The FBI Charges Six Individuals for Operating Unlicensed Crypto Money-Transmitting Operation
The FBI has filed charges against six individuals in New York for allegedly running an unlicensed cryptocurrency money-transmitting business. According to FBI special agent Lawrence Lonergan, the accused operated the illegal business between July 2021 and September 2023. The Financial Crimes Enforcement Network (FinCEN) requires virtual currency transmitters and exchangers to register with it and obtain state licenses before operating legally.
The affidavit reveals that the six individuals used a dark web anonymizer called “darknet” to convert cryptocurrencies, including Bitcoin, into cash. One of the accused has been released conditionally by a U.S. magistrate judge. The investigation was triggered by the discovery of an individual on the dark web who offered a service to convert Bitcoin into cash and ship it via USPS. The FBI’s investigation involved surveillance footage capturing the accused engaging in the illegal business.
Hot Take: Unlicensed Crypto Money-Transmitting Operation Uncovered by FBI
A recent FBI investigation has exposed an unlicensed cryptocurrency money-transmitting operation in New York. The six individuals involved allegedly used the dark web to convert cryptocurrencies into cash, earning over $30 million during their illegal activities. The operation utilized messaging apps like Telegram and WhatsApp, as well as in-person cash exchanges. It is concerning that some clients were reportedly drug dealers and cybercriminals.
This case highlights the importance of adhering to regulatory requirements and obtaining proper licenses when operating in the crypto industry. It also demonstrates law enforcement agencies’ commitment to investigating and prosecuting crypto-related crimes. As the popularity of cryptocurrencies continues to grow, it becomes crucial for authorities to stay vigilant and ensure compliance within the industry.
By
By
By
By
By