California condemns Bitcoin trader for up to 2 years in prison over AML compliance issues

3 min read

A LocalBitcoins trader who has sold Bitcoin (BTC) to more than 1,000 people in the United States will serve for two years in federal prison, a press release from the American Attorney & # 39; s Office of Southern California district on 8 April is confirmed.

Jacob Burrell Campos, a Mexican resident, contributed more than $ 820,000 to the sale of Bitcoin on the P2P platform between 2015 and 2018.

Through a combination of cash meetups, money transfers and MoneyGram, Burrell merchants at the site were required to perform anti-money laundering (AML) checks and due diligence on the origin of the incoming USD funds, according to public prosecutors.

In captivity since August of last year, Burrell pleaded guilty to the allegations in October, acknowledging that he and unnamed others took thousands of dollars across the US-Mexico border daily and exchanged transactions with Joseph Castillo, a San Diego precious metal trader.

In addition to the sentence, Burrell also forfeits his entire $ 823,357 waiver he has earned from the company.

The case is the latest in an increasing number of similar stories related to informal traders in the US, which have been pursued by authorities amid fears of contributing to the destabilization of the economy.

As Cointelegraph reported, Burrell originally had five years behind bars.

"Burrell's condemnation today is a reminder to those illegal and unlicensed money transmitters that the laws and rules apply to crypto-currency transactions, as with other types of financial transactions," David Shaw, Special Agent in Charge for Homeland Security Investigations in San Diego, comment in the press release.

Last week, a Canadian judge ordered $ 1.4 million to seize BTC shares from an online drug dealer, the biggest traitor ever.

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Don Bradman

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