- Bitcoin of America executives are charged with running unlicensed crypto kiosks in Ohio
- Trio, including owner and manager, are detained and searched at Florida and Illinois properties
- Secret Service investigation uncovers lack of Anti-Money Laundering measures aiding scammers to transfer funds.
Several executives of Bitcoin of America are facing charges for running unlicensed cryptocurrency kiosks in Ohio, allegedly profiting from victims of cryptocurrency scams. The company, also known as S&P Solutions, has been indicted for money laundering, conspiracy, and other related offenses, following the operation of more than 50 unlicensed crypto kiosks.
The trio, including owner Sonny Meraban, manager Reza Meraban, and corporate attorney William Suriano, were detained, and search warrants were executed at their Florida and Illinois properties.
In a recent investigation, the Secret Service’s Cyber Fraud and Money Laundering Task Force uncovered how a lack of Anti-Money Laundering measures enabled romance scammers, law enforcement impersonators, and robocallers to transfer funds out of crypto wallets.
This week, authorities confiscated 52 Bitcoin ATMs, with Bitcoin of America having more kiosks in Ohio and other states. The company allegedly earned $3.5 million in 2021 from cash deposits made through these illegal kiosks.
In other news, Binance increased its efforts to collaborate with authorities in the fight against fraud and other frequent industry-wide frauds.
The exchange began its Joint Anti-Scam Campaign in collaboration with international law enforcement agencies. This began with a pilot partnership with the Cyber Security and Technological Crime division of the Hong Kong Police.
When attempting to withdraw funds from Binance, users from Hong Kong would receive a warning message. The message would instruct them to check the recipient’s identity before transferring them money.
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