Romanian Auction for Seized Bitcoin and Ethereum – BTC Direct

The Romanian authorities will organize their very first cryptocurrency auction, which has been seized during a fraud case.

Bitcoin and Ethereum Auction

On October 2, the National Agency for the Management of Seized Assets (ANABI) announced an auction of the seized bitcoin and ether. This does not come out of the blue, but has been confirmed and required by a decision of the public prosecutor in the court of Ploiesti. The specific amounts of cryptocurrency that will be auctioned are unknown. In a press release, ANABI stated:

“Taking into account the nature of the movables being put up for auction, the successful bidder will need to inform the Agency of the public BTC and ETH addresses associated with a crypto trading platform in order to proceed with the transfer.”

Strict legislation

ANABI is strict and wants the exchange used by the successful bidder to be a legal and registered entity adhering to Romania’s legal standards and guidelines for financial instruments. Think especially of the rules that everyone loves. Know your customer policies well for customers, and they must comply with both domestic and foreign anti-money laundering regulations.

Overcompensation?

Romania has previously been summoned to the European Court of Justice. The reason is a delay in fully transposing the full range of provisions of the fifth anti-money laundering and terrorist financing directive, which should include cryptocurrencies, into national law. In July, Romania and Ireland were fined for the delay, although the country has already transposed the remaining elements of the directive.

The auction in Romania is a first for the country. However, these auctions are held worldwide to sell seized bitcoins and other cryptocurrencies. Investor Tim Draper bought more than 30,000 bitcoins in this way in 2014. These bitcoins were seized by authorities from Ross Ulbricht of Silk Road. At the time, Draper paid between $ 370 and $ 640 per bitcoin.

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