A 25-year-old Los Angeles resident pleaded guilty to a scheme used to launder $25 million through his own cryptocurrency exchange and Bitcoin terminal.
On August 23, Kunal Kalra was charged with four counts, including the provision of unlicensed money transfer services and money laundering.
According to a statement by the Ministry of Justice, from May 2015 to October 2017, Kalra managed the cryptocurrency exchange without a permit. Bitcoin was exchanged for dollars by the exchange, and its clients were drug traffickers and other criminals.
Kalra also admitted that he owned a Bitcoin terminal, which allowed clients to convert bitcoins into cash without proof of identity. The prosecution noted that Kalra was carrying out such transactions for an additional fee, knowing that he was laundering criminally obtained money.
Law enforcement seized $889,000 in cash and 54.3 Bitcoin and other cryptocurrencies from the defendant. Calre is facing a life sentence.
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