Category Archives: BTC-e

U.S., Russia fighting to extradite suspected Russian cybercriminal who ran $4 billion bitcoin exchange

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The case against the Russian cybercrime suspect Alexander Vinnik opened in a Greek courtroom on Friday with two world powers sparring over who will extradite the Russian citizen. Vinnik, 37, pleaded not guilty to charges from the United States that he ran the cryptocurrency exchange BTC-e and engaged in money laundering at the scale of $4 billion. His lawyer is fighting extradition to California where federal charges were filed against him. He was arrested on those charges while he vacationed in Greece over the summer. A decision on the U.S. request is set to be made by Oct. 4. Vinnik, a Russian national, also faces charges in Russia in a separate fraud case that will reach a Greek court next week. Vinnik’s lawyer said he won’t fight that extradition request, indicating a preference of Moscow over the United States. The U.S. Justice Department describes Vinnik as the man behind BTC-e, […]

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FinCEN fines BTC-e $110 million for violating anti-money laundering laws

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One of the largest digital currency traders in the world has been assessed a $110 million dollar civil money penalty by the Financial Crimes Enforcement Network (FinCEN) and the U.S. Attorney’s Office of the Northern District of California. BTC-e, or Canton Business Corporation (BTC-e), was the target of the Treasury’s first action against a foreign-located money services business for knowingly violating U.S. anti-money laundering (AML) laws, and was hit with a $110,003,314 penalty. The company was also complicit in their facilitation of digital transactions involving “ransomware, computer hacking, identity theft, tax refund fraud schemes, public corruption, and drug trafficking,” according to an official statement. BTC-e is an online, foreign-based money transmitter that takes fiat currency and virtually all popular cryptocurrencies, including Bitcoin, Litecoin, Namecoin, Novacoin, Peercoin, Ethereum, and Dash. The company processed over $300,000 in bitcoin stolen from Mt. Gox, one of the world’s largest bitcoin exchanges, from 2011 to […]

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