Bitcoin Trader Ordered to Forfeit $800K Gained via Unlicensed Exchange
A 22-year-old bitcoin seller from the U.S. has been ordered to hand over $823,357 gained illegally via an unlicensed money transmission business.
Burrell was taken to custody without bail last August, and later in October pleaded guilty that he had operated a bitcoin exchange without registering the business with the Financial Crimes Enforcement Network (FinCEN). He bought bitcoins worth $3.29 million via the Hong Kong exchange from March 2015 to April 2017.
The dealer has now also been asked to pay a maximum fine of $250,000, according to Monday's announcement.
U.S. Attorney Robert Brewer said:
“The federal government will continue to investigate and prosecute all white collar criminals who refuse to comply with the anti-money laundering laws of the United States, and who assist others in avoiding scrutiny of their ill-gotten gains.”