Authorities in the United States of America has arrested and sentenced Zoobia Shahnaz, an American financing terrorism with BTC. Shahnaz, in a federal court, was sentenced to 13 years in jail for money laundering, which she did to sponsor the Islamic State of Iraq and Syria (ISIS).
As part of her operations, the American financing terrorism with BTC attempted to defraud American financial institutions. American Express, Chase, Discover are among the list of institutions she tried to defraud. Reportedly, Shahnaz, after successfully laundering around $150,000, attempted to relocate to Syria to become a member of the known terrorist group fully.
However, Shahnaz denied she was an American financing terrorism with BTC but claimed her donations were to serve as an aid to refugees in Syria.
Money laundering, illegal deals, and other vices are some of the issues cryptocurrencies face. Digital assets are decentralized and are anonymous. It is close to being impossible to find out who conducted transactions. These crypto features make certain countries brand it illegal or strictly regulate it as they ensure that crypto exchange firms carry out Anti Money Laundering (AML) checks and Know Your Customer (KYC) routines to curb criminal financing. Read More...