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A UK man living in Amsterdam started by growing cannabis but are now facing up to five years in prison for allegedly helping people by exchanging fiat cash for bitcoin which was used to buy drugs.
According to the Dutch Public Prosecutor then man allegedly laundered about €11.5 million in bitcoin between 2014 and 2016. This money is suspected as originating from illegal drugs deals and the trade of other prohibited goods on dark web marketplaces.
According to the allegations, the accused profited by taking bitcoins from his clients and exchanging them for fiat cash. He charged an “unusually high” commission of between 5 to 8 percent. The suspect then allegedly used his personal bank account to exchange the bitcoin, and then withdrew cash from ATMs for his clients ensuring they were anonymous. The man pleads innocence.
Full story: British Man in Amsterdam Allegedly Laundered €11.5m in Bitcoin Drug Money
That is how much HSBC launders in a minute.
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Very true :-)
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