California’s Resident Jailed for Two Years Over Operating Illegal Crypto Exchange Business

In a latest statement, the American Justice Department said that a man from California, Kais Mohammad, has been sentenced to two years in jail for running a BTC-based money transmission system.

Per the court records, Mohammad, who is from Yorba Linda, holds reasonable experience as a compliance banker. It further states that he operated his illegal businesses for more than five years until 2019, where he converted numerous client’s digital assets to fiat currency through BTC ATMs.

The Justice Department maintained that Mohammad used several ATMs across the US that did not require identifying information. Besides that, the government agency further claimed that Mohammad knew that most of his clients ’ earning’s come through illegal means, including the dark web.

Neither did the Californian resident report it to the relevant authorities nor did he register his financial business with the country’s financial crime watchdog FinCEN. The documents further suggest that Mohammad exchanged more than $20 million, and at the time of information, he gave up as much as 222 Ether tokens, more than 18 BTC, and 17 ATMs.

On the other hand, with the mainstream adoption of digital assets across the US, the BTC ATMs are becoming quite common in the US. Meanwhile, the American drug watchdog, DEA, has stated that cryptocurrencies have been used to launder money amidst the pandemic.

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