US Resident Operated Illegal Bitcoin Exchange Business – Faces 25 Years in Jail – Regulation Bitcoin News

Bitcoin.com

An Ontario man based in San Bernardino County of the U.S. has agreed to plead guilty to federal charges of illegally operating a bitcoin to cash exchange business. According to the U.S. Department of Justice (DOJ), the man, Hugo Sergio Mejia, 49, operated the unregistered exchange business between May 2018 and September 2020.

Accordingly, Mejia now faces “a statutory maximum sentence of 25 years in federal prison” once he pleads guilty. In a statement announcing the charges, the DOJ says Mejia had, as part of his plea agreement, admitted that he had not “registered his business with the FinCEN.”

How To Get Free Crypto  

The DOJ explains in the statement that during the “nearly 2½-year period” Mejia had managed to exchange at least $13 million. However, as part of efforts to conceal his true activity, Mejia also admits that he created companies specifically for this purpose. Further, the DOJ statement adds:

Mejia advertised his business online and was referred to customers by word of mouth, communicating with them via encrypted messaging services, and meeting them in person at coffee shops, the plea agreement states.

However, after Mejia “conducted five bitcoin to cash transactions that cumulatively exceeded $250,000”, his activities were exposed. According to the DOJ, Mejia’s client had apparently cooperated with law enforcement, which led to his capture.

In the meantime, the DOJ says as part of the plea agreement, Mejia will “forfeit all assets derived from the illegal conduct, including $233,987 in cash seized from residences in Santa Ana and Ontario.” Silver coins and bars, and approximately $95,587 in various cryptocurrencies will also be forfeited to the state.

What do you think of the jail sentence that Mejia is expected to serve when he pleads to the charges? Tell us what you think in the comments section below.

Coinbase Banner  
Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Go to Source
Author: Terence Zimwara


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.