Operating A Business On Bitcoin
Chris Gimmer, cofounder of Snappa and Bitbo.io, moved his company to a bitcoin treasury standard in 2020.Watch This Episode On YouTubeListen To This Episode:BitcoinTVAppleSpotifyGoogleLibsynOvercastIn 2020, Micahel Saylor became one of the most famous and bold Bitcoin advocates on the planet when he went all-in on BTC. Since then, he’s conducted a regular BTC accumulation strategy. It has been just one sign that Bitcoin is evolving from a mere niche internet novelty and into a serious monetary tool that businesses can leverage to give them strategic advantages. Another sign has been the....
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Six people involved with the Free Keene movement have been arrested and charged for allegedly operating an illegal cryptocurrency exchange business. “They operated their virtual currency exchange business using websites, as well as operating virtual currency ATM machines in New Hampshire,” the U.S. Department of Justice (DOJ) said. FBI Raids Properties and Charges 6 People The DOJ announced this week that it has charged six New Hampshire residents with crimes related to a cryptocurrency exchange business. The Federal Bureau of Investigation (FBI) raided several Keene properties....
An Ontario man based in San Bernardino County of the U.S. has agreed to plead guilty to federal charges of illegally operating a bitcoin to cash exchange business. According to the U.S. Department of Justice (DOJ), the man, Hugo Sergio Mejia, 49, operated the unregistered exchange business between May 2018 and September 2020. Accordingly, Mejia now faces “a statutory maximum sentence of 25 years in federal prison” once he pleads guilty. In a statement announcing the charges, the DOJ says Mejia had, as part of his plea agreement, admitted that he had not “registered his....
The United States Treasury's FinCEN (Financial Crimes Enforcement Network) has sent letters to a number of bitcoin-related businesses that serve as warnings to be compliant with anti-money laundering regulations set forth by United States federal and state legislation. This letter, described as an "industry outreach" essentially requests more information about the recipients' business and operating models, and intimidatingly suggests that operating around the bitcoin cryptocurrency is somewhat of a "gray area," and as such, business owners should "err on the side of caution". What that....
Mike Gropp is the co-founder of the BitBays Bitcoin exchange and is in charge of the company’s compliance to the ever-changing landscape of cryptocurrency law. After working in the financial sector in California, Mike moved to Beijing in 2010 where he launched his own corporate training company focusing on sales, professional speaking, and negotiations. While expanding his business, Mike taught undergraduate business courses at Beijing University of Chemical Technology in the prestigious IBC (International Business Curriculum) Program. Mike is also an associate member of the Association of....
A California man has been sentenced to three years in federal prison “for operating an unlicensed business that exchanged at least $13 million in bitcoin and cash, often for drug traffickers,” the U.S. Department of Justice said. He agreed to forfeit various assets, including seized cryptocurrency.
Bitcoin Exchange Operator Sentenced to 3 Years in Jail
The U.S. Department of Justice (DOJ) announced Thursday that a California man, Hugo Sergio Mejia, was sentenced “to 36 months in federal prison for operating an unlicensed business that exchanged at least $13....