Bitcoin Robbers to be Busted in Singapore

Two 36-year-old men have been arrested in Singapore after allegedly stealing $365,000 in cash from a Malaysian man who wanted to buy BTC from them
13 April 2018   1993

Pang Joon Hau in Singapore was robbed at $ 365,000 during a personal meeting with the prospective seller. This is reported by Cointelegraph.

According to the announcement of the Singapore Police, the crime was committed on April 8. After the victims appealed to the police, the law enforcement officers managed to establish the identity of the suspects and detain them.

One of the suspected, Mohd Abdul Rahman Mohama, allegedly said he was a part-time Bitcoin broker. He is reported to have given his accomplice Syed Mokhtar Syed Yusope about $10,000 and himself spent around $80,000 on luxury staff, including a Rolex watch worth $45,800. The remaining $271,000 are yet to be accounted for.

Detainees face punishment in the form of imprisonment for up to 5 to 20 years and at least 12 strokes with sticks. The authorities do not say whether they managed to return the cash, which became the prey of intruders.

The Police will not condone anyone committing such serious offences and profiting from the proceeds of the crime.  We will spare no efforts in pursuing such criminals and deal with them in accordance with the law.
 

Arthur Law

Commander of Central Police Division and Assistant Commissioner, Police 

This case marks one of the first crimes associated with bitcoin, committed in Singapore.

Israeli BTC Investors to Face Catch 22

They need to pay taxes from Bitcoin investing in order to avoid their property arrest, but banks don't take their money due to AML issues
06 August 2019   126

Bitcoin investors in Israel are faced with the impossibility of paying taxes, as local banks refuse to accept funds received from the sale of cryptocurrencies because of the risks of money laundering and terrorist financing. About this writes the local edition of Haaretz on August 6.

Bitcoin is not recognized as a currency in Israel, therefore, individuals must pay 25% of the income from cryptocurrency trading to the treasury, and legal entities - 47%.

Investor Ron Gross told the publication that he acquired bitcoins in 2011 and reported his income to the tax office. In 2017, the bank that served Gross began to refuse to accept funds received from the sale of bitcoins. The investor met with representatives of the bank to demonstrate to them a 70-page history of bitcoin transactions as confirmation of the origin of the funds, but failed to convince them.

The tax authority is aware of the problem, but they say the ball isn’t in their courts. I’ve tried working with almost all the banks, but the minute they hear the word ‘Bitcoin’ they freeze up.
 

Ron Gross

Bitcoin investor from Israel

 

Since Gross was unable to pay taxes on time, his bank account, home, and even scooters were arrested. According to the investor, the tax authorities know about the problem, but can do nothing.

According to Haaretz, the tax office is aware of $ 86 million in unpaid taxes on income from cryptocurrency trading. It is possible that the real amount may be significantly higher.

Roy Arav, another Bitcoin investor, kept the proceeds from trading Bitcoin in an account with Israeli bank Discount under the control of the Bit2C exchange. The bank refuses to transfer money to Arava’s personal account under the pretext that its politicians forbid it to transfer funds related to virtual assets to client accounts due to the risks of money laundering and terrorist financing.

Arav also could not pay taxes and was forced to sue the bank. According to the investor, the authorities entered his position and granted him a deferral of time for the consideration of the claim.