20 July 2018
Visit www.gemalto.com

US judge says Bitcoin is money

20 September 2016  |  7075 views  |  0 bitcoin

A US judge has ruled that Bitcoin is a type of money, rejecting the efforts of a defendant to get charges related to his involvement with a virtual currency exchange dismissed.

According to Reuters, Anthony Murgio had argued that two of the eight criminal charges he faces in connection with his alleged operation of Coin.mx should be dismissed because Bitcoin does not qualify as "funds".

But US District Judge Alison Nathan in Manhattan rejected the bid, writing: "Bitcoins are funds within the plain meaning of that term. Bitcoins can be accepted as a payment for goods and services or bought directly from an exchange with a bank account. They therefore function as pecuniary resources and are used as a medium of exchange and a means of payment."

The decision is in line with similar rulings from US judges in 2013 and 2014 but at odds with a July decision from Miami-Dade Circuit Judge Teresa Mary Pooler, who threw out charges against Michell Espinoza, who had been accused of illegally transmitting and laundering $1500 in Bitcoin, saying that it "has a long way to go before it is the equivalent of money".

Murgio was charged with the operation of Coin.mx last year, with prosecutors saying that it was an unlicensed exchange.

Authorities say that the exchange was owned by Gery Shalon, who, with two others, is also accused of hacking into a host of major financial institutions, including JPMorgan Chase, and stealing the data of millions of people.

The information was allegedly used for pump-and-dump stock manipulation schemes, with spam emails sent out to the data theft victims pushing penny stocks to drive up prices ahead of sell-offs that made the men tens of millions of dollars in profits.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

US Marshals to auction off $1.6m in Bitcoin

US Marshals to auction off $1.6m in Bitcoin

09 August 2016  |  7267 views  |  0 comments | 5 tweets | 1 linkedin
Bitcoin tumbles as hackers steal $65 million from Hong Kong exchange

Bitcoin tumbles as hackers steal $65 million from Hong Kong exchange

03 August 2016  |  10711 views  |  3 comments | 34 tweets | 30 linkedin
Florida judge rules Bitcoin is not money

Florida judge rules Bitcoin is not money

26 July 2016  |  6737 views  |  0 comments | 17 tweets | 13 linkedin
US prosecutors lay out charges connected to huge JPMorgan hack

US prosecutors lay out charges connected to huge JPMorgan hack

10 November 2015  |  5474 views  |  0 comments | 6 tweets | 12 linkedin
US judge rules bitcoin is real money

US judge rules bitcoin is real money

08 August 2013  |  16942 views  |  0 comments | 17 tweets | 10 linkedin

Related company news

 

Related company information

JPMorgan Chase

Related blogs

Create a blog about this story (membership required)
Visit info.nice.comVisit iliad-solutions.com/Visit http://go.jumio.com/finextraAd

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
12679 views comments | 6 tweets | 7 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
10101 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9650 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
6585 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
6409 views comments | 2 tweets | 7 linkedin

Featured job

Competitive base + commission + benefits
London, UK

Find your next job