Australia’s finance