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Securities Regulation, Cryptotransactions Keyed to Goforth
United States v. Faiella
Citation:
39 F. Supp. 3d 544 (2014)Facts
Defendant Robert M. Faiella operated an underground Bitcoin exchange business through the Silk Road website under the username “BTCKing.” According to the indictment and criminal complaint, Faiella received cash deposits from his customers and then exchanged those deposits for Bitcoin. After converting the cash to Bitcoin, Faiella transferred the Bitcoin funds to his customers’ accounts on Silk Road. The Silk Road platform maintained control over these accounts, with administrators having the ability to block or seize user funds. Faiella was charged with one count of operating an unlicensed money transmitting business in violation of 18 U.S.C. Section 1960 and one count of conspiracy to commit money laundering in violation of 18 U.S.C. Section 1956(h). Faiella himself had acknowledged to Silk Road operators that Bitcoin exchanges “have to be licensed” and that law enforcement might “seize his funds.”
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