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French Police Shuts Down Illegal Bitcoin Exchange Site

French Police Shuts Down Illegal Bitcoin Exchange Site

French Police has shut down an illegal Bitcoin exchange site in France and confiscated 388 Bitcoins worth around €200,000, Reuters reports. The action is the first of its kind in Europe and shows that some countries will no longer tolerate exchange sites running without the proper legislation and regulation.

Two people were put under formal investigation during the shutdown, based in the French coastal cities of Cannes and Nice. The two were detained on Friday under suspicion of having operated an illegal Bitcoin exchange site, where they illegally sold and lent Bitcoins to their users.

The French police seized computers and credit cards as well as Bitcoins when the police raided the suspects home last week.

"It's the first time in Europe that a judicial action has resulted in the closure of an illegal exchange for virtual currency," Oliver Caracotch, Prosecutor in Foix told to Reuters.

"It's also the first time in France that Bitcoins have been seized as part of a judicial procedure."  He added.

The police were tipped off by a former police man who bought Bitcoins through the platform and then alerted the financial investigators after doing so. The two suspects are being suspected of having done illegal banking, money laundering and illegally operating a gambling site.

News by Daniel Allermand
Daniel Allermand - Reporter

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.


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