Topic: [2018-3-23]ICE Agency Charges Payza and Two Canadian Citizens With Money Laun... (Read 107 times)
March 22, 2018, 10:17:32 PM
This can definitely be the end of Payza which has been the choice of the many in online payment for many years. I too had been using this service for some time before I shifted to cryptocurrency. What I could not understand is why they continued doing business in USA even if they know the law. The business model for this has already been established by PayPal. Now the founders are facing the biggest trial on their lives and there is a big chance they can be found guilty on charge brought against the two brothers.
March 22, 2018, 08:50:13 PM
ICE Agency Charges Payza and Two Canadian Citizens With Bitcoin Money Laundering
This week the U.S. Immigration and Customs Enforcement’s Homeland Security agency (ICE) has revealed that it is charging two Canadian brothers and the company Payza with illegal money transmission and money laundering charges tethered to cryptocurrency transactions.
Money Transmitters are Required to Register With U.S. Federal and State Agencies
According to a press statement released by ICE, two Canadian brothers and the firm, Payza, are facing legal troubles for unlicensed money services and alleged money laundering. The firm Payza is a payment processor that utilizes bitcoin and other currencies for daily settlement operations. Payza allegedly processed over $250 million USD worth of proceeds stemming from Ponzi schemes, and other criminal activities. The ICE announcement was revealed by the U.S. Attorney Jessie K. Liu and ICE special agent Patrick J. Lechleitner. The two men facing charges alongside Payza are two Montreal, Québec residents Firoz Patel (43) and Ferhan Patel (37).
“The arrest and indictments, in this case, demonstrate that we will vigorously enforce laws meant to protect the American consumer,” explained U.S. Attorney Liu.
"Money transmitting businesses are required to be registered federally and licensed in most states and jurisdictions, including the District of Columbia. Consumers should beware of those that do not follow these laws because they could be acting as a cover for other illegal activity."
Read more: https://news.bitcoin.com/ice-agency-charges-payza-and-two-canadian-citizens-with-money-laundering
This week the U.S. Immigration and Customs Enforcement’s Homeland Security agency (ICE) has revealed that it is charging two Canadian brothers and the company Payza with illegal money transmission and money laundering charges tethered to cryptocurrency transactions.
Money Transmitters are Required to Register With U.S. Federal and State Agencies
According to a press statement released by ICE, two Canadian brothers and the firm, Payza, are facing legal troubles for unlicensed money services and alleged money laundering. The firm Payza is a payment processor that utilizes bitcoin and other currencies for daily settlement operations. Payza allegedly processed over $250 million USD worth of proceeds stemming from Ponzi schemes, and other criminal activities. The ICE announcement was revealed by the U.S. Attorney Jessie K. Liu and ICE special agent Patrick J. Lechleitner. The two men facing charges alongside Payza are two Montreal, Québec residents Firoz Patel (43) and Ferhan Patel (37).
“The arrest and indictments, in this case, demonstrate that we will vigorously enforce laws meant to protect the American consumer,” explained U.S. Attorney Liu.
"Money transmitting businesses are required to be registered federally and licensed in most states and jurisdictions, including the District of Columbia. Consumers should beware of those that do not follow these laws because they could be acting as a cover for other illegal activity."
Read more: https://news.bitcoin.com/ice-agency-charges-payza-and-two-canadian-citizens-with-money-laundering
Jump to: