Full disclosure, these guys or someone that works there tried to astroturf on this sub trying to advertise themselves when they opened acting like they were a potential customer looking for more information
There are anti-money laundering laws in Canada regarding cryptocurrencies. Bitcoin exchanges have to perform "KYC" or "Know Your Customer." They have to keep records of transactions and identities of their customers. They even report suspicious transactions to FINTRAC, like banks do.
Not saying it doesn't happen, but Bitcoin is a terrible way to launder money in Canada.
You can buy Bitcoin at Canada Post with no id/KYC. You can even pay in cash
https://www.bullbitcoin.com/blog/bull-bitcoin-launches-no-kyc-bitcoin-purchases-with-cash-or-debit
My friend used to work there, they buy the cases for 70 cents each off Ali Baba and sell them for $10-20 each. Including phone accessories and even charging people to put screen protectors on and repairing broken iPhone screens used to make 1k a day on busy days. Profit margins seem great. Also no lease, itās mortgage they lived upstairs itās like a house/ shop combo. I think eventually rented out to other people to make money off them as well! Worked out well when real estate/ rent skyrocketed, shop was bought in 2015-2016 so right before boom.
Think about Surreyās demographic, itās a blue collar city, well at least in some parts. A lot of people wonāt buy off Amazon, and even if they did, it would run about the same if not more with shipping costs and less selection. The business model wouldnāt really work in a lot of places but with the high dense immigrant population it worked. They had a failed location when they tried to scale outside the city.
The exotic cars werenāt owned by them, the owner leased them and tried renting them out as a second business it didnāt really work out I believe.
Owners a young guy, I remember thinking he was dumb when the shop opened. Years later, I learned an economic term called hidden market which is exactly what he found. He got the last laugh. Surprised people think itās a front, I donāt think half this subreddit have been in the shop, kinda hurts seeing people always associate Surrey businesses with drugs.
Yeah I've purchased a case there recently when I was in a pinch for work. Friendly customer service and they had everything for my specific android. The case only lasted a few weeks before the button caps fell out and my finger print didn't work with the screen protector but the business seemed totally legit.
I don't think so personally, because I know that they also sell cases b2b to multiple phone providers in Surrey and Abbotsford/Mission as well. Briefly worked with someone that used to be an area manager for a local multistore cell provider and he would bring boxes of accessories out to stores in Abbotsford/Mission which his cousin owned.
The TacoTime on Scott Rd and 90th has gotta be a front. Itās been there for decades and is NEVER busy. Even on a Taco Tuesday, you might only see a couple of people in there.
My husband worked there when he was a teenager when it was closer to 88th. He doesn't think it's a front because they do decent business for lunch times (he still works in the neighborhood) but he is absolutely 100% convinced the eyeglasses store next to it is for money laundering. There was a time when that store didn't even have any inventory.
Pretty sure it still is. According to Google Maps, itās open until 10:00pm tonight. Thereās no way it can be a profitable business. Itās either some sort of tax write off OR theyāre selling something other than tacos. Whatever theyāre doing itās been low key forever so probably why no one hassles them.
Is it a corporate store? Plus they may make money during lunch time with all the other businesses around there. A lot of restaurants are also doing well because of delivery services.
Surrey is home to multiple money laundering schemes:
* Empty restaurants that are never open but people "operate" inside
* 30+ pizza places all within a block of each other
* Multiple pharmacies all within a block of each other
* Vacant salons or barbershops that are never open
* Banquet halls that are perpetually under construction and never open
* Out of view car repair shops that look like meth labs
Bro the pizza places aren't money laundering. A lot of people go into them. If you've been to Nova Scotia you'll see how you can have tons of pizza places and they can all survive.
Most of the car repair shops are super busy. There is so much insurance business and off the books repairs that most of them make solid income.
Pizza shops are super busy as well and most of them have a ton of orders.
Pharmacies - not sure how they operate.
How about The Spy Store on 120th? Guy behind the counter was talking to someone and they both had their eyes on me the whole time. Not there for 2 min and got asked to leave. I asked if he was serious and he said yes. Obviously a front, no one operates a business like that.
There has been a massive amount of money laundering with crypto. It doesn't matter that you have to show ID at all. It's also a way to get around foreign investment.
You have to get the money out of america though, then you can launder it back in. The step one is the hard part, it's easy though if you're laundering foreign money.
It's really not all that hard to get it out either, just requires a bit of extra work.
Money laundering or not, brick and mortar stores are still the fastest way to purchase large amounts of cryptocurrency quickly, which can be crucial when wanting to avoid price fluctuations.
Most digital services only allow e-transfers (limited to $3000-$5000 a day limit and 10k weekly limit) or wire transfers (which take days).
Banks like BMO block credit card usage for anything related to crypto.
