21-Year-Old Trader Under Trial On Money Laundering

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According to the reports, California based 21-year-old bitcoin dealer is being prosecuted. He was processing illegal money transmission or money laundering.

The Department of Justice in the Southern District of California prosecuted Jacob Burrell Campos.

The court inquired about the transactions from January 2015 to April 2016. Burrell had sold around $750,000 worth of bitcoin to 900 individuals in the U.S. via his bitcoin exchange service.

The reports further explained that Burrell had not registered the exchange with a license. He did not implement anti-money laundering measures. He was prosecuted for processing illegal money transmission and for money laundering.

In order to fund his exchange, he made around 28 international money laundering. He was found processing more transactions to buy bitcoin from Hong Kong-based crypto exchange Bitfinex.

The prosecutors said:

“Burrell’s activities ‘blew a giant hole’ through the legal framework of U.S. anti-money laundering laws by soliciting and introducing into the U.S. banking system close to $1 million in unregulated cash.”