British Man in Amsterdam Allegedly Laundered '11.5m in Bitcoin Drug Money

A UK man living in Amsterdam is facing up to five years in prison for allegedly helping people by exchanging fiat cash for bitcoin which was used to buy drugs. He supposedly started by growing cannabis himself but soon found the bitcoin business to be more profitable by itself.  

Amsterdam Bitcoin Mule

According to the allegations, the man living in Amsterdam profited by taking bitcoins from his clients and exchanging them for fiat cash, charging an "unusually high” commission of between 5 to 8 percent. This hefty commission was the price customers paid for anonymity, the Prosecutor said ' the suspect carried part of the risk and was paid handsomely for it.

The suspect allegedly used his personal bank account to exchange the bitcoin, and then withdrew cash from ATMs for his clients. Millions of euros were exchanged in this way, the Prosecutor said. The suspect and his spouse earn very little in otherwise legal income, the Netherlands Times reported.

More Profitable Than Growing Weed

The accused man himself still proclaims his innocence and claims that all his customers were honorable citizens who were not involved in any form of illegal trade. The Dutch court is expected to deliver its verdict in early March.

Does five years sound excessive for such a victimless crime, if proven' Tell us what you think in the comments section below.

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