The Romanian authorities have reported that they will carry out the first crypto auction of cryptocurrencies, specifically Bitcoin and Ethereum, which were previously seized in a fraud case. But what does this mean?
Bitcoin and Ethereum up for auction
A local media outlet reported that the Romanian National Agency for the Management of Seized Assets (ANABI) would begin to auction crypto, specifically Bitcoin and Ethereum; all of which were confiscated from an undisclosed fraud case.
An interesting fact is that the auction is carried out by decision of the Prosecutor’s Office at the Ploiesti Court.
The starting price of 0.97 ETH is 1,670 Romanian lei ($ 401) and 0.6 BTC – 30,535 lei ($ 7347). The amounts are not known.
In this way, anyone who wishes to participate in the event must register on the ANABI online auction platform.
“Taking into account the nature of the personal property put up for auction, the successful bidder must inform the Agency, in order to proceed with the transfer, about the public addresses of BTC and ETH associated with a virtual currency trading platform”the press release noted.
Obligations to be met by the crypto buyer
The buyer of Bitcoin and Ethereum must comply with certain obligations towards official institutions.
In this sense, you must inform ANABI about the crypto platform and the address to be transferred. Also, said platform must be a legally recognized entity in Romania and operate in accordance with its rules.
In addition, said platform must have a ‘Know Your Customer’ / KYC procedure) in local and international standards regarding crypto.
Is it the first time that the country has organized a crypto auction?
The answer is yes. Cryptocurrency auctions have been carried out by authorities around the world. However, it is the first time that it will take place in Romania.
As we have previously reported in CryptoTrend, the criminal acts in which cryptos have been involved have been increasing over time. Several countries have reported an increase in crypto scams that included an increase in ransomware attacks, Ponzi schemes, and other different types of scams involving cryptocurrencies.
In this way, the news represents a movement towards greater supervision and control over the crypto world. Would you participate in a crypto auction of this type?