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BitInstant CEO Charlie Shrem Arrested!
BitInstant CEO Charlie Shrem Arrested!
Published: 2014/01/27
Channel: Derrick J Freeman
Charlie Shrem - Bitcoin Foundation and Bitinstant.com
Charlie Shrem - Bitcoin Foundation and Bitinstant.com
Published: 2012/10/18
Channel: AdamKokesh
Bitcoin Pioneer Charlie Shrem Wants to Disrupt Money
Bitcoin Pioneer Charlie Shrem Wants to Disrupt Money
Published: 2017/02/20
Channel: Freethink
BitInstant How-to: Turn cash into Bitcoins at a bank
BitInstant How-to: Turn cash into Bitcoins at a bank
Published: 2012/10/21
Channel: Derrick J Freeman
Genesis Moscow - Charlie Shrem
Genesis Moscow - Charlie Shrem
Published: 2017/06/02
Channel: Digital October Center
Buying Bitcoins with BitInstant
Buying Bitcoins with BitInstant
Published: 2013/06/02
Channel: Matt Tatum
Zhou Tonged - WHY WAIT? (Bitinstant Official Theme)
Zhou Tonged - WHY WAIT? (Bitinstant Official Theme)
Published: 2012/04/01
Channel: ZhouTonged
Attending Bitcoin Conference, Winklevoss - BitInstant Story.. Cool.. RT Prime Interest
Attending Bitcoin Conference, Winklevoss - BitInstant Story.. Cool.. RT Prime Interest
Published: 2013/11/18
Channel: eBuy Bitcoin
Computer hacker steals $12,000 in bitcoins from Bitinstant.
Computer hacker steals $12,000 in bitcoins from Bitinstant.
Published: 2013/03/24
Channel: Barnone11970
Silk Road CEO Speaks! -- Android Flaw Steals $5,700 -- BitInstant Lawsuit
Silk Road CEO Speaks! -- Android Flaw Steals $5,700 -- BitInstant Lawsuit
Published: 2013/08/15
Channel: MadBitcoins
Interview with Charlie Shrem at the North American Bitcoin Conference Miami
Interview with Charlie Shrem at the North American Bitcoin Conference Miami
Published: 2018/01/21
Channel: NEWSBTC
Drake & Lykke Li - Little Bit (Instant Party! Remix)
Drake & Lykke Li - Little Bit (Instant Party! Remix)
Published: 2014/04/03
Channel: Second Sense
Charlie Shrem talk about TNB
Charlie Shrem talk about TNB
Published: 2017/11/15
Channel: contract tnb
Charlie Shrem on Free Talk Live April 19, 2012 Topic Bitcoin and Bitinstant
Charlie Shrem on Free Talk Live April 19, 2012 Topic Bitcoin and Bitinstant
Published: 2012/04/20
Channel: Roger Ver, CEO of Bitcoin.com
Вышел из тюрьмы создатель биткоин (bitcoin) сервиса BitInstant. Документальный фильм о Чарли Шреме.
Вышел из тюрьмы создатель биткоин (bitcoin) сервиса BitInstant. Документальный фильм о Чарли Шреме.
Published: 2017/06/26
Channel: Cryptonyka
General Assembly: What are Bitcoins? Online Class with Charlie Shrem (CEO, BitInstant)
General Assembly: What are Bitcoins? Online Class with Charlie Shrem (CEO, BitInstant)
Published: 2013/05/28
Channel: General Assembly
Anna Sale interviews Bitcoin mogul Charlie Shrem
Anna Sale interviews Bitcoin mogul Charlie Shrem
Published: 2017/10/31
Channel: Death, Sex & Money
CEO of BitInstant Arrested -- Credit Cards Hacked Again -- Megacoin Gravity Well -- Earthcoin
CEO of BitInstant Arrested -- Credit Cards Hacked Again -- Megacoin Gravity Well -- Earthcoin
Published: 2014/01/27
Channel: MadBitcoins
BitInstant interviewed by Bitcoin Kid
BitInstant interviewed by Bitcoin Kid
Published: 2013/05/22
Channel: Bitcoin Kid
Using Bitinstant functions
Using Bitinstant functions
Published: 2012/10/18
Channel: Andreas Hansch
BitInstant Complaints -- Butterfly Labs Upgrade Emails -- Blender Accepts Bitcoin (#042)
BitInstant Complaints -- Butterfly Labs Upgrade Emails -- Blender Accepts Bitcoin (#042)
Published: 2013/06/14
Channel: MadBitcoins
Bitinstant Founder Pleas Guilty in NY, Silk Road News - Free Talk Live 2014-09-05
Bitinstant Founder Pleas Guilty in NY, Silk Road News - Free Talk Live 2014-09-05
Published: 2014/09/06
Channel: Liberty Bits
The Time (Dirty Bit) / Instant Hip Replacement Remix
The Time (Dirty Bit) / Instant Hip Replacement Remix
Published: 2011/01/08
Channel: Sam Moe
Bitcoin exchange CEO arrested on drug money laundering charges
Bitcoin exchange CEO arrested on drug money laundering charges
Published: 2014/01/27
Channel: RT
The Bitcoin Show Episode 049 Charlie Shrem, Co Founder and CEO of BitInstant.com
The Bitcoin Show Episode 049 Charlie Shrem, Co Founder and CEO of BitInstant.com
Published: 2017/12/28
