Charlie Shrem, Robert Faiella plead guilty to unlicensed money transmission, sentencing in January

Charlie Shrem and Robert Faiella have pleaded guilty to one count of aiding and abetting an unlicensed money transmitting business in New York federal court, Reuters reports.

Shrem told the court, "I knew that much of the business on Silk Road involved the buying and selling of narcotics...I knew that what I was doing was wrong." New York Times quoted Shrem, who was stoic and unwavering, as also saying, "I am pleading guilty because I am guilty."

As a condition in their plea deals, Shrem and Faiella agreed to forfeit $950,000 to the government.

Their sentencing will be in January, approximately one year after their arrests.

Shrem's lawyer, Marc Agnifilo, is quoted by Wall Street Journal saying that the dropping of money laundering charges was a "key victory" for his client. Shrem and Faiella potentially faced up to 30 years in prison based on charges of money laundering and narcotics trafficking. With these dropped, the sentencing guidelines call for 57-60 months.

He added that Shrem was "one more step removed" from Silk Road, which he dubbed as "the heartland of illegal conduct." Shrem, using his BitInstant Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term service, allegedly had dollars converted to bitcoins, which were then passed on to "BTCKing" Faiella who provided them as currency for drug trade on the black marketplace. The two are accused of funnelling $1 million.

Agnifilo said that his client is eager to continue his career in Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term in the future.