US Man to Plead Guilty for Turning $25 Million in Crypto to Cash
- Kunal Kalra operated an illegal crypto exchange along with a Bitcoin ATM.
United States authorities indicted a 25-year-old man last Friday for exchanging $25 million in cash and crypto obtained from illegal activities using his unlicensed money transmitting business.
Kunal Kalra, aka “Kumar,” “shecklemayne,” and “coinman,” was charged with four counts of criminal information by the US Department of Justice.
The court documents detailed that Kalra operated a virtual currency 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 in the US without obtaining permission from authorities from May 2015 to October 2017. He exchanged fiat currencies into 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 and vice versa and only dealt with high-volume clients who were willing to pay a fee of at least $5,000.
The law enforcement also alleged that Kalra did business with criminals, including darknet drug dealers. To facilitate transactions from such clients, he did not put in place any anti-money laundering program.
A well-set up business to provide services to criminals
To conceal the illegal dealings, the defendant even established bank accounts in the names of others, including fake companies. He also admitted of operating a Bitcoin ATM to offer crypto-to-fiat exchange service to his clients.
Authorities seized nearly $889,000 from Kalra’s bank accounts along with his vehicles. Another 54.3 Bitcoins, worth around half-a-million dollars, were also confiscated.
Kalra’s hearing is scheduled for next month, and he already agreed to plead guilty for his involvement in running the illegal business. For all charges, he is expected to face a maximum of one life sentence in federal prison.
Apart from this case in the California court, Kalra is also facing federal criminal charges in San Antonio, Texas, for conspiracy to commit money laundering for a drug trafficking network. He also agreed to plead guilty to those charges in the Los Angeles federal court.
Meanwhile, Finance Magnates earlier today reported that the Federal Trade Commission (FTC) recently settled with the promoters of a crypto-involved pyramid scheme for a total penalty of around $500,000.
United States authorities indicted a 25-year-old man last Friday for exchanging $25 million in cash and crypto obtained from illegal activities using his unlicensed money transmitting business.
Kunal Kalra, aka “Kumar,” “shecklemayne,” and “coinman,” was charged with four counts of criminal information by the US Department of Justice.
The court documents detailed that Kalra operated a virtual currency 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 in the US without obtaining permission from authorities from May 2015 to October 2017. He exchanged fiat currencies into 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 and vice versa and only dealt with high-volume clients who were willing to pay a fee of at least $5,000.
The law enforcement also alleged that Kalra did business with criminals, including darknet drug dealers. To facilitate transactions from such clients, he did not put in place any anti-money laundering program.
A well-set up business to provide services to criminals
To conceal the illegal dealings, the defendant even established bank accounts in the names of others, including fake companies. He also admitted of operating a Bitcoin ATM to offer crypto-to-fiat exchange service to his clients.
Authorities seized nearly $889,000 from Kalra’s bank accounts along with his vehicles. Another 54.3 Bitcoins, worth around half-a-million dollars, were also confiscated.
Kalra’s hearing is scheduled for next month, and he already agreed to plead guilty for his involvement in running the illegal business. For all charges, he is expected to face a maximum of one life sentence in federal prison.
Apart from this case in the California court, Kalra is also facing federal criminal charges in San Antonio, Texas, for conspiracy to commit money laundering for a drug trafficking network. He also agreed to plead guilty to those charges in the Los Angeles federal court.
Meanwhile, Finance Magnates earlier today reported that the Federal Trade Commission (FTC) recently settled with the promoters of a crypto-involved pyramid scheme for a total penalty of around $500,000.