Crypto Market Trader Convicted of Money Laundering Offenses

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April 17, 2019

A crypto trader has been sentenced to two years in prison for failing to comply with US anti-money laundering statutes.

The dealer, Jacob Burrell Campos, was arrested in August 2018 and has been incarcerated while waiting for a ruling on the matter. He pled guilty to a number of charges in October, including failing to register his crypto trading business with the Financial Crimes Enforcement Network. He and his accomplices were able to transfer over a million US dollars into the country from Mexico in sums slightly below the $10,000 reporting limit. The trader had initially tried to use a US regulated exchange to acquire cryptocurrencies, but his account was swiftly shut down after a series of suspicious dealings.