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.
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
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
XRP's 9% surge leads crypto as bitcoin climbs to 6-week high near $95,000
Bakkt, Figure and Hut 8 were among numerous crypto-related stocks posting double-digit percentage gains.
What to know:
- Bitcoin jumped more than 3% on Monday to its highest level since mid-November, nearing the key $95,000 mark.
- XRP led the crypto rally with a 9% gain after breaking resistance on strong volume.
- It's a good start to 2026, but bitcoin isn't out of the woods yet, said one analyst.
Top Stories
