Bitcoin exchange, crypto exchange business, Cryptocurrency, encrypted messaging services, Federal prison, fincen, Law Enforcement, US Department of Justice

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.â€

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:

However, after Mejia “conducted five bitcoin to cash transactions that cumulatively exceeded $250,000â€, 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.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

Two months after the mystery mining whale from 2010 transferred a string of 20 block rewards with 1,000 bitcoin on March 23, it seemed as though the entity was finished, after spending 10,000 bitcoin total. However, it took 78 days for the whale’s next move, as another 20 blocks from 2010 were transferred on Wednesday […]

Xem chi tiết: Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

Crypto Payments App Bottlepay Is Now Available Across Europe

U.K.-based crypto payments provider Bottlepay has started offering services in other European countries. Users on the Old Continent will be able to send and receive even small amounts of euro and also buy, store and spend bitcoin with merchants accepting cryptocurrency. Bottlepay Promises Low-Cost Transactions in Euro and Bitcoin The Bottlepay app will allow Europeans […]

Xem chi tiết: Crypto Payments App Bottlepay Is Now Available Across Europe

Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

Mike Novogratz declared institutional investors are waiting for the next narrative shift in a recent interview at the Bitcoin 2021 conference in Miami. The CEO of Galaxy Digital thinks the market is now in a consolidation phase after the price crash last month. Novogratz also commented on what the rise of defi could mean for […]

Xem chi tiết: Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

Grand Theft Auto 6 to Feature a Fictional Cryptocurrency

One of the biggest franchises in the videogame industry, Grand Theft Auto, will feature in-game payments of “bitcoin†or another fictional cryptocurrency. Contractors will pay the player with this currency when they need to make anonymous, untraceable payments. This would constitute another push for Bitcoin awareness into mainstream media culture. Grand Theft Auto 6 to […]

Xem chi tiết: Grand Theft Auto 6 to Feature a Fictional Cryptocurrency

El Salvador Offers No Capital Gains Tax, Permanent Residence to Crypto Entrepreneurs

Nayib Bukele, president of El Salvador, has weighed in the future of his country now that there is a formal proposal for making Bitcoin a legal tender, announcing complementary measures. Bukele mentioned yesterday on Twitter there would be no capital gains on Bitcoin earnings, and also highlighted the possibility of offering permanent residence to crypto […]

Xem chi tiết: El Salvador Offers No Capital Gains Tax, Permanent Residence to Crypto Entrepreneurs

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Tim Wu, top advisor to the Biden administration on technology and competition policy, holds more than $1 million in cryptocurrency, shows a recently filed financial disclosure. The antitrust expert, who is known as a prominent big tech critic, has in the past questioned the value of bitcoin. Top Biden Advisor Tim Wu Is a Bitcoin […]

Xem chi tiết: White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Tim Wu, top advisor to the Biden administration on technology and competition policy, holds more than $1 million in cryptocurrency, shows a recently filed financial disclosure. The antitrust expert, who is known as a prominent big tech critic, has in the past questioned the value of bitcoin. Top Biden Advisor Tim Wu Is a Bitcoin […]

Xem chi tiết: White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals

Investment scams have been by far the most common type in Australia recently, a new report by the country’s consumer watchdog has revealed. And while a growing number of Australians fall victim to fraudulent schemes involving cryptocurrency, bank transfers remain the scammers’ favorite way to extract money. Australians Lose $670 Million to Scammers in a […]

Xem chi tiết: Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals

El Salvador Offers No Capital Gains Tax, Permanent Residence to Crypto Entrepreneurs

Weibo Cracks Down Crypto Related Accounts as China Strengthens Its Anti Crypto Stance

National Court of Spain Suspends John McAfee Extradition Hearing

US Pharmacy Chain Pharmcorx Accepts Cryptocurrency for Fast Covid Testing

African Fintech Start-up Chipper Cash Raises $100 Million — CEO Says No Crypto Services for Nigeria

‘Blogger by Day, Trader by Night,’ Binance Runs Advertising Campaign in Major Ukrainian Cities

Floyd Mayweather Gets Booed at Bitcoin Event for Saying ‘Another Crypto Will Be Just as Big as BTC’

FTX Lands Naming Deal With Esports Giant TSM for $210 Million

Other Articles