Man Admits Exchanging Crypto Without Government Approval

A 49-year-old man admitted exchanging cryptocurrency through Paxful and LocalBitcoins.

According to an announcement from the U.S. Attorney’s Office for the Southern District of Texas, 49-year-old Hien Ngoc Vo admitted to operating an unlicensed money transmitting business. Between March 16, 2016, and June 8, 2016, the defendant processed $515,147.19 in Bitcoin on Paxful and LocalBitcoins.

“Vo received funds in the form of cash, direct bank deposits, American Express credit cards as well as Amazon and generic gift cards. He used several bank accounts to conduct his business, but the banks shut down the accounts after inquiring about the origination of the funds.”

A picture of U.S. Attorney Jennifer B. Lowery announced the guilty plea. — U.S. Attorney Jennifer B. Lowery announced the guilty plea.

Vo collected between 5 and 30% of every transaction he conducted. Additionally, Vo did not require any form of identification from his clients, nor did he ask “the purpose for which they were purchasing the cryptocurrency.”

Chief U.S. District Judge Lee H. Rosenthal will sentence Vo on September 5, 2020. Vo faces a maximum sentence of five years in prison. He will serve much less time behind bars if any.

Houston area unlicensed cryptocurrency business results in conviction | archive.is, justice.gov

Apparently this is something they are regularly prosecuting now?

30 Comments

It's Called We Engage In A Mild Amount of Tomfoolery

1ca058d4

07c71100 Fri, Jun 3, 2022

not currency until it’s a currency…..

976189ee

a2a027d0 Fri, Jun 3, 2022

^ u clearly dont understand teh tech; stoooks only go up!

b887d8a9

2ad53700 Fri, Jun 3, 2022

^ you clearly lack reading comprehension skills, hows that day job working out for you? Lol fucking drug addict loser.

e8b185b9

6bb94070 Sun, Jun 5, 2022

^ butttttcoin! cuck for the whales

39dcea14

f75072e0 Fri, Jun 3, 2022

Im confused. So was he just selling bitcoin?

d33f5329

cc512360 Fri, Jun 3, 2022

Yeah he was selling bitcoin and making a substantial sum of money doing so. If we do some quick math, we see he made 5-30% on the transactions which amounted to ~515,000 USD. If we just take an average on the percentage, that’s ~90,000 USD profit in a span of about 3 months. Being a greedy and jealous piece of shit, Uncle Sam got mad he wasn’t getting any kick back in the form of taxes. If Vo had been doing it legit, that would have required him to be licensed and keep ledgers and verify purposes for transfers to keep said Uncle Sam happy. In which case he probably couldn’t have conducted business to the amount that he did.

Only 2 things are certain in life; Death and taxes.

4d306acd

55e731e0 Fri, Jun 3, 2022

^ Its an exclusive club, and you ain’t in it!

a054a4ab

2e976130 Fri, Jun 3, 2022

september 2020 or 2022?

4534804b

712e2a60 Fri, Jun 3, 2022

if you’re going to scam the gubmint, don’t use spies for the gubmint.

e29b4d17

bc352560 Fri, Jun 3, 2022

They are picking off the low-hanging fruit. This will only harden the opsec of those who follow in the defendant’s footsteps.

5690a179

7baefc90 Sat, Jun 4, 2022

^ until the kikes at the bank throw you under the bus! ‘member folks that gimp wheelchair bound cuck, FDR himself, created the SS system to track you. Repeat after me: if you have a traditional FDIC insured Bank; your money is not yours. period. Why do you think the Bidens Federal Reserve masters are so anti-Trump? Because only Steven Miller himself know how to save real Americans. Want to know more? CLICK HERE

3318239b

3f92ff30 Sat, Jun 4, 2022

I tried to do this back in 2012 and the fuckers kept bringing me a sheet of paper with the address I had to type in. I quit after like 3 meets.
30k a month profit, oh how the times have changed.

cfe8db5c

ed211b20 Sat, Jun 4, 2022

Thought about doing this as a kid haha, get so stoned sometimes haha I’m not trying to be an asshole here but maybe the FBI should be focusing on Facebook and chill out with all this “dark net” stuff, I mean we got 18 year olds running around like the army our there and those army weapons ain’t being purchased on said “dark net.”

e91e88de

05d02780 Sat, Jun 4, 2022

alienable right to criminology 👽

f30e4bfb

dc79a4d0 Sat, Jun 4, 2022

FBI Agent (Shakes Head): “Hackers, will be hackers…”

