Bitcoin traders Jailed for illegal crypto transfer

US Law Enforcement is conducting an all-out assault on Bitcoin on

Most recently Theresa Tetley (also known as “Bitcoin Maven”) was arrested by the Department of Homeland Security for alleged “illegal money transmission.” This crackdown comes with the full endorsement of the US Attorney’s Office who is prosecuting these cases.

Bitcoin Maven’s assets seized in the armed raid included 40 BTC and 25 physical gold bars and taken into “evidence.” The US Attorney is asking the Court to release those assets to Law Enforcement as a forfeiture.

This arrest follows others over the past year wherein the US federal government has targeted traders after conducting large and repeated trades online.

Another trader named Jason Klein pled guilty for trading BTC without registering as a “money transmitter” with
the government’s financial authorities.

Likewise, Thomas Constanzo, (also known as “Morpheus”) was taken into custody by Homeland Security in for the same crime.

Daniel Mercede was arrested May of 2017 for selling large quantities of Bitcoin overseas.

A New York trader, Richard Petix, was found guilty for selling BTC and charged with “illegal money transmitting business” and “making false statements.”

This past February there was another case brought forth after the U.S. Immigration, and Customs Enforcement (ICE) Team and the Department of Homeland Security arrested Morgan Rockcoons (aka “Morgan Rockwell”) for a Bitcoin transaction conducted back in November 2016. Morgan Rockwell has been charged with running an unlicensed money transmitting business and money laundering.

These cases show the US government’s determination to integrate Bitcoin into the economy; as well as its determination that traders follow the laws being put into place. Amid these growing pains, traders around the globe grow and adapt to the continually evolving regulations; keeping in mind that it is their responsibility to know and abide by the laws in their jurisdiction.

In no time in history has the phrase “ignorance of the law is no excuse” meant so much to individual financial success; or failure.

And, at no time in the history of crypto has it ever meant so much for traders to be aware of the current
laws and regulations surrounding this ever-evolving industry.

Recent posts