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BTC Trader Has Pleaded Guilty Over Unregistered Business

Jacob Burrell Campos, a BTC trader, has entered a plea of guilty for having operated a money exchange business without a license from the FinCEN. The 21-year-old currently faces up to 5 years in prison, as per the Attorney’s Office in California.


 

It was further revealed that Burrell did not place any procedures to get to know the customers or any procedures against money laundering either. Adam Braverman, the attorney who wrote the report in regards to this case, stated that such unregistered money trading organizations, particularly those in operation outside or within the border, offers a real danger to the banking structure’s integrity in America and paves the way for criminals who will take advantage of this by laundering the profits of these illegitimate activities.

Under Suspicion

Starting January 2015 until April 2016, it is reported that Burrell had sold 100s of 1000s of American dollars in BTC to more than one thousand individuals. In the beginning, he bought BTC via a completely regulated exchange platform operating in the country, but later on decided to shift to another platform based in Hong Kong after the closure of his US-based account due to suspicious activity.

In the time between March 2015 and April 2017, Burrell bought BTC worth just over $3 million using the Hong Kong platform in separate Txs. The report continued on to state that he had agreed to let go of a total amount of $823,357 to the government. His sentencing will take place in February 2019.

Braverman concluded the report by stating that the Department of Justice would keep investigating and prosecuting any individual or business who seeks to bypass licensing or anti-money laundering demands under the law.




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