Why Are Bitcoiners Going to Jail for Money Laundering While Big Banks Walk?
BitInstant CEO Charlie Shrem, along with alleged co-conspirator Robert Faiella, was arrested by federal authorities last week for allegedly laundering more than $1 million worth of Bitcoins. This is a tiny amount compared to the largest drug-and-terrorism money laundering case ever. Yet when British bank HSBC was found guilty in 2012 of laundering billions, the firm paid a fine of $1.9 billion. Authorities made no arrests, and HSBC still turned a $13.5 billion profit that year.