A bitcoin ATM operator has been sent to federal prison for two years for running an illegal cryptocurrency exchange operation. U.S. authorities have seized 17 bitcoin ATMs, along with some cryptocurrencies, including bitcoin.
Illegal Bitcoin ATM Operator Sent to Prison
The U.S. Department of Justice (DOJ) announced Friday that a California man, Kais Mohammad, has been sentenced to two years in federal prison “for operating illegal ATM network that laundered bitcoin and cash for criminals.”
The Justice Department said that the 37-year-old operated an illegal crypto business “that exchanged up to $25 million,” some of which were “on behalf of criminals through in-person transactions and a network of bitcoin ATM-type kiosks.”
The Yorba Linda resident pleaded guilty in September last year to “a three-count criminal information charging him with operating an unlicensed money transmitting business, money laundering, and failing to maintain an effective anti-money laundering program,” the DOJ described, adding:
Mohammad has agreed to forfeit to the government 17