The justice department in the U.S. has charged a man in New Orleans for operating a money transmitting business that’s illegal. Allegedly, Michael Yusko III over two years used bank accounts to sell cryptocurrency and make a profit. He did this through bank accounts associated with a business that he owned.
Yusko didn’t comply with registration requirements related to federal money transmitting. Any money transmitting business in America needs to register with the Financial Crimes Enforcement Network.