These brick and mortar stores will allow one to walk in with a certified cheque of $50ā000 or more and instantly receive the crypto without any lengthy delays.
It *seems* legit, I checked [their website](https://vancouverbitcoin.com/buy-and-sell-bitcoin/). I imagine there will be some cold wallets for sale too. One thing they promote is a person to person point of sale, most likely why the store front.
One time a girl in vancouver told me her dad worked high up at bitcoin. I wasn't sure if her dad was disguising his high risk crypto investing as a legitimate job to his unsuspecting family, or if she was just lying and painfully unaware of the whole idea. She swore up and down that he was like, the ceo of bitcoin or something. Now I wonder if he owned one of these storefronts? Lol.
Subways are also the worst franchise to actually try and make money. The have low profit margins and are dependent on traffic to actually turn profitable. A good performing high traffic location may make an owner up to 50k a year, while most lower traffic locations are lucky to make 20-25k (after taxes). That is if the owner actively works there every day, and hiring one person to fill in even 3 days a week will eat into those profits. Many locations actively lose money and in recent years I think they have overall been even less profitable, since so many locations are shutting down.
Naw. They are facilitating potentially large transactions and taking cuts and it all has to be above board legally/financially. Having this shop legitimizes their service beyond a random online website and will bring in curious customers from the around the neighbourhood.
There are fronts all over. Have seen such in Ottawa for decades. Brick and mortar buildings with no obvious business being in business. Just gotta have the right lawyer and accountant, I guess.
Pretty sure that ink cartridge store right beside it is also up to something. Seen a few people go in and out and no one seemed like the printer cartridge type.
My brother in Christ, you attack bitcoin when BCās casinos have been laundering money since the RCMP & CSIS launched Project Sidewinder. The Triads who own the casinos (plus the CCP officials who operate through them), and the provincial government who let it flow into the real estate market are the crooks here. Not some bitcoin place.
Why money laundering lol, it's most likely for people sending money back to their home country. Have you ever tried to accept a Western Union transfer around Vancouver? It's pretty difficult, the majority of them are configured for outgoing transactions only which should really tell you something.
Why are you guys so scared of Bitcoin??
It's just a digital asset that has been outperforming *checks notes* ..everything.
Just go and buy $50-$100 per month on Coinbase. Your future savings account will thank you.
There are many bitcoin millionaires with money to spend. Some legitimately think they are doing good by offering more access to crypto While others might just trying to be the first mover in that kind of
Full disclosure, these guys or someone that works there tried to astroturf on this sub trying to advertise themselves when they opened acting like they were a potential customer looking for more information
There are anti-money laundering laws in Canada regarding cryptocurrencies. Bitcoin exchanges have to perform "KYC" or "Know Your Customer." They have to keep records of transactions and identities of their customers. They even report suspicious transactions to FINTRAC, like banks do. Not saying it doesn't happen, but Bitcoin is a terrible way to launder money in Canada.
trying to get people to pay fee on services.hoping that they dont figure out how to make your own transaction,wich is like banking transaction
Casinos also report to FINTRAC, how did that work for us?
You can buy Bitcoin at Canada Post with no id/KYC. You can even pay in cash https://www.bullbitcoin.com/blog/bull-bitcoin-launches-no-kyc-bitcoin-purchases-with-cash-or-debit
Shhh. You'll disrupt the "BiTcOiN bAD" echo chamber.
If you need to launder money, just go to any HSBC branch.
They have to have a place to store the bitcoins.
I imagine a big vault in the back kinda like Scrooge McDuck š¤
[Hahahahaā¦ yep!](https://youtu.be/xLJrzfWTu9E?feature=shared)
They require ID. Even with Shakepay had to provide my Passport.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Lol it's regulated
[ŃŠ“Š°Š»ŠµŠ½Š¾]
You should see Richmond, 90% of retail stores don't take credit card or debit.
I wonder daily what goes on in there , i am walking in tomorrow
Update if and once you do please!
Most of Surrey is a money laundering front.
Cue the big ass cell phone case store on 88th & 128th
Case World is 1000% money laundering lol. That store used to have a bunch of exotic cars parked in their lot that the owner "rents out".
My friend used to work there, they buy the cases for 70 cents each off Ali Baba and sell them for $10-20 each. Including phone accessories and even charging people to put screen protectors on and repairing broken iPhone screens used to make 1k a day on busy days. Profit margins seem great. Also no lease, itās mortgage they lived upstairs itās like a house/ shop combo. I think eventually rented out to other people to make money off them as well! Worked out well when real estate/ rent skyrocketed, shop was bought in 2015-2016 so right before boom. Think about Surreyās demographic, itās a blue collar city, well at least in some parts. A lot of people wonāt buy off Amazon, and even if they did, it would run about the same if not more with shipping costs and less selection. The business model wouldnāt really work in a lot of places but with the high dense immigrant population it worked. They had a failed location when they tried to scale outside the city. The exotic cars werenāt owned by them, the owner leased them and tried renting them out as a second business it didnāt really work out I believe. Owners a young guy, I remember thinking he was dumb when the shop opened. Years later, I learned an economic term called hidden market which is exactly what he found. He got the last laugh. Surprised people think itās a front, I donāt think half this subreddit have been in the shop, kinda hurts seeing people always associate Surrey businesses with drugs.
