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Although many convicted criminals serve time and receive help to reform, for a trader Bitcoin, his record continues to grow marijuana. money laundering charges.
First reported by CCN as a “unlicensed money transfer business”, it seems that Thomas Mario Costanzo, who often goes by Morpheus Titania, has not yet learned his lesson by following the law, including legal Bitcoin trading. and is now awaiting his June sentence regarding the trial of yesterday.
Participant in the Costanzo investigation, started in 2014, were the IRS, the DEA, the USPS, the Scottsdale Police Department, the US Homeland Security Investigations, and the US Department of Homeland Security. 39, Immigration and Maricopa County Sheriff’s Office. A federal jury in Phoenix has now found the Arizona resident guilty of five counts of money laundering.
Bitcoin trading with undercover agents, Costanzo encouraged cryptocurrency as a way to buy illicit drugs. Without providing transparency on transactions, crypto has been promoted as a way to limit exposure to law enforcement.
Recognized guilty of trading close to $ 165,000 against alleged drug traffickers (undercover federal agents) over the past two years, Costanzo has failed to identify his clients. It also concealed products and charged 7-10% commission for peer-to-peer transactions, rather than operating within the legal limits for online trading.
Bitcoin Laws of Arizona
According to Bill HB2417 of Arizona, passed last spring:
“INTELLIGENT CONTRACTS MAY EXIST IN TRADE A TRANSACTION AGREEMENT CAN NOT BE LEGALLY EFFECTIVE, VALID, OR PERFORMING 37 ONLY BECAUSE THIS CONTRACT CONTAINS AN INTELLIGENT CONTRACT TERM.”
But while Bitcoin, and Crypto alt, transactions are legal in the state, one would expect residents to trade according to the law. At a minimum, this would help Arizona residents avoid prison sentences of twenty years and fines of a quarter of a million dollars per conviction, such as those who are potentially waiting for Costanzo.
As PH Madore, CCN correspondent in July 2017, wrote, “people like Costanzo are not the norm in Bitcoin commerce”. The standard in trading Bitcoin follows the limits of the law of its ability.
Although it’s a case where a criminal uses Bitcoin illegally, it gives an unnecessarily bad name to cryptocurrencies, especially at a time when their validity and governance of this one are involved.
There is already too much fear-based propaganda, and those interested in Bitcoin or alternative trade need to remember that breaking the law is not what it is. what crypto-currencies were designed. And just because a man does not manage to govern himself, the future of crypto is not in danger.
Even for those who question the SEC’s Crypto Regulations investigations, regulations such as Know-Your-Customer (KYC) Audits serve to protect all the people involved, necessary when they are not involved. it is to traffic with criminals such as Costanzo.
Image from Shutterstock to photo
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