US prosecutors indicted a man for running $25 mln crypto exchange

US prosecutors accused a 25 year old man for running a crypto exchange that converted some 25 million USD from fiat to crypto currencies and vice versa.

According to the prosecutors Kunal Kalra known as “Kumar,” facilitated money laundering of funds obtained by illegal activities, including trade of illegal drugs on the dark net.

According to the court files Kalra operated a virtual currency exchange in the US without obtaining any permission from the authorities in the period between May 2015 to October 2017, accepting only big orders, where clients paid fees of at least 5000 USD.

I am amazed how easily people give away their hard earned money. Granted, in the US there are protections, but with something still as new as the crypto industry, vendors and businesses are even newer, negative press about cryptocurrencies is fairly common, you would think people would be more suspicious and protective.

Criminals will always find a way if people don’t do their own due diligence.

Greed and desire for quick and easy profit overcome everything else, including common sense.

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Well, if current state of cryptocurency do allow all that they for sure need to get this all anyway no matter what they say . I mean anyone could really use that crypto services for whatever they want including money laundering from some activites like that anyway.

That’s why there’s such an effort to introduce proper regulation.

Well, now the government understood that crypto is not a joke, but it is not a benefit for us, crypto traders, of course, if they make it legal, it would easier to make withdrawals and to registrate income legally and pay all taxes, but I predict that taxes will be very high, so crypto will not be o profitable, even now I search for ways not to lose much o fees and taxes. Because they eat a big part of the income. The best thing I found si crypto exchange with 0 fees, it saves me a lot of money. I strongly recommend trying it.

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Do you think there will be new legislation then?