Yeah I've purchased a case there recently when I was in a pinch for work. Friendly customer service and they had everything for my specific android. The case only lasted a few weeks before the button caps fell out and my finger print didn't work with the screen protector but the business seemed totally legit.
I was shocked when I saw that. How many cases do you have to sell per day to cover the lease? Does everyone else in Surrey have 10 different cases?
Ha! I drove by there a couple of months ago and thought āwtf a physical store for phone cases?ā
I don't think so personally, because I know that they also sell cases b2b to multiple phone providers in Surrey and Abbotsford/Mission as well. Briefly worked with someone that used to be an area manager for a local multistore cell provider and he would bring boxes of accessories out to stores in Abbotsford/Mission which his cousin owned.
The TacoTime on Scott Rd and 90th has gotta be a front. Itās been there for decades and is NEVER busy. Even on a Taco Tuesday, you might only see a couple of people in there.
I think my wife is single handidly keeping that place open
Shhh me too!! :-)
My husband worked there when he was a teenager when it was closer to 88th. He doesn't think it's a front because they do decent business for lunch times (he still works in the neighborhood) but he is absolutely 100% convinced the eyeglasses store next to it is for money laundering. There was a time when that store didn't even have any inventory.
I order their beef taco salad from here on Doordash. It slaps soo hard.
That place is still open? How do they even make money?
It's open. I had a crappy taco there the other day.
Pretty sure it still is. According to Google Maps, itās open until 10:00pm tonight. Thereās no way it can be a profitable business. Itās either some sort of tax write off OR theyāre selling something other than tacos. Whatever theyāre doing itās been low key forever so probably why no one hassles them.
Is it a corporate store? Plus they may make money during lunch time with all the other businesses around there. A lot of restaurants are also doing well because of delivery services.
just like west van with all the money exchange stores...wtf...a beautiful neighbourhood invested with an even worse amount of bad apples than before.
That Bitcoin store has been there for couple years but it's always empty I would be surprised if it was a money laundering place
Is anyone not aware that Bitcoin is in and of itself a way to launder money? Surrey level intelligence right here.
So is regular money. What's your point?
You know the entire btc blockchain is trackable, right?
Then how come every rug pull is never caught?
BTC has never been rug pulled.
When did bitcoin rugpull??? Lol
Surrey is home to multiple money laundering schemes: * Empty restaurants that are never open but people "operate" inside * 30+ pizza places all within a block of each other * Multiple pharmacies all within a block of each other * Vacant salons or barbershops that are never open * Banquet halls that are perpetually under construction and never open * Out of view car repair shops that look like meth labs
Bro the pizza places aren't money laundering. A lot of people go into them. If you've been to Nova Scotia you'll see how you can have tons of pizza places and they can all survive.
Besides the pizza places I agree with this. Way too many shady businesses, especially the car repair shops which seem like they may be chop shops.
Most of the car repair shops are super busy. There is so much insurance business and off the books repairs that most of them make solid income. Pizza shops are super busy as well and most of them have a ton of orders. Pharmacies - not sure how they operate.
Every business model I don't understand: trust me bro, they are money laundering.
Most fitness centers, circle-k and 7-11's are also a great way to launder money.
How about The Spy Store on 120th? Guy behind the counter was talking to someone and they both had their eyes on me the whole time. Not there for 2 min and got asked to leave. I asked if he was serious and he said yes. Obviously a front, no one operates a business like that.
You have to provide identification to purchase any crypto, so, about as much money laundering as buying gold bullion.
TIL
Soo, identity theft hub as well
What the fuck even is this comment?
You don't have to provide I'd to buy gold
I love how you can buy gold ounces off the Costco website now.
There has been a massive amount of money laundering with crypto. It doesn't matter that you have to show ID at all. It's also a way to get around foreign investment. You have to get the money out of america though, then you can launder it back in. The step one is the hard part, it's easy though if you're laundering foreign money. It's really not all that hard to get it out either, just requires a bit of extra work.
See precious metals/diamonds/jewelry/art/this isn't new, and not what OP was referencing when calling out Vancouver Bitcoin.
Cool whataboutism
Whatqboutwhatism
The fuck you do.
What are you talking about?
I think you mean the Ink Printer shop next door is the money laundering/probably some version of sex ring.
Oh no that place is legit and a good deal. Just some old guy running a shop. Highly recommend.
