Charlie Shrem Will Plead Guilty to Unlicensed Money Transmission

Super User
By Super User Aug 29, 2014 9:47PM BST


Charlie Shrem Will Plead Guilty to Unlicensed Money Transmission

Story Highlights

  • Charlie Shrem will plead guilty to unlicensed money transmission
  • Will appear in court next Thursday

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A new report is surfacing suggesting that former BitInstant CEO and member of the Bitcoin Foundation Board of Directors, Charlie Shrem, is expected to plead guilty to unlicensed money transmission next Thursday in New York Federal Court.

The report comes from Reuters Friday evening, citing Shrem’s attorney, Marc Agnifilo, as the source of the news.

Previously, Mr. Shrem has pleased not guilty against the counts against him, of which include running an unlicensed money transmitting business, money laundering (in connection with the now-defunct original Silk Road illicit marketplace), and neglecting to report suspicious activity reports to the United States Treasury’s Financial Crimes Enforcement Network (FinCEN).

Shrem was arrested in January of this year at John F. Kennedy International Airport in New York City, upon his arrival from a bitcoin-related conference in Europe.

Another man, Mr. Robert Faiella, was also arrested at about the same time, facing similar charges. It’s unclear whether Mr. Faiella will proceed with a trial scheduled in late September, but like Shrem, he has plead not guilty previously.

Shrem is well known in the bitcoin community, and remains an active evangelist of the digital currency. He often participates in bitcoin-related events and activities.

A plea deal will bring Shrem less risk as opposed being convicted at a trial — which was originally scheduled for later this year.

More information on the matter will be available next week, when Shrem appears with his legal counsel in court. Updates are forthcoming.

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Nuno Menezes is a Bitcoin Entrepreneur and a crypto currency’s enthusiast strongly supporting the Bitcoin Portuguese Community. He is an Anthropologist and a Writer and his current field of work is virtual currencies.Complementing his Social Sciences Master degree with a Professional background in telecommunications along some experience in Computer Science, he intends to bring knowledge and understanding about the impact of crypto currencies in society.


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