Convicted UK Terrorist Got In Jail Again For Dark Web BTC Trading

A convicted UK Terrorist Khuram Iqbal got in jail again for dark web BTC trading as we can see more today in our latest bitcoin news.

Iqbal was jailed in 2014 for disseminating terrorist publications and possessing terrorist information. Now, he will go to jail again for trading BTC on the dark web. The Convicted UK Terrorist has been jailed for 16 months after trading crypto on the dark web. Iqbal faced arrest a second time for breaching a 10-year notification order since he failed to tell police about two crypto accounts that he controlled. He pleaded guilty to breaches between the months of July and August.

Between November 2017 and March 2021, Iqbal made 392 transactions with nearly $15,000 worth of deposited funds. Iqbal also made three BTC transactions on the dark web that were used for selling stolen credit card credentials. The court then found out that Iqbal’s crypto trading was done thorugh an account at crypto exchange Coinbase while the exchange issued a suspicious activity report. Iqbal told police that he traded crypto but denied using the dark web but his confiscated mobile phone showed otherwise. The prosecutor Paul Jarvis said:

“The nature of cryptocurrency is that it is not traceable so the reality is he was in a position to operate two email addresses and two cryptocurrency accounts beneath the radar of police.”

Cryptocurrencies are traceable, and traditional ones like Bitcoin are pseudonymous but wallet addresses and transactions between wallets are visible on the blockchain. A few companies like Chainalysis built their busienss on linking wallet addresses to criminals and tracing their crypto transactions. Also, previously this year, former CIA Director Michael Morell argued that blockchain technology is a powerful but underutilized tool for governments to identify illicit activities and to bring criminals to justice. The UK financial conduct authority invested $670,000 to train staff on money laundering and terrorist financing risks that emerge from the crypto industry.

As recently reported, The UK Financial Conduct Authority was concerned for a long time with the crypto industry and warned unregistered crypto entities over malfeasance so it issued a warning about unregistered crypto companies which is in line with the previous statements about the broader crypto industry. The FCA UK financial regulator said that 111 unregistered crypto assets posed a risk to consumers