US Secret Service exposes over 50 unlicensed crypto kiosks

Over 50 crypto kiosks have been exposed by the US Secret Service’s Cyber Fraud and Money Laundering Task Force.

A technology firm and its executives have been indicted in Ohio for operating unlicensed crypto booths, taking advantage of victims of crypto scams.

S&P Solutions operated as Bitcoin of America, and 3 of its executives face money laundering and other crimes related to the operation of more than 50 unlicensed crypto kiosks.

The company allegedly charged a 20% transfer fee each time.

Authorities confiscated 52 Bitcoin ATMs belonging to Bitcoin America, which had made $3.5 million in profits from cash deposits at these units in 2021. The company possesses more of these illegal kiosks in Ohio and other states.

Officials believe the firm has been operating since 2018, evading regulatory safeguards and financial compliance.

The US Secret Service’s Cyber Fraud investigated the firm and its executives.

Bitcoin holds $22,000

Bitcoin traded steady as the largest crypto asset, holding the $22,000 mark amid volatility, while Ethereum also fell to settle at $1,600.

The global crypto market traded in a range during the early hours of Asia on Monday. Investors discussed the challenges of Silvergate and eagerly awaited global economic analysis.

The market is undecided on how much it wants to continue to price in the Silvergate crypto slump as it looks to economic data for signs of inflation fears and rising rates.

Bitcoin was flat over the past 24 hours. The largest crypto asset managed to hold the $22,000 mark amid volatility. Its largest peer Ethereum also fell, falling a paltry half a percent to remain at the $1,600 level. However, trading in altcoins was mixed.

Ripple has been trading in a downtrend line that began in November and between the 0.23 fib level at $0.37 for most of 2023. With XRP’s 50-day and 200-day moving averages around $0.39, XRP may be oversold.