Share this article
DOJ Charges Crypto Seller With Operating Unlicensed Money Transmitting Business
Michael Yusko III allegedly used bank accounts held in the name of several companies to sell cryptocurrencies for profit.
By James Rubin
Updated Sep 14, 2021, 1:16 p.m. Published Jun 24, 2021, 11:14 p.m.
The U.S. Justice Department said Thursday it filed charges against a New Orleans man for allegedly operating an illegal money transmitting business.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In a complaint filed in the United States District Court for Louisiana's Eastern District, the DOJ said that over nearly two years Michael Yusko III used bank accounts registered to a company he owned, Louisiana-based Nervous Light Capital, and other companies "to sell bitcoin, ethereum and other cyptocurrencies for profit." The complaint also named Ready Demolition LLC, Patriot Concrete Pumping, Praetorian Energy and Hudson Oak Partners.
According to DOJ, Yusko did not comply with federal money transmitting business registration requirements while operating his business from about August 2017 to June 13, 2019.
Money transmitting businesses must register with the Financial Crimes Enforcement Network, which is part of the U.S. Treasury Department.
If found guilty he could be forced to pay the U.S. government any "property, real or personal, which constitutes or is derived from proceeds traceable to said offense," according to the complaint.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Tom Lee responds to controversy surrounding Fundstrat’s differing bitcoin outlooks
A debate on X over seemingly conflicting bitcoin forecasts from Fundstrat analysts drew a response from Tom Lee, highlighting differing mandates and time horizons.
What to know:
- X users flagged what appeared to be conflicting bitcoin outlooks from Fundstrat’s Tom Lee and Sean Farrell.
- Lee endorsed a post arguing the views reflect different mandates and time horizons, not internal disagreement.
- The episode highlights how public commentary can blur distinctions between short-term risk management and long-term macro views.
Top Stories
