Security News > 2023 > September > Guy who ran Bitcoins4Less tells Feds he had less than zero laundering protections

The business offered cash for Bitcoin and vice versa, with Randol collecting a commission on the payouts.

Randol provided cryptocurrency exchange services in various ways, including via the post, ATMs, and occasionally in person, prosecutors told a Los Angeles federal court on Tuesday.

Shortly after Randol agreed to exchange $10,000 in cash for Bitcoin for this same anonymous punter.

Specifically, Randol failed to collect "Appropriate information" about his customers, file transaction reports, and notify the government of "Repeated" suspicious transactions.

His biz had a written anti-money laundering policy "To prohibit and actively prevent money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities," that said Digital Coin Strategies would take the above-mentioned actions to comply with the federal law.

Randol did hire a compliance officer in September 2020, but he ignored this executive's advice to stop using accounts labeled "Test" for customer transactions on Bitcoin kiosks.

News URL

https://go.theregister.com/feed/www.theregister.com/2023/09/06/bitcoin_exchange_guilty/