Crypto Market Trader Convicted of Money Laundering Offenses

A crypto trader has been sentenced to two years in prison for failing to comply with US anti-money laundering statutes.

The dealer, Jacob Burrell Campos, was arrested in August 2018 and has been incarcerated while waiting for a ruling on the matter. He pled guilty to a number of charges in October, including failing to register his crypto trading business with the Financial Crimes Enforcement Network.

The agency, a bureau of the US Treasury, collects and analyzes information related to financial businesses and their clients. Campos also failed to adhere to standard anti-money-laundering regulations that require money trading entities to keep records of their customers.

He had gained close to a million dollars in profits from the illegal venture and is now required to forfeit the funds. Campos reportedly ran the operation with the help of associates located in Mexico.

He and his accomplices were able to transfer over a million US dollars into the country from Mexico in sums slightly below the $10,000 reporting limit. The trader…

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Source: https://thebitcoinnews.com/crypto-market-trader-convicted-of-money-laundering-offenses/