Man Pleads Guilty to Running an Illegal Cryptocurrency Exchange Business

A California man admitted to helping fraudsters and drug dealers launder funds he knew were from illegal sources by anonymously exchanging Bitcoin for cash.

Charles James Randol, 33, admitted that from October 2017 to July 2021, he operated a virtual currency for cash business known as "Bitcoins4Less," and later "Digital Coin Strategies." He provided bitcoin for cash and vice versa for a fee.
Randol failed to maintain an effective AML program for his business and allowed individuals to anonymously launder …

bitcoin business california cash cryptocurrency cryptocurrency exchange currency digital exchange fraudsters funds guilty helping illegal james july october running virtual virtual currency