Channel: Yassine H
Bitinstant Transfers without MtGox codes
Bitinstant Transfers without MtGox codes
Published: 2013/05/06
Channel: Andreas Hansch
Bergentruckung SFJ 16-Bit Instant Kill-Size Mix
Bergentruckung SFJ 16-Bit Instant Kill-Size Mix
Published: 2017/10/14
Channel: Tan Cheng Guan
Dumping 3 Coins in Bitinstant
Dumping 3 Coins in Bitinstant
Published: 2014/03/14
Channel: Wrecking Bot
BitInstant Has a Problem
BitInstant Has a Problem
Published: 2013/10/24
Channel: The LTB Network
Bitcoin VIP charged with Silk Road money laundering
Bitcoin VIP charged with Silk Road money laundering
Published: 2014/01/29
Channel: RT America
A Care Package for Charlie Shrem
A Care Package for Charlie Shrem
Published: 2015/05/19
Channel: Bitcoin Uncensored
Interview with Charlie Schrem of BitInstant
Interview with Charlie Schrem of BitInstant
Published: 2013/08/24
Channel: The LTB Network
New site BitInstant, paying
New site BitInstant, paying
Published: 2015/12/27
Channel: Ellsworth P Chavez
Simple Ways To Fund Bitcoin (Bit Instant Solution)
Simple Ways To Fund Bitcoin (Bit Instant Solution)
Published: 2012/12/04
Channel: The Maker
36. BITCOIN 2013 - Day 2 - Cash Deposits, Challenges & Ideas (BitInstant.com) part 1of3
36. BITCOIN 2013 - Day 2 - Cash Deposits, Challenges & Ideas (BitInstant.com) part 1of3
Published: 2013/05/21
Channel: Digital Magus
Bitcoin Pioneer & CEO of BitInstant Charlie Shrem ARRESTED
Bitcoin Pioneer & CEO of BitInstant Charlie Shrem ARRESTED
Published: 2014/02/02
Channel: Jerry Deng
38. BITCOIN 2013 - Day 2 - Cash Deposits, Challenges & Ideas (BitInstant.com) part 3of3
38. BITCOIN 2013 - Day 2 - Cash Deposits, Challenges & Ideas (BitInstant.com) part 3of3
Published: 2013/05/22
Channel: Digital Magus
Bitcoin 2013 conference - Charlie Shrem - Cash Deposits, Challenges and Ideas
Bitcoin 2013 conference - Charlie Shrem - Cash Deposits, Challenges and Ideas
Published: 2013/05/29
Channel: Paul Gibbons
What Is Bitcoin? Tom Woods Talks to Erik Voorhees
What Is Bitcoin? Tom Woods Talks to Erik Voorhees
Published: 2013/03/11
Channel: TomWoodsTV
Bitinstant公司CEO Charlie Shrem详解Bitcoin商业运作海峡比特币
Bitinstant公司CEO Charlie Shrem详解Bitcoin商业运作海峡比特币
Published: 2013/12/03
Channel: bitcoin gao
Ira Miller on Free Talk Live about Bitcoin, Bitinstant, Liberty forum
Ira Miller on Free Talk Live about Bitcoin, Bitinstant, Liberty forum
Published: 2012/02/27
Channel: Roger Ver, CEO of Bitcoin.com
37. BITCOIN 2013 - Day 2 - Cash Deposits, Challenges & Ideas (BitInstant.com) part 2of3
37. BITCOIN 2013 - Day 2 - Cash Deposits, Challenges & Ideas (BitInstant.com) part 2of3
Published: 2013/05/22
Channel: Digital Magus
The Bitcoin Show - Episode 049 - Charlie Shrem, Co-Founder and CEO of BitInstant.com
The Bitcoin Show - Episode 049 - Charlie Shrem, Co-Founder and CEO of BitInstant.com
Published: 2011/11/24
Channel: vlogwrap
The Bitcoin Group #15 (Live) - NY Hearings - Civil War - BitInstant Arrest - BTC China - Visa
The Bitcoin Group #15 (Live) - NY Hearings - Civil War - BitInstant Arrest - BTC China - Visa
Published: 2014/02/01
Channel: thebitcoingroup
Bitcoin, Bitstamp, Bitinstant and the Dirty, Rotten Government!
Bitcoin, Bitstamp, Bitinstant and the Dirty, Rotten Government!
Published: 2017/02/09
Channel: Jeffrey Bethea
Daft Punk - Instant Crush (8-Bit NES Remake)
Daft Punk - Instant Crush (8-Bit NES Remake)
Published: 2013/05/27
Channel: SoundHippo
Bitinstant Diva Sativa hula hooping booty shaking in panties and corset!
Bitinstant Diva Sativa hula hooping booty shaking in panties and corset!
Published: 2012/04/02
Channel: MsDivaSativa
BitInstant com Creator Takes a Plea Deal In Silk Road Case - Peace News Now 2014-09-09
BitInstant com Creator Takes a Plea Deal In Silk Road Case - Peace News Now 2014-09-09
Published: 2014/09/21
Channel: Liberty Bits
Miami Bitcoin Conference - Charlie Shrem fireside chat
Miami Bitcoin Conference - Charlie Shrem fireside chat
Published: 2018/01/19
Channel: The Crypto Show
Глава сервісу BitInstant постане перед судом за махінації
Глава сервісу BitInstant постане перед судом за махінації
Published: 2014/01/28
Channel: euronews (українською)
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WIKIPEDIA ARTICLE

