Mohammad offered Bitcoin-cash exchange services, charging commissions of up to 25%, which is significantly above the current market rate. He met clients in public locations and exchanged currency for them without asking about the origin of those funds.
Common, nobody would pay 25% just for privacy, even if we speak of sums above 1k it was worth the effort to go in another city and deal with a different ATM. And why did he kept meeting clients..
Officials noted that "[a]fter FinCEN contacted Mohammad in July 2018 about his need to register his company, Mohammad did so, but he continued
Common, he thought that just playing possum would be enough?
He was plain stupid, he should have simply disbanded his business at that time and try his luck with a new company, new guy in charge...
Wot. This dude managed to get some kiosks in freakin malls without a business license? I'm not even mad, that's impressive.. impressive how the malls have been so careless to the point that they conducted business with some dude without a license.
I don't know what the laws are in the US but here it's pretty easy to install almost any kind of teller machine in malls, since it's a private company running it they will simply lend you the space needed, you just need a registered company and that's all, nobody will do exteded checks on you, like a fincen compliant check. They are happy to take your money as long as your machines don't interfere too much with the shop activity. Besides he strated his business wll back in 2014, probably got them set up years ago when rules were much much lax.
However, I was a little confused by the title coming as illegal ATM.
Nice clickbait, right? Got me too!!