitcoin in Estonia
Estonian Supreme Court has ordered bitcoin trading to be regulated in the region, failing Otto de Voogd's fight to create a better bitcoin ecosystem in the region. Trading has been one of the major applications of bitcoin. The price volatility of cryptocurrencies has been exploited by day-traders across the world. As the amount of funds circulating through bitcoin trading increase, the practice is now being scrutinized by governments. In this regard, Estonia has now joined the ranks of countries that are regulating bitcoin trading. The Estonian Supreme Court has recently ordered bitcoin....
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Estonia’s Supreme Court began a public hearing on the case of Dutchman Otto de Voogd, a Bitcoin entrepreneur, who is facing fines upward of €32,000 and jail time for not disclosing information about his Bitcoin associated clients. In a case that began 2 years ago, Voogd was repeatedly questioned for data in regards to his business by Estonian officials and was forced to shut his cryptocurrency trading site BTC.ee down from doing business. Voogd has lodged a complaint with the Estonian Supreme Court and has crowdsourced his trial so that a precedent on Bitcoin related businesses can be....
BTC.ee owner Otto de Voogd has hit back at Estonian Supreme Court legislation calling it “heavy-handed” compared to normal fiat currency regulations. De Voogd, whose exchange was shut down by law enforcement in 2014, was facing legal action over AML practices while BTC.ee was still active. In a decision Monday, The Administrative Law Chamber of the....
The Estonian Supreme Court has ruled in favor of restrictions on bitcoin trading activity in the wake of a lawsuit filed by a digital currency broker. The ruling, which came in the wake of a long-running lawsuit that began as a inquiry into the legality of bitcoin, means that traders face new barriers for dealing in digital currencies in the European state. The suit traces back to 2014, when bitcoin brokerage operator Otto de Voogd was first contacted by Estonian police in connection with the operation of BTC.ee. De Voogd later suspended the service, citing threats of fines and jail time....
BTC.ee owner alleges threats by Estonian police and moves business out of the country as Supreme Court of the country on Monday ruled against Bitcoin in a landmark case. BTC.ee recently announced closure over threats by the Estonian police. The website had an ominous notice posted on it about the closure stating, “Apparently the Estonian police can re-interpret the law, keep their interpretation secret, and apply it retroactively and arbitrarily. Unfortunately the courts in Estonia do not appear to see a problem with that.” Supreme Court rejected the claim by de Voogd that his activity....
The Estonian Financial Intelligence Unit on Friday stopped its investigation of a Bitcoin trader in the Northern Baltic European nation. The decision comes after Otto de Voogd had evidently exercised his right to remain silent over the course of two years. In February 2014, de Voogd’s BTC.ee announced it “temporarily stopped trading due to threats issued by Estonian police.” The Estonian Financial Intelligence Unit and Border Guard Board emailed de Voogd, demanding details about the company’s registration, anti-money laundering procedures and other due diligence processes ‒ proof that he....