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A 25-year-old Man Ran an Exchange With No License

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A 25-year-old Man Ran an Exchange With no License

On Friday, a 25-year-old man was accused of operating a cryptocurrency exchange without the required license in Los Angeles. The Westwood resident pleaded guilty.

Case details

Kunal Kalra was to trade cryptocurrencies with a total value of $25 million from May 2015 to October 2017. However, he did not acquire the appropriate license for this activity and did not comply with anti-money laundering regulations. It is being said that drug dealers used the exchange mainly, but not only through bitomats which were created specifically for this purpose. Buyers also had to trade Bitcoins purchased from Kalra on the darknet. The US Department of Justice issued a statement that Kalra pleaded guilty. The first court hearing regarding this case is to take place in September. Kunal Kalra faces life imprisonment. In addition, the police secured nearly one million dollars in cash and several dozen Bitcoins and altcoins with a total value of about half a million.

Cryptocurrency crimes

In recent days a 32-year-old Australian, who was supposed to conduct money laundering by using Bitcoins, was detained in Colorado. He simplified transactions using cash and cryptocurrencies, knowing perfectly well that they are part of the drug industry. On Friday, the Department of Justice also spoke about his case and announced his conviction to a year in prison. Cryptocurrency scams seem to become more and more popular options when it comes to frauds. Most often they rely on the fact that someone promises considerable profits in cryptocurrencies after investing the right amount of money. Fake cryptocurrency wallet numbers then appear to lure potential investors.
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