Established to provide user convenience in many parts of the world Bitcoin ATMsA Bitcoin ATM operator in New York has been accused of allegedly conducting illegal business that attracts criminals.
Manhattan District Attorney Alvin Bragg Jr. In his statement on the subject, Robert Taylor, who is the chief perpetrator of the subject, marketed against people who are engaged in criminal activity. illegal He stated that he was operating a Bitcoin ATM and was therefore charged.
It turned out that Taylor operates Bitcoin ATMs in at least 46 locations in New York, mostly in laundries, and locations in New Jersey and Miami.
District Attorney Taylor Between 2017 and 2018 customers’ cash $5.6 millionHe stated that he converted more than more of them to Bitcoin, but he demanded a fee of between 10% and 20%. While forensic reports show that more than $5.6 million in cash has been deposited into Bitcoin ATMs. More than $590,000 in fees collectedand about $160,000 was deposited into Taylor’s personal bank accountsit reveals.
By contrast, Taylor only reported a loss of $3,000 in 2017 tax returns and $140,000 in 2018 tax returns.
No License
In addition to all this, it was learned that Taylor’s business does not have a money transmission license or virtual currency operating license from the New York State Department of Financial Services. It was also stated that it was not licensed by the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
Accused of Multiple Illegal Activities!
Taylor is now charged with multiple counts for operating an unlicensed money transfer business, third-degree criminal tax fraud, and providing a fraudulent tool for first-degree filing.
The Manhattan District Attorney also stated that Robert Taylor allegedly went to great lengths to keep the Bitcoin ATM business as confidential as possible.