A rapidly emerging issue in the world of cybercrime is the alleged fraudulent use of Bitcoin and other virtual currencies. Because they operate within a decentralized and encrypted economy, these peer-to-peer currencies are often referred to as “cryptocurrencies” or “alt-coins.” There has been little to no government oversight but the government is increasingly targeting cryptocurrencies as the means by which fraud is allegedly perpetrated. Investigating agencies, like the FBI, SEC, U.S. Commodity Futures Trading Commission (CFTC), and local and state agencies, are spending more resources every year to investigate cryptocurrency cases. If you are under investigation you need a fraud attorney who has the knowledge of Cryptocurrency to help defend you.
The popularity of cryptocurrency and its potential to be used for crime has attracted the attention of both the federal and state agencies in terms of money laundering investigations. Money laundering cases often have tax evasion issues that go along with them. A knowledgeable cryptocurrency defense lawyer can help clients who find themselves under investigation.
Bank Secrecy Act Violations
Also known as the Currency and Foreign Transactions Reporting Act, the Bank Secrecy Act of 1970 (BSA) requires financial institutions in the United States to help the government detect and prevent money laundering, tax evasion, and other finance-related criminal activities. In the cryptocurrency space, parties who are identified as “exchangers” of virtual currencies are regulated by the BSA. However, ambiguity remains in many cases when determining who would be considered an exchanger by law. Individuals who suspect they may be vulnerable to investigation for Bitcoin transactions should contact a Chicago cryptocurrency defense attorney or Bitcoin defense attorney to learn more about the current treatment of virtual currency.
Bitcoin tax evasion
Once thought of as a super tax haven, cryptocurrency has recently come under heightened scrutiny of the federal government. A knowledgeable Chicago Bitcoin fraud lawyer can help people who find themselves under examination by the IRS for tax evasion.
Contact a cryptocurrency defense attorney
Because virtual currency is new swiftly growing in popularity around the world, people who are simply looking to make an investment may not even be aware that their activities may be illegal. A qualified cryptocurrency defense attorney can help clients understand how the current tax and money laundering laws relate to Bitcoin and help accused individuals establish their innocence or mitigate the impact of unknowingly behaving outside the scope of the law. With monetary fines and possible prison time , those who are accused of white collar crypto crimes simply cannot afford to settle for less when it comes to consulting with a cryptocurrency fraud lawyer. Call us today at 312 525 2017