Unlicensed Bitcoin Exchange Coin.mx Operator Sentenced to Five and a Half Years in Prison

The former operator of Coin.mx, Anthony Murgio, has been tried and sentenced to five and a half years in prison, for running an unlicensed bitcoin exchange suspected of aiding and facilitating money laundering. Also Read: Assisting in Bitcoin Purchases for Ransomware May Be Illegal in the US Coin.mx Has Been Accused of Processing Millions of

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The former operator of Coin.mx, Anthony Murgio, has been tried and sentenced to five and a half years in prison, for running an unlicensed bitcoin exchange suspected of aiding and facilitating money laundering.

Also Read: Assisting in Bitcoin Purchases for Ransomware May Be Illegal in the US

Coin.mx Has Been Accused of Processing Millions of Dollars Between 2013 and 2015 Despite Being Unlicensed

Anthony Murgio pleaded guilty to three conspiracy counts, including bank fraud and operating an unlicensed money transmitting business. The thirty-three-year-old is the former operator of coin.mx, a bitcoin exchange that has been suspected of assisting hackers launder cryptocurrency and has been linked to a data breach at JPMorgan Chase & Co.

Coin.mx Operator Sentenced to Five and a Half Years in Prison

Coin.mx has been accused of processing millions of dollars between 2013 and 2015 despite being unlicensed. Prosecutors said that Murgio and co-conspirators processed funds on behalf of the victims and owners of bitcoin-based ransomware programs. Assistant U.S. Attorney Eun Choi described Mr. Murgio’s facilitation of ransomware victims accessing bitcoin as “exploit[ing] their desperation to personally profit from them.” Many within the cryptocurrency have raised concerns about Murgio getting charged for aiding the victims of ransomware to obtain bitcoins, arguing that such could lead to bitcoin exchanges being unwilling to work with ransomware victims – rendering ransomware victim’s unable to prevent the deletion of important files and data when required.

It is also alleged that a since-liquidated New Jersey credit union was taken over in order to obscure their financial activity, with Antony Murgio’s father pleading guilty to an obstruction of justice charges pertaining to the credit union.

Manhattan U.S. District Judge Alison Nathan Described Coin.mx’s Illegal Activities As “An Effort Based on Ambition and Greed”

The criminal investigations have seen nine individuals charged with felonies relating to the JPMorgan hack, which breached more than 83 million accounts.

Coin.mx Operator Sentenced to Five and a Half Years in Prison

Manhattan U.S. District Judge Alison Nathan described Coin.mx’s illegal activities as “an effort based on ambition and greed”, and Mr. Murgio as having created a “pyramid of lies”. Antony Murgio was emotional throughout the proceedings, on numerous occasions losing composure whilst expressing his “enormous regret”. “Believing what I was doing was OK did not make it OK,” Murgio stated. “I am wiser today than when the case began, and I am sorry for all the damage I caused to so many people.”

In March, a Manhattan jury convicted New Jersey pastor Trevon Gross and Florida software engineer Yuri Lebedev of scheming to conceal Coin.mx’s activities from banks and regulators. The two individuals are currently awaiting sentencing.

Coin.mx’s owner, Gery Shalon, has pleaded not guilty to U.S charges following his extradition from Israel.

Do you think that bitcoin exchanges should be able to assist the victims of ransomware in obtaining bitcoins without having to fear prosecution? Share your thoughts in the comment section below!


Images courtesy of Shutterstock and Twitter


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Burger King Russia Franchise Plans to Accept Bitcoin Payments This Summer

bitcoin paymentsAccording to the regional news outlet, Uznay Vse, a Russian Burger King located in Moscow has begun testing bitcoin payments for food and drink purchases. The option to use the decentralized currency at Burger King Russia locations is expected to be rolled out across a few more restaurants in the country by the end of

The post Burger King Russia Franchise Plans to Accept Bitcoin Payments This Summer appeared first on Bitcoin News.

bitcoin payments

According to the regional news outlet, Uznay Vse, a Russian Burger King located in Moscow has begun testing bitcoin payments for food and drink purchases. The option to use the decentralized currency at Burger King Russia locations is expected to be rolled out across a few more restaurants in the country by the end of the summer.

Also Read: How ‘Bitcoin City’ Arnhem Signed Up Its 100th Merchant, Burger King

Russian Burger King Looks to Integrate Bitcoin for Food and Drink Purchases

Burger King Russia Franchise Plans to Accept Bitcoin Payments This Summer
Burger King Russia.

Bitcoin in Russia has been growing popular, and the country’s government authorities are expected to officially acknowledge and regulate the cryptocurrency in the near future. Now according to reports, Dmitri Medovoy, the general director of Burger King Russia says the fast food franchise is looking for a developer to install a bitcoin payment processing software for the restaurant’s cash registers and Burgerking.ru apps.

“The company plans to announce the winner of the tender for development of software that would enable us to accept bitcoins,” details the Russian Burger King’s general director. “The contractor will have to develop solutions for Burgerking.ru, the mobile apps for Android and iOS, and cash registers on R-keeper,”

Burger King Russia will begin accepting Bitcoin in 2017. This decision was made due to the success of cryptocurrency.

Burger King Russia Watching New Trends Closely

Burger King Russia Franchise Plans to Accept Bitcoin Payments This SummerMedovoy has been determined to make Burger King a “market leader” in Russia by planning for the expansion of more restaurants in the Siberian region. Currently, the Burger King franchise only has shops in Yekaterinburg, St. Petersburg, and Moscow. Uznay Vse details Burger King Russia accepting bitcoin payments is one the first initial steps towards mainstream merchant services accepting cryptocurrencies in the country.          

“Burger King is watching new trends closely, so we decided to launch this project. Cryptocurrency payments are the immediate future,” Medovoy explains.

The main difficulty – tax issues, rather than integration.

Russian Officials Favoring Cryptocurrency Regulation

The Burger King announcement follows the Deputy Head of Russia’s Ministry of Finance Alexey Moiseev’s recent statements towards introducing regulatory guidelines for cryptocurrency purchases. Additionally, the central bank of Russia has been working on a proposal to classify bitcoin as a digital asset for tax purposes. The Russian Burger King will not be the only Burger King brand fast food franchise that accepts bitcoin, as a restaurant in the Dutch city of Arnhem location also accepts the cryptocurrency for food services.

What do you think about Burger King Russia accepting bitcoin? Do you think bitcoin will prosper in the Russian region? Let us know what you think in the comments below.


Images via Burger King Russia, and Pixabay. 


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