A NY man was charged with running an unlicensed BTC ATM and kept his BTC kiosk business as secret as possible according to prosecutors as we are reading more today in our latest Bitcoin news today.
The Manhattan district attorney’s office charged a NY Man with running an unlicensed BTC ATM busienss across New Jersey, New York City, and Miami. The prosecutors said 35-year-old resident of New York Robert Taylor operated a total of 46 BTC ATMs across three cities and sold more than $5.6 million BTC between 2017 and 2018 but then took transaction fees of 10-20%. Taylor is accused of promising ATM users that the machines don’t use cameras or require ID info and the promises attracted customers that already committed felonies.
Read more in @MarketWatch about the Office’s indictment against the operator of dozens of illegal Bitcoin ATMs, which were placed in laundromats across New York City and used for illegal activity: https://t.co/NHemJvrlTe
— Alvin Bragg (@ManhattanDA) April 13, 2022
Taylor surrendered yesterday and according to the statemetn given to Reuters, he is charged with tax fraud, false filings, and running an unclosed money transmitter. Taylor went to bigger lengths to keep his BTC kiosk business as secret as possible and to attract people that will pay higher prices for anonymity. District Attorney Alvin Bragg Jr said:
“As the use of cryptocurrencies like Bitcoin proliferate, they continue to attract a wide-range of bad actors who are hoping to evade law enforcement. We will not allow digital currencies to become safe havens for illegal activity.”
Bitcoin ATMs are not illegal if they adhere to local tax and licensing regulations but the authorities linked them to money laundering and other criminal activities. The US Government Accountability Office released a new report detailing hte role of BTC ATMs and what damage they can do in human and drug trafficking.
Bitcoin of America ATM now added support for Shiba Inu’s SHIB token and is the latest crypto to become a part of the network. It is also worth noting that back in March, the company added support for another meme coin DOGE and the price of the coin surged about 12% in one day. At the time of writing, SHIB is trading for the past 24 hours, and Bitcoin of America is quite popular so it is important to note that it is registered as a money service with the US Department of Treasury. The Shiba Inu Team unveiled the metaverse but the DOGE creator slammed the project.
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