Money laundering charges on 21-year-old Bitcoin Trader

A 21-year-old Bitcoin Trader is being prosecuted for money laundering through Bitcoins. There are charges of money laundering as well as illegal money transmission on the trader.

According to a recent announcement, the trader Jacob Burrell Campos was held without any bail. This clearly indicates that the charges are pretty serious on the Trader.

The accused was running a Bitcoin exchange service. He sold Bitcoin worth a $ 0.75 million to 900 buyers all over the United States. It is transactions were carried out between January 2015 to April 2016 also, according to the charges on the accused, he tried to smuggle US$ 1 million across the U.S.-Mexico border. This was another charge for which he is to be tried in court as well. Thus, when it comes to Bitcoin action services, it seems like it is becoming more and more difficult for users to provide even Bitcoin exchange services which are legit.

The court has already stated that there will be no bail. This clearly indicates that the charges might be pretty serious as well. On the other hand, if indeed the charges are proven, the property of the accused can be confiscated as well. The property can be sold off in order to gain the damages and the penalties as well. This clearly indicates that the charges are actually pretty serious.

With that being said, many of the Bitcoin exchange services providers do not have proper licenses. This is one of the main reasons why they are finding it extremely difficult to find of the charges against them as well. If indeed, they are also tried in the court of law, it will become very difficult for them to plead innocence.

It seems like the authorities are really going after the Bitcoin Traders as well as Bitcoin exchange services. If indeed, it happens so, many of the people will actually be wary of working in the cryptocurrency industry as well. Since there are no proper rules and regulations, it is difficult for them to understand the permissions they need in order to operate their cryptocurrency related business. That is why they end up making one mistake or the other. When that is the case, it becomes really difficult for them to avoid the problems with the law.

In the next few months, it will be interesting to see who others are tried as well. If any other such service providers are tried as well, it is a clear indication that the authorities are going after the entire cryptocurrency community. The rules and regulations are present but in spite of that, some or the other rules and regulations are being applied in order to sue the Bitcoin exchanges as well as Bitcoin Traders. This is actually a pretty serious problem as most of them are just operating a normal business.