New South Wale (NSW) Cybercrime Squad detectives have reportedly confiscated a relatively huge amount of money and Bitcoin (BTC) from a Sydney woman. She has been accused of running one of possible unlawful illegal crypto exchanges in Australia, ITNews reported the development on Friday.
52-year-old allegedly operated unlawful crypto exchange
The unnamed woman is said to be 52 years old. According to the detectives, the woman began the supposed unlawful crypto exchange in 2017 and has transacted more than $5 million in Bitcoin so far. She is assumably rooted in the business as her arrest led to the seizure of huge funds, including cryptocurrencies.
She was reportedly arrested by Strike Force Kerriwah, another unit of the Squad on the 14th of May, at a shopping center. While searching her vehicle as well as her handbag, the group seized about 3.8 BTC, which is worth more than $35,000, including cash of $60,000.
Bitcoins valued at $18,200 seized
Another raid to her resulted in the seizure of Bitcoins, which was valued at $18,200. Per the report, the Bitcoins were all kept on storage devices and digital currency hard wallets. The unit also seized her computer systems, mobile phone, cryptocurrency wallets, and some documentation.
On the side of the detectives, she operated an unlawful crypto exchange service, and has been charged three counts for “knowingly dealing with proceeds of crime,” and an act of breaching the legal requirement for digital currency exchange services.
First Australian case of illegal crypto exchanges
This is considered to be the first case of unlawful crypto exchange service providers to be reported in Australia, and the first detention was made by the unit on such a case, according to Matt Craft, the Squad Commander.
Although many providers of a cryptocurrency exchange in the country are operating with the right requirements, the arrest today will serve as a timely message to other unlawful crypto exchange operators that failed to meet the required legal standard. Craft added:
While cash is still ‘king,’ digital currencies are fast becoming the preferred choice for organized criminal networks involved in money laundering, funding terrorism, and cybercrimes. […] Let this arrest be a warning to digital currency exchange providers – if you fail to comply with your obligations, your actions will not go unnoticed.
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