A 24-year-old American Citizen Was Caught on Illegal Trading in Cryptocurrency

Nowadays more and more often governments around the world, and particularly the government of the United States where the incident occurred, face cryptocurrency traders who sell BTC, ETH and other coins at face-to-face meetings with buyers and do not report their trade to the Ministry of Finance, thereby bypassing the state control, which should license every trade operation if its amount exceeds $10,000.

A US citizen, 24-year-old Eldon Stone Ross was caught on one of these illegal transactions. The man sold cryptocurrency in the amount of one and a half million dollars to an agent of special services under cover.

Ross exchanged fiat money for cryptocurrency and vice versa for a total of $40,000, which he must pay to the state according to the court decision.

“We don’t see many of these cases,” said Bert Glenn, the assistant U.S. Attorney who prosecuted the case in Philadelphia. “It’s the first I’ve done here.”

Besides paying $40,000 to the state, Eldon Stone Ross will spend one year and one day in prison. It is worth noting that this is not the first imprisonment of this fellow. In 2014 Ross was arrested for drug trafficking, which he received 23 months in a Chester County jail for.

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