205ddbe0

4e893580 Sat, Jun 4, 2022

Hahaha, “this dark net stuff is ridiculous!” LMFAO #nomasssquirtgunnings

9efadf85

80829d80 Sun, Jun 5, 2022

apparently those Columbine Kids had a hollow point (just a few 8+1z, and some ammo), young brainwashed kids will people if they get so twisted, kids shouldn’t have access to sticks and carrots man … 🥕

d5a007e2

6870ba40 Sun, Jun 5, 2022

so the other day one of my employee’s disrespected a rival family’s civilian school aged sibling, making me look weak. after a little lead pipe therapy; strike after strike, blow after blow, I thought to myself, you know what? We should ban these things too! fucking dangerous as fuck these sewage pipes. long story short, the fucker won’t drown no matter how much municipal black-water filled the viaduct retention tank so after pulling his stinky-af ass out of the viaduct we necklaced the cuck

a450f0be

9e32a490 Sun, Jun 5, 2022

Eric and Dylan… (th3ss NiggaZzz)

df0eba24

08d5e040 Sun, Jun 5, 2022

when your currency have lower value, better sell your citizen… time to migrate folks

4d495bf4

2b075fe0 Sun, Jun 5, 2022

^ where too, champ? I’ll immigrate to a nice white neighborhood where you live, be received with open arms by the liberal leftists and giving ample opportunities and advantages over you. I will receive substantial subsidies and tax advantages and you will fund my healthcare while I choose not to work nor integrate into white culture. As a gamer, my knowledge is superior to all. I cannot code tho, and project this on Reddit. Also crypto only goes up, duh. Thanks to Biden’s gas prices, I cannot afford my 9 year loan SUV that i was forced to buy because of Obama. MOMMMMM TOILETTE!!!!! MOMMMMMMMMMMMMMMMMMMMMMMM!!!! TENDIES!!!!!!!!!!!!

#IlistentoPodcastsandAmAGamerSoIamSmarterThanYou #JoeRoganTellMeWhattoThinkPlz #FasterIspeakTheMoarSmartsIamThatYouIlearnedfromBenS

#AOCsAmerica #AOCsFEET #BensSistersGotTheChosenPeoplesMilkers

8609fb50

7fca5be0 Mon, Jun 6, 2022

Are you taunting me? You’re only fooling yourself but clearly you’re not stupid so la-tea-dah… so superior to me but’s getting slumped by a 10 year old car loan wtf you -talkin-bout-vato$$$ Locals only man.

aeae4255

c05b5f40 Mon, Jun 6, 2022

^ this guy clearly understands the north cali illicit digital economy

4d924675

116d6130 Mon, Jun 6, 2022

Holy Fuck. Is this seriously real? I hate the fucking USA. Licensed crypto exchanging? Okay buddy what the hell. The government is losing power over the “free” economy we have here in the USA and getting scared HAHHAHAH.

fb889103

f0ec8810 Mon, Jun 6, 2022

Should have used Monero! KYCshittery makes many coins pointless.

a0775145

ef4b80d0 Mon, Jun 6, 2022

Hey! Someone with critical thinking skills. Challenge, now apply this line of thinking to the entire cryptocurrency ecosystem.

3c2b0163

04f7e240 Tue, Jun 7, 2022

russia appreciate. as a russian, see the same and more useless judges everyday

5e4823ab

348e35a0 Wed, Jun 8, 2022

What I don’t understand to date..
Why people who are doing business are using government fiat bank notes in their operations?
Why not to stay in crypto 100% and be safe from these slave masters?
Wasn’t it the whole purpose of crypto invention - to put government out of our lifes and pockets?
Every time they interact with System - they put themselevs at risk to be hunted down.

ba45b5e9

e95fd6e0 Thu, Jun 9, 2022

Holyshit dude, are you sure you are in the right place? I think u might be a tad too intelligent for DNL.

Wasn’t it the whole purpose of crypto invention - to put government out of our lifes and pockets?

nah, they just move the goal posts, the goal now is stoooks only go up. prices are always in dirty fiat lmao and the whales payout immediately leaving only the cuck bag holders aka any redditor

Every time they interact with System - they put themselevs at risk to be hunted down.

exactly, but payout is always in the kikes native currency, and they do not want to share their ill-gotten jewry gold, as it is a very exclusive club and you a gentile OFFENDED? CLICK HERE: https://encyclopediadramatica.online/Jews

8b72e050

9ec96a10 Wed, Jun 8, 2022

LocalBitcoins is illegal now? Man how the times have changed. That basically how BTC got started.

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