The Gold Age was a

digital currency exchange A cryptocurrency exchange, or a digital currency exchange (DCE), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. Exchanges may acce ...

and one of the first independent

e-gold e-gold was a digital gold currency operated by Gold & Silver Reserve Inc. (G&SR) that allowed users to open an account on their web site denominated in grams of gold, or other precious metals, and that let users make instant transfers of value ...

exchanges. Gold Age was a registered legal corporate entity of

Panama Panama ( , ; es, link=no, Panamá ), officially the Republic of Panama ( es, República de Panamá), is a transcontinental country spanning the southern part of North America and the northern part of South America. It is bordered by Cos ...

. The Gold Age was launched in 1999 and closed down by regulators in 2006.

Background

Gold Age was used to buy and sell and trade the following

digital gold currencies Digital gold currency (or DGC) is a form of electronic money (or digital currency) based on mass units of gold. It is a kind of representative money, like a US paper gold certificate at the time (from 1873 to 1933) that these were exchangeable ...

e-Bullion e-Bullion was an Internet-based digital gold currency founded by Jim and Pamela Fayed of Moorpark, California, as part of their Goldfinger Coin & Bullion group of companies. The company was incorporated in 2000 and launched on July 4, 2001. Simila ...

, and 1mdc. Gold Age's fees for exchanging

fiat currency Fiat money (from la, fiat, "let it be done") is a type of currency that is not backed by any commodity such as gold or silver. It is typically designated by the issuing government to be legal tender. Throughout history, fiat money was sometime ...

into digital gold currency ranged from 4 percent to 1.75 percent, depending on the amount exchanged and if the client was an ''Inner Circle Member''. Gold Age was an accredited and gold awarded member of the Global Digital Currency Association (GDCA).

U.S. Secret Service raid, March 2001

On March 12, 2001, then Gold Age owner Parker Bradley was detained at his place of business in

Syracuse, New York Syracuse ( ) is a City (New York), city in and the county seat of Onondaga County, New York, Onondaga County, New York, United States. It is the fifth-most populous city in the state of New York following New York City, Buffalo, New York, Buffa ...

US Secret Service The United States Secret Service (USSS or Secret Service) is a federal law enforcement agency under the Department of Homeland Security charged with conducting criminal investigations and protecting U.S. political leaders, their families, and ...

agents investigating

credit card fraud Credit card fraud is an inclusive term for fraud committed using a payment card, such as a credit card or debit card. The purpose may be to obtain goods or services or to make payment to another account, which is controlled by a criminal. The P ...

. Bradley claimed he has stopped accepting credit cards in 2000 due to too many people used stolen credit cards when conducting business with him. "The interrogation became less about me and more about politics and e-gold," Bradley said. "They were trying to get me to blame e-gold for fraud. Just to be blunt, these guys have no clue about how e-commerce works, how e-gold works or what I was doing." In 2002 Bradley sold the business to new owners.

Arrest of Gold Age principals, July 2006

On July 27, 2006 the

New York County Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state ...

District Attorney In the United States, a district attorney (DA), county attorney, state's attorney, prosecuting attorney, commonwealth's attorney, or state attorney is the chief prosecutor and/or chief law enforcement officer representing a U.S. state in a l ...

's office announced the indictment of Arthur Budovsky and Vladimir Kats for allegedly violating Article 13-B of New York State Banking Law, after a six month sting operation that began in January 2006. Budovsky and Kats declared their innocence saying "We believe this is a legitimate business practice, which does not require a state license." Represented by Igor Niman,2 in N.Y. charged with money laundering
/ref> they were found guilty and sentenced to five years in prison. The sentence reduced to five years probation. Budovsky subsequently fled the country and founded

Liberty Reserve Liberty Reserve was a Costa Rica-based centralized digital currency service that billed itself as the "oldest, safest and most popular payment processor, serving millions all around a world". The site had over one million users when it was shut ...

to perform a similar service as Gold Age.

References

External links

Web archive for Gold Age
(Sep 2002 to Aug 2006) {{Digital gold currencies Digital currency exchanges Defunct online companies