An Australian woman has been accused by New South Wales state police for illegally trading millions of dollars in cryptocurrencies, including bitcoin.
The first arrest in Australia for the law on "non-compliant digital currency suppliers"
According to 9News Australia, New South Wales (NSW) Cybercrime Squad detectives caught the woman in the act with $ 60.000 AUD ($ 38.736 USD) in cash, proceeds from an illegal sale of cryptocurrencies, and another 3.8 bitcoins on a hard wallet device in Burwood, Sydney earlier this month.
Cybercrime Squad chief investigative superintendent Matt Craft said it was the team's first arrest regarding "non-compliant digital currency providers" in the state and could be the first of its kind in Australia, according to the relationship.
"This will be the first of many arrests that I believe we will make in the coming years and you have been warned," Craft said, presumably addressing others who are conducting illegal cryptocurrency sales.
Wide-ranging action to target criminals in the world of cryptocurrencies
The arrest followed a series of investigations conducted by the cybercrime unit Strike Force Kerriwah, set up in late 2018 to investigate online money laundering operations in New South Wales.
The 52-year-old woman is believed to have run a union that deals with money laundering, according to the report. Local investigators have reason to believe that the project has been going on for years.
The investigation itself started more than a year and a half ago, in November 2018. The union itself was probably "in business" since 2017, and during this period, it traded $ 3,23 million (Australian $ 5 million). in Bitcoin.
Investigators also seized other cryptocurrency wallets during the action with an additional $ 18.200 AUD ($ 11.749 USD) in bitcoin along with digital storage devices, computers and cell phones that were located on a residential property in Hurtsville, also at Sydney, immediately after the arrest of the woman.
The investigation took place in collaboration with the AUSTRAC (Australian Transaction Reports and Analysis Center) and the Australian Criminal Intelligence Commission (ACIC). The woman was accused of three counts of having deliberately dealt with the proceeds of crime and violating the requirements for digital currency exchange services.
Police said the woman will be charged in court for carrying out bitcoin transactions worth more than $ 5 million Australian ($ 3,22 million) since 2017. Amendments to the Anti-Money Laundering and Counter-Terrorism Act (2006) of country were introduced in April 2018.
These expanded the scope of the act to include regulation of cryptocurrency exchanges. And which exchange do you use? Have you tried automatic trading software like Bitcoin Pro? What do you think?