US Man Facing Jail Time For Illegal Weapons Exports with Bitcoin

A man from Plainwell, Michigan, is facing time in prison for several illegal weapons related crimes, some of which he allegedly facilitated via 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.

The US Department of Justice charges that Benjamin James Cance engaged in three crimes: (1) shipping gun components that are on the Federal Munitions list overseas. He allegedly conducted the transactions via the dark net, using bitcoin. (2) Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term, in using the profits from his business to a buy a house, (3) illegal possession of an unregistered machinegun.

According to a Justice Department press release:

"He also allegedly utilized electronic currencies, such as Bitcoin, to get paid for his services in an effort to hide the nature of his activities."

Bitcoin has been a tool of choice for dealers of illegal contraband, as transactions are typically anonymous and generally not susceptible to reporting for suspicious activity.

In May, Australian Police reportedly seized roughly $80,000 in bitcoin as part of a crackdown on illegal weapons sales.

Cance has pleaded not guilty to all charges and is currently released on bail.

The joint investigation was conducted by the Department of Homeland Security, Immigration and Customs Enforcement, the Internal Revenue Service, the U.S. Postal Inspection Service, and the Bureau of Alcohol, Tobacco, Firearms and Explosives.