According to ChainCatcher, the federal jury in Massachusetts ruled on November 22 that 36-year-old Alan Joseph from Lancaster was guilty of illegally operating a cryptocurrency exchange business.
The prosecution accused him of conducting at least four illegal cash-to-Bitcoin transactions between August 2020 and February 2021, including a suspicious transaction of $25,000. The court found that Joseph violated federal law by converting cash from suspected counterfeit luxury goods transactions into Bitcoin without registering a money transmission business.
According to sentencing guidelines, money laundering can be punished with up to 20 years in prison, and illegally operating a money transmission business can be punished with up to 5 years in prison, with a maximum fine of $250,000 for each charge. The court will announce the sentencing on February 24, 2025.
