DOJ Charges Crypto Seller for Operating Unlicensed Money Transmitting Business

DOJ Charges Crypto Seller for Operating Unlicensed Money Transmitting Business

The U.S. Justice Department filed charges against a New Orleans man for operating an illegal money transmitting business, it announced on Thursday.

In a complaint submitted in United States District Court for Louisiana’s Eastern District, the DOJ said that over a nearly two-year period, Michael Yusko III used bank accounts registered to a company he owned, Louisiana-based Nervous Light Capital, and other companies “to sell bitcoin, ethereum and other cyptocurrencies for profit.” The complaint also named Ready Demolition LLC, Patriot Concrete Pumping, Praetorian Energy and Hudson Oak Partners.

The complaint said that Yusko did not comply with federal money transmitting business registration requirements while operating his business from about August 2017 to June 13, 2019.

Money transmitting businesses must register with the Financial Crimes Enforcement Network, which is part of the U.S. Treasury Department.

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