A 25-year-old man from Westwood, Los Angeles, has pleaded with federal charges of exchanging up to $ 25 million in cash and crypto without a license and anti-money laundering program.
Kunal Kalra, also known as "Kumar", "shecklemayne" and "coinman", was indicted on Friday for allegedly trading cash and crypto for individuals including drug dealers, in part through his bitcoin ATM kiosk.
An announcement from the U.S. Department of Justice last Friday said Kalra, who is expected to make her first court appearance next month, has agreed to plead guilty to the charges.
The release alleges that Kalra ran an unlicensed cryptocurrency business from May 2015 through October 201
The Department of Justice went on to say that without implementing an anti-money laund ring program, Kalra facilitated such type of transactions with a commission while knowing that the revenue came from drug trafficking.
As part of the investigation, law enforcement seized about $ 889,000 in cash from Kalra and about 54.3 bitcoin and other cryptocurrencies, worth more than half a million dollars. The announcement said that the maximum penalty Kalra could face is to sentence a lifetime behind the bars.
Meanwhile, a 32-year-old Australian citizen living in the state of Colorado has been sentenced to one year in prison after being convicted of money laundering with bitcoin, based on a US Department of Justice release on Friday.
The sentencing field, called Emilio Testa, facilitated bitcoin-to-cash trading with undercover agents, while he knew the revenue was part of the drug trade.
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