Illegal Bitcoin Exchange Operator to Serve 25 Years in Jail

Illegal Bitcoin Exchange Operator to Serve 25 Years in Jail

Bitcoin Crypto News Exchanges
February 2, 2021 by Elias Powell
75
Ever since the launch of Bitcoin (BTC), the currency has been gaining gradual growth with respect to its prices. As the prices of Bitcoin (BTC) grow higher with every passing day, more and more investors are now investing in Bitcoin (BTC). As a result, people are trying to get their hands on Bitcoin (BTC) and

Ever since the launch of Bitcoin (BTC), the currency has been gaining gradual growth with respect to its prices. As the prices of Bitcoin (BTC) grow higher with every passing day, more and more investors are now investing in Bitcoin (BTC).

As a result, people are trying to get their hands on Bitcoin (BTC) and are eager to make as much profit as they can from Bitcoin (BTC). Since 2018, the 35 million user base has increased all the way up to 200 million as more investors are attracted to this platform.

This is the very reason why the Bitcoin (BTC) platform also became a hub for scammers and fraudsters to trick people into exploiting their money. While the cryptocurrency industry grows, the numbers of scams and fraudulent activities are also growing in the cryptocurrency industry.

For the past couple of years, cryptocurrency scams are constantly on the rise. Therefore, in order to tackle the problem, the regulators and law enforcement authorities have started cracking down on such scammers.

According to the recent reports, a man from Ontario who is from San Bernardino County has agreed that he was involved in illegally operating an exchange business. He agreed that he was involved in illegal activities of converting bitcoin (BTC) to cash through an exchange.

The United States Department of Justice has also released further information around the scammer. The firm has stated that the fraudster, Huge Sergio Mejia who is a 49-year-old man operated an unregistered exchange. According to the US DOJ, the fraudster illegally operated the exchange between May 2018 and September 2020.

The culprit has pleaded guilty to all the federal charges and will be served with harsh penalties. It has been reported that based on the level of his crime and as per the charges, he will be serving many years in prison.

It has been confirmed that Mejia will now be serving a statutory maximum sentence of 25 years in federal prison. The criminal will be given the sentence once he pleads guilty to all the charges that he has been alleged with.

The Department of Justice has confirmed that in the statement, Mejia has agreed that he was involved in running the exchange without getting it registered by the FinCEN.

The DOJ has added in the statement that during the two and a half years of exchange operation, Mejia was successful in exchanging at least $13 million. The culprit has also agreed that in order to hide his motives and conceal his illegal activities, he had also created fake companies.

The statement also states that Mejia was involved in advertising his exchange through online advertisements. On top of that, his exchange was promoted through word of mouth and Mejia also used encrypted applications to promote his business.

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