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The FBI investigates illegal cryptocurrency trading in Michigan

Cryptocurrency is becoming a hot cake each passing day making even organizations to cut corners in order to offer cryptocurrency related services. In Michigan, one of the states in the U.S., the FBI stormed the offices of the National Science Institute for allegations that it has been providing illegal cryptocurrency trading.

Although it may seem like just allegations, the team leader of the organization was quoted owning-up to the illegal cryptocurrency trading activities under his watch. Chris Boden, the team leader at the National Science Institute, admitted that being involved in illegal cryptocurrency trading activities was a “stupid thing” and that he is “going to pay for it.”

In a Youtube video, Boden seems to have already calculated what the court may decide. As reported by Chepicap:

“The man believes that he’s looking at a federal prison and that he will likely spend more than $100,000 in legal expenses.”

However, the Federal Bureau of Investigation agents declined to disclose the details or the actions and possible outcomes of the case against Chris.

The National Science Institute is deemed to provide illegal cryptocurrency trading because it does not hold any crypto trading licenses since it’s legally registered to offer the local public with, among other things, computers at a low cost.

Seeing the cost of legal fees ahead of him, Chris hinted at putting the organization’s assets on sale. Additionally, the team leader accepted that he made a “bad decision” and that “he’s fully responsible for what happened.”

Last year saw an increase in the number of illegal cryptocurrency trading activities with some turning out to be scams while others, although straightforward to users, they were hiding from financial regulators and law enforcement agencies.

Do you think illegal cryptocurrency trading may increase in 2019 since experts are predicting a bull run?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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