Belgium to Auction Seized Bitcoin in March

The federal government of Belgium plans to put over €110,000 (approximately $125,000) worth of Bitcoin and other cryptocurrencies to auction on an auction house operating from Ireland.

On March 6, Wilsons Auctions announced that it will conduct an online auction of the crypto funds later this month, with no reserve which means that there will not be a minimum price as the winning bid.

The auction is set to start at noon GMT (8 a.m. EST) on March 24. Three cryptocurrencies — Bitcoin (BTC), Bitcoin Cash (BCH) and Bitcoin Gold (BTG) — will be sold off in small lots. Bitcoin, for instance, will be offered in 0.25-1 portions, Bitcoin Cash — 4.67-5 portions.

Mark Woods, asset recovery executive at Wilsons Auctions, says that buying cryptocurrencies on exchanges may be a “risky and daunting process,” adding:

“We offer guidance throughout the process which means that both newcomers to the world of cryptocurrency and experienced investors can all participate on a level playing field.”

This is not the first cryptocurrency auction conducted by Wilsons Auctions. Last September, it assisted in selling £300,000 (approximately $395,000) worth of Bitcoin and other cryptocurrencies on behalf of U.K. police forces. In March 2019, Wilsons auctioned 315 seized Bitcoins (realizing approximately $725,000 at the time).

Last month, the U.S. Marshals Service also sold off more than 4,000 Bitcoins (worth $39 million at the time) to two winning bidders. The auction had larger lots — 2,500 BTC, 1,000 BTC, 500 BTC, and 40.55 BTC.

Not all countries are eager to auction crypto seized during law enforcement actions. Finnish Customs still has to decide what to do with Bitcoin it confiscated, since Anti-Money Laundering concerns prevent the agency from selling the cryptocurrency.