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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/russian-found-guilty-in-btc-e-money-laundering-case/" data-wpel-link="internal">Russian Found Guilty in BTC-e Money Laundering Case</a><br></p>
<p style="text-align: justify">Today, the <strong>US Department of Justice</strong> announced that Russian citizen Alexander Vinnik was found guilty of money laundering charges related to his role in the operation of the BTC-e cryptocurrency exchange from 2011 to 2017. According to court documents, 44-year-old Vinnik was one of the operators of BTC-e, and the exchange conducted over $9 billion in transactions until it was shut down by law enforcement in July 2017, concurrent with Vinnik’s arrest. BTC-e served over a million users worldwide, including many customers in the US.</p> 
<h2 style="text-align: justify" id="btc-e-platform-found-guilty">BTC-e Platform Found Guilty</h2> 
<p style="text-align: justify">Deputy Attorney General <strong>Lisa Monaco</strong> stated, “Today’s outcome shows how effective the Justice Department is in combating cryptocurrency crimes through international cooperation.” She continued, “These charges reflect the Department’s commitment to combating money laundering, regulating <a href="https://en.coin-turk.com/huobi-exchange-delists-usdd-trading-pairs-for-numerous-altcoins/" data-wpel-link="internal">crypto</a> markets, and providing restitution to victims. The Justice Department will continue to use all available tools to prevent such crimes and ensure justice.”</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-347737 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/bitcoin-408.jpg" alt="" width="740" height="415"></p> 
<p style="text-align: justify"><strong>BTC-e</strong> was one of the main platforms used by cybercriminals worldwide to transfer, launder, and hide the proceeds of illegal activities. BTC-e accepted revenues from a variety of crimes including unauthorized computer access, ransomware attacks, identity theft schemes, corruption cases, and drug distribution. Alexander Vinnik was accused of operating BTC-e with the purpose of facilitating these illegal activities, causing at least $121 million in damages.</p> 
<h2 style="text-align: justify" id="no-fincen-registration">No FinCEN Registration</h2> 
<p style="text-align: justify">Despite conducting significant transactions in the United States, BTC-e was not registered as a money services business with the US Treasury Department’s Financial Crimes Enforcement Network (<strong>FinCEN</strong>), as required by federal laws. Additionally, it failed to comply with federal legal requirements such as Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. BTC-e collected almost no customer data, making the platform attractive to those wanting to conceal criminal proceeds.</p> 
<p style="text-align: justify">BTC-e relied on shell companies and affiliates that lacked FinCEN registration and were devoid of basic AML and KYC policies for electronic fiat currency transfers through BTC-e. Vinnik established numerous shell companies and <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">financial</a> accounts worldwide to sustain BTC-e’s operations.</p> 
<p style="text-align: justify">A federal district court judge will determine any penalties considering the US Sentencing Guidelines and other legal factors. In 2017, FinCEN announced that it had imposed approximately $110 million in fines on BTC-e for deliberately violating US AML laws, and an additional $12 million on Vinnik for his role in the violations.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/russian-found-guilty-in-btc-e-money-laundering-case/" data-wpel-link="internal">Russian Found Guilty in BTC-e Money Laundering Case</a></h5>

Russian Found Guilty in BTC-e Money Laundering Case

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