From Wikipedia, the free encyclopedia
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BitInstant
Founded 2011 (2011)
Founder Gareth Nelson
Charlie Shrem
Defunct 2014 (2014)
Headquarters New York City
Website http://www.bitinstant.com/ (defunct)

BitInstant was a bitcoin exchange start-up based in New York City.[1][2] Founded in 2011 by Gareth Nelson and Charlie Shrem, BitInstant provided a means to pay traditional funds rapidly to bitcoin exchanges.[3] As of January 2014, BitInstant's website is no longer available, displaying only a blank page.[1] Its blog was unavailable as of October 31, 2014.

History[edit]

BitInstant was founded in 2011 by Gareth Nelson and Charlie Shrem.[3] The company allowed its customers to purchase the bitcoins via more than 700,000 stores, including Walmart, Walgreens, and Duane Reade.[4]

In September 2012, when presidential candidate Mitt Romney was threatened with blackmail unless he paid an anonymous group $1 million in bitcoin, BitInstant's Erik Voorhees offered to purchase the bitcoin for him without a fee.[5]

According to Shrem, transaction volume grew rapidly during 2013 as the price of bitcoin rose, and "basically tripled" during April.[6]

As of May 2013, BitInstant had 16 employees when Winklevoss Capital invested $1.5 million in the company.[2] According to the Winklevosses, the funding is "meant to allow the company to further scale up its staff and product." BitInstant later announced a partnership with the Winklevosses' bitcoin investment fund.[7]

