Recently, a British man living in Amsterdam reportedly laundered up to 11.5 million euros in Bitcoin drug money. Now the offender is to face up to five years in penitentiary for alleged assisting people by trading fiat cash for bitcoin tokens for the purpose of buying drugs. Before he discovered than bitcoin was a more profitable business, he used to grow cannabis.
The Public Prosecutor demanded that the thirty-eight year old British offender to be given five years prison time for his alleged crime of laundering an amount of 11.5 million Euro in bitcoin from the year 2014 to 2016. On Wednesday, the Public Prosecutor stated that the 11.5 million Euros most likely is from the sale of illegal drugs and trading other banned products on dark web shopping sites.
According to the charges against him, most of his time living in the city of Amsterdam, he benefited largely from taking bitcoin tokens from his customers and in exchange gaining fait cash for them. He did not just exchange the bitcoins but he also imposed an unusually high commission of between 5 to 8 per cent. That commission that his clients pay is for him to keep them anonymous, as stated by the Prosecutor, the British man knew that would be a huge risk and he was paid lavishly for it. The Prosecutor also added that the offender reportedly used his own personal bank account to trade the bitcoin, and then went on to withdraw money from ATMs for his customers. The suspect used this method to exchange millions of Euros, the Prosecutor stated.
As stated previously, the British man is into growing cannabis as well. This was proven by the Dutch police who supposedly discovered a lot of photos of cannabis plantations on his computer. The Prosecutor also stated that He (the accused man) thought he had seen a gap in the market and jumped into it. The Prosecutor finally stated that he started with a cannabis plantation, sold the harvest on the dark web and was paid in bitcoins. Soon he noticed that he no longer needed the weed to make a substantial turnover and a fine profit.
With all these charges against the 38-year old British man, he still says that he is innocent and went on to say that his clients were sincere citizens who had no business with any form of illegal trade. The court will deliver its verdict in March.