Popular UK-based payments and bitcoin service firm, Payza is being investigated by the United States Department of Justice (DOJ) for its involvement in money laundering operations.
Payza is a Montreal-based payment processor that became a subsidiary of a London-based firm MH Pillars Ltd. in 2012. The firm facilitates remittance payments via bank transfers and . The DOJ has dragged Payza to court for allegedly laundering over $250 million generated from Ponzi schemes, pyramid schemes, and other illicit activities.
Payza’s DOJ Troubles
The had been filed since November 2016 but only got published by authorities some days ago. As stated in the case file, Payza and its Canadian resident owners, Firoz Patel and Ferhan Patel, are operating an unlicensed money transmitter business.
According to the authorities, the crime was committed in March 2012, when Payza and its founders knowingly laundered $250 million connected to various criminal companies. As per the statement, officers arrested one of the co-founders of the service, Ferhan Patel on Sunday, March 18, 2018, in Detroit but Firoz is yet to be stopped.
Commenting on the matter, U.S. Attorney Jessie K. Liu noted that:
“The arrest and indictments, in this case, demonstrate that we will vigorously enforce laws meant to protect the American consumer. Money transmitting businesses are required to be registered federally and licensed in most states and jurisdictions, including the District of Columbia. Consumers should beware of those that do not follow these laws because they could be acting as a cover for illegal activity.”
Authorities have been investigating Payza and one of its former partners, Obopay since 2015. Back then Payza told some anonymous sources that they were only cooperating with the DOJ in examining the operations of Obopay. However, the indictment mentioned that Payza conspired with others to carry out the illicit acts. There was no mention of bitcoin or cryptocurrency in the statement. An excerpt from the updated read:
“In most states or jurisdiction, operating a money transmitting business without a license was punishable as a misdemeanor or felony. The defendant is accused of operating a money transmitting business that operated without the necessary state licenses and knowingly transmitting funds that were derived from illegal activity from in or about March 2012 until the present.”
Although the indictment failed to state whether cryptocurrencies aided the money laundering process, Payza is only covered here because it’s been helping clients buy and sell since 2014, with plans to even start supporting like Dash. The firm made it easier to manage bitcoin holdings, in May 2017, as BTCManager reported.
Investors Funds are “Safe”
Payza acknowledged on ; it’s going through difficult times with the authorities. However, it has assured all its customers that their funds are secure and could be accessed via its new as the old one has been shut down by the DOJ.
“As some of you may be aware of already, Payza is currently dealing with some legal matters in the United States. Right now, we are working on a solution to this, and the technical issues we are experiencing, and we do not want you to worry,” Payza wrote.
In the coming weeks, perhaps months, this Payza case will finally come to an end. Several cryptocurrency-related businesses have been shut down by U.S. regulators. However, it remains to be seen what becomes of Payza and its founders if found guilty of any wrongdoing.
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DALLAS, TX – At 10:00 am on Easter Sunday, the organizers of the Future Tech Expo 2018 are putting on a “crypto Easter egg hunt”, where participants will follow a trail of clues across the internet in order to win $500 of cryptocurrency and a stack of other technology-related prizes.
The Future Tech Crypto Easter Egg Hunt is taking place to promote the Future Tech Expo, which is being held in Dallas on Friday, September 14 to Sunday, September 16, 2018. It brings together more than 100 of the most respected inside players who are connected with blockchain technology, quantum computing, artificial intelligence, cybersecurity, 3D printing, virtual and augmented reality, and other emerging technologies – and is the only conference that gives attendees the full picture on how “smart money” is betting on the fourth industrial revolution.
Attendees who register for the conference and purchase their ticket before Good Friday (March 30) at midnight will receive a complimentary “Crypto Easter bonus box”. Included with this box is a sealed envelope that contains the URL and password they need to access the first clue.
“This crypto Easter egg hunt is going to be a blast”, said Mr. Jacobs. “Over the last week or so, my team and I have been carefully putting together a trail of clues, puzzles, and challenges related to cryptocurrency, blockchain, and other future techs that are reshaping the world. If you have kids, they’ll love this. Adults will love it too. And we’ve put together a solid stash of prizes!”
Besides the sealed envelope (required to start the crypto Easter egg hunt) each Crypto Easter bonus box also contains: (1) a bag of solid milk chocolate bitcoin coins; (2) CD compilation of the seven most insightful Future Tech Podcast interviews (one for each major emerging technology); (3) a hard copy of Richard Jacobs’s book, bitcoin, Ethereum, & Blockchain: Surprising Insights from 200+ Podcast Interviews of Industry Insiders; (4) the new 2017 edition of Klaus Schwab’s book, The Fourth Industrial Revolution (he’s the founder of the World Economic Forum, which takes place in Davos each year); and (6) a complimentary Future Tech Expo T-shirt.
IMPORTANT: Due to limited stocks, and because the organizers want to keep the Crypto Easter Egg Hunt manageable, there are only 200 of these Crypto Easter Boxes to give away.
Ready to purchase a ticket and secure a Crypto Easter bonus box? Tickets are available here:
Want to find out more about this conference? Join the free notification list over here:
Press Contact:
Richard Jacobs
organizer@bftexpo.com
(888) 448-4590
About the Future Tech Expo:
The “blockchain revolution” is no longer just about blockchain anymore. In 2018-19 and beyond, blockchain tech is converging with quantum computing, artificial intelligence, cybersecurity, and other emerging technologies – and driving what economists call the “Fourth Industrial Revolution”.
The Future Tech Expo is the only conference that gives attendees the full picture on how “smart money” is betting on the fourth industrial revolution. That’s because it is bringing together more than 100 of the most respected developers, entrepreneurs, venture capitalists, and “smart money” investors from all the most important emerging technology fields – not just blockchain tech.
This three-day conference will be held at the Dallas Convention Center, close to Dallas/Fort Worth International Airport, in September. We are expecting more than 5,000 attendees, 100 headline speakers, and 150 exhibitors – with talks from founders, developers, and early-stage investors in blockchain, quantum computing, artificial intelligence, virtual and augmented reality, cybersecurity, and other emerging technologies that are set to disrupt almost every sector of the global economy.
More information is available at:
This is a paid press release. BTCManager does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. BTCManager is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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