In June 2013, BitInstant announced integration with Jumio, an online payment company led by Daniel Mattes. Jumio's Netverify software allows BitInstant to verify customers' identity.[8] BitInstant also restricted bitcoin transactions in some states, stating that "We have temporarily limited transactions in some locations, and we apologize for the inconvenience. We believe that these measures are vital to serving the interests of both BitInstant and the greater bitcoin community."[9]

In July 2013, BitInstant suspended services, saying it wanted "to improve the code based on trends they noticed" in nearly 17,300 customer service complaints.[10] Several days earlier, a class action lawsuit had been filed on behalf of customers, claiming failure to perform services and false representation.[11]

On January 27, 2014, company CEO Charlie Shrem was arrested at New York's JFK airport and charged with "conspiring to commit money laundering by selling more than $1 million in bitcoins to users of the black market website Silk Road...".[12] BitInstant website has been blank since then.

Criticism[edit]

BitInstant received many complaints from customers concerning transaction processing delays sometimes of several days.[6][13] In response to complaints, BitInstant CTO Gareth Nelson stated in June of 2013 that "we are all stressing out and working day and night (literally) to get things fixed and hope to have a proper resolution for the backlogged orders".[13]

Also in June of 2013 the New York State Department of Financial Services issued a warning letter to BitInstant, asking it to comply with regulations governing money transmission businesses.[14]

References[edit]

  1. ^ a b Lee, Timothy B. "Feds charge Bitcoin start-up founder with money laundering". Washingtonpost.com. Retrieved 2014-01-28. 
  2. ^ a b Taylor, Colleen (17 May 2013). "With $1.5M Led By Winklevoss Capital, BitInstant Aims To Be The Go-To Site To Buy And Sell Bitcoins". TechCrunch. Retrieved 11 July 2013. 
  3. ^ a b Emily Spaven (2013-08-15). "Frustrated customers hit BitInstant with a class action lawsuit". Coindesk.com. Retrieved 2014-01-07. 
  4. ^ Alexa Simon (2013-04-10). "Meet the Bitcoin Millionaires". Businessweek. Retrieved 2014-01-28. 
  5. ^ Garver, Abe (7 September 2012). "BitInstant To Romney Camp: 'We'll Convert $1,000,000 USD to Bitcoin For Free.'". Forbes. Retrieved 12 July 2013. 
  6. ^ a b Roose, Kevin (8 April 2013). "Inside the Bitcoin Bubble: A Q&A With BitInstant's Stressed-Out CEO". New York Magazine. Retrieved 11 July 2013. 
  7. ^ Gilson, David (8 July 2013). "BitInstant to partner up with Winklevoss twins' bitcoin fund". CoinDesk. Archived from the original on 20 February 2014. Retrieved 11 July 2013. 
  8. ^ Jumio June 13, 2013 8:00 AM (2013-06-13). "Bitcoin Purchase Platform BitInstant Integrates Jumio's Netverify to Speed Transactions and Reduce Fraud - Yahoo Finance". Finance.yahoo.com. Retrieved 2014-01-07. 
  9. ^ "Squarespace - Account Not Available". Blog.bitinstant.com. Archived from the original on 2014-01-08. Retrieved 2014-01-07. 
  10. ^ "BitInstant website". 15 July 2013. Archived from the original on 5 October 2013. Retrieved 29 July 2013. 
  11. ^ Iacono et al. v. BitInstant LLC, Case 1:13-cv-04674-CM (S.D.N.Y. 8 July 2013).
  12. ^ "Bitcoin Operators Charged in Illicit Drug Site Bust". Associated Press. Retrieved 27 January 2014. 
  13. ^ a b Siluk, Shirley (13 June 2013). "BitInstant complaints flare up after beta site launch". CoinDesk. Retrieved 11 July 2013. 
  14. ^ Sidel, Robin (25 June 2013). "States Put Heat on Bitcoin". The Wall Street Journal. Retrieved 11 July 2013. 

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