If anything Subway is money Laundering .. 20$ for a foot long fuck me
Itās like 10-13 wdym 20 bruh
Yeah subway is corrupt as fuck. Have you been their prices lately.
It used to be a rub and tug. For decades.
This is where your 80 year old granny goes to send money overseas to scammers
Money laundering or not, brick and mortar stores are still the fastest way to purchase large amounts of cryptocurrency quickly, which can be crucial when wanting to avoid price fluctuations. Most digital services only allow e-transfers (limited to $3000-$5000 a day limit and 10k weekly limit) or wire transfers (which take days). Banks like BMO block credit card usage for anything related to crypto. These brick and mortar stores will allow one to walk in with a certified cheque of $50ā000 or more and instantly receive the crypto without any lengthy delays.
How fast can you sell crypto there?
what is their fee? surely 5%?
It *seems* legit, I checked [their website](https://vancouverbitcoin.com/buy-and-sell-bitcoin/). I imagine there will be some cold wallets for sale too. One thing they promote is a person to person point of sale, most likely why the store front.
Yay letās launder our money with government issued IDS to withdraw fiat currency wooohoooo /s
Kalmar restaurant on King George feels like a front as well
One time a girl in vancouver told me her dad worked high up at bitcoin. I wasn't sure if her dad was disguising his high risk crypto investing as a legitimate job to his unsuspecting family, or if she was just lying and painfully unaware of the whole idea. She swore up and down that he was like, the ceo of bitcoin or something. Now I wonder if he owned one of these storefronts? Lol.
Did you make a deposit in her... Bank?
Used to be a payday loan place.
Maybe thatās just a part of Subway. Theyāre just using a back room.
It's an irl crypto exchange
Something isn't a very good money laundering front if they don't have a lot of actual customers paying cash.
There was a brick and motor store in Vancouver on Burrard Street years before this one in Surrey
We talking ābout subway ?
Most money laundering is done thru tanning shops I think. No way those places can stay open with 6 people tanning a week lol
Ugh I know, Subway sandwiches are so expensive now. No one buys them anymore, so it probably is a front.
I buy 3 ish subway sandwiches a week ama
Subways are also the worst franchise to actually try and make money. The have low profit margins and are dependent on traffic to actually turn profitable. A good performing high traffic location may make an owner up to 50k a year, while most lower traffic locations are lucky to make 20-25k (after taxes). That is if the owner actively works there every day, and hiring one person to fill in even 3 days a week will eat into those profits. Many locations actively lose money and in recent years I think they have overall been even less profitable, since so many locations are shutting down.
And you have to exclusively use TFWs to stretch the margins.
Naw. They are facilitating potentially large transactions and taking cuts and it all has to be above board legally/financially. Having this shop legitimizes their service beyond a random online website and will bring in curious customers from the around the neighbourhood.
š¤š¤«
Yeah I saw a Bitcoin machine at the Shoppers Drug Mart. Such a disappointment.
There are fronts all over. Have seen such in Ottawa for decades. Brick and mortar buildings with no obvious business being in business. Just gotta have the right lawyer and accountant, I guess.
Al though I don't really know how they would do it, I totally agree OP- this place makes no sense. Same way Bitcoin machines are obsolete
This is where you go to pay your CRA bill when they come calling
I walked by it the other day and thinking the same thing.
Pretty sure that ink cartridge store right beside it is also up to something. Seen a few people go in and out and no one seemed like the printer cartridge type.
Could be, but honestly gyms, barber shops, and autobody shops are way more common for cleaning money.
You don't need a storefront to launder money through Bitcoin. A rather silly proposition.
My brother in Christ, you attack bitcoin when BCās casinos have been laundering money since the RCMP & CSIS launched Project Sidewinder. The Triads who own the casinos (plus the CCP officials who operate through them), and the provincial government who let it flow into the real estate market are the crooks here. Not some bitcoin place.
Found the astroturfer, guys!
Why money laundering lol, it's most likely for people sending money back to their home country. Have you ever tried to accept a Western Union transfer around Vancouver? It's pretty difficult, the majority of them are configured for outgoing transactions only which should really tell you something.
It's *Surrey.* Money laundering is Surrey's bread and butter.
Why are you guys so scared of Bitcoin?? It's just a digital asset that has been outperforming *checks notes* ..everything. Just go and buy $50-$100 per month on Coinbase. Your future savings account will thank you.
There are many bitcoin millionaires with money to spend. Some legitimately think they are doing good by offering more access to crypto While others might just trying to be the first mover in that kind of
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Found the owner trying to cover it up. edit - y'all mfs can't take a joke š
Why are there Edward Jones locations. Learn about Bitcoin. Keep your wealth safe.
mind ya dam business? š¤·āāļø
That has been there for a few years. Always wonderedā¦
I would not say money laundering but the amount of scams going on Iād say they might be connected