The US has not yet taken comprehensive steps regarding cryptocurrency regulations, and bills seem to be forgotten. However, there is no need for new rules to punish crimes such as money laundering. Therefore, officials at the US Department of Justice continue their diligent work to punish criminals.
US Crypto Punishment
According to a recent announcement, Raul Rodriguez has been sentenced to 57 months in prison for engaging in criminal activities through the LocalBitcoins platform. Raul was facilitating the conversion of drug proceeds into cash using crypto and was operating an unlicensed money transmission business.
“Raul Rodriguez, also known as raultiovigia, 44 years old, lives in Miami. He was in the business of converting cash into bitcoin and other digital currencies for a fee and vice versa. Rodriguez provided these services through a swap platform known as “LocalBitcoins”.
Rodriguez conducted transactions worth at least $5,047,462 from 2016 to 2022. During the same period, he became the user with the highest volume on the relevant platform. In addition to the 57-month prison sentence, he was given three years of supervised release and is required to pay a fine of $5,047,462.
For over five years, Rodriguez ran an unregistered and unlicensed money transmission business. Among Rodriguez’s clients were a convicted drug trafficker and a professional money launderer.”
