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LA man pleaded guilty to being involved in illegal cryptocurrencies trade

Kunal Kalra, also known as “Kumar” or “CoinMan” is a 25-year-old man from Westwood, Los Angeles (LA). The man is said to have pleaded guilty of charges of trading in digital currencies without any license and also of money laundering.

He exchanges around $25 million in cash and digital currencies without a legit license. He traded cash and digital currencies for many people and those people were sometimes involved in illegal activities as well.

These illegal activities were mainly of drug peddlers who were involved in the illegal sale of narcotics on the internet. The United States Justice Department has said that the man has pleaded guilty for all charges labeled against him and is said to make his first appearance in court next month. 

United States Justice Department said that Kunal Kalra was involved in money laundering and illegal trading and exchange of cryptocurrency without a license from May 2015 onward and continued these activities till October 2017.

The law enforcement agencies have already sealed around $89,000 United States dollar (USD) in cash and about 54 Bitcoins  (BTC) and other digital currencies worth more than half a million dollars from him. The United States Justice Department has said that the man can face a maximum penalty of life imprisonment.

About Ritika Sharma

Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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