Share this article
US Arms Dealer Allegedly Used Bitcoin for Purchases
A Michigan man has been indicted for allegedly using bitcoin to purchase and ship illegal gun components overseas.
Updated Sep 11, 2021, 11:49 a.m. Published Aug 12, 2015, 5:48 p.m.
Make us preferred on Google
A Michigan man has been indicted for allegedly using bitcoin to buy and sell illegal gun components on the dark web.
Benjamin James Cance, from Plainwell, is facing charges for shipping illegal arms, possession of an unregistered machine gun and money laundering.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Cance appeared before Magistrate Judge Phillip J Green yesterday and pleaded not guilty. He has since been released on bond and is awaiting trial, although no official date has been set.
International arms shipment is punishable by up to 20 years in prison, whereas the maximum penalty for money laundering and possession of a machine gun carries a 10-year prison sentence, statements from the Department of Justice indicated.
The investigation of the case is being carried out by the Department of Homeland Security, Immigration and Customs Enforcement, the Internal Revenue Service, the US Postal Inspection Service and the Bureau of Alcohol, Tobacco, Firearms and Explosives.
More For You
Robinhood misses Q4 revenue estimates as fourth-quarter results dinged by crypto slump
Crypto revenue fell 38% year over year to $221M, even as the company expanded token listings and crypto features across its platform.
What to know:
- Robinhood’s fourth quarter earnings per share of $0.66 topped estimates for $0.63, but revenue of $1.28 billion fell shy of forecasts for $1.33 billion.
- The crypto slump paid a large part in the miss, with crypto revenue falling 38% from a year earlier to $221 million.
- Robinhood’s results mirror broader crypto-market weakness, which is also expected to weigh on rival Coinbase (COIN), and HOOD shares fell about 7% in post-market trading after the earnings release.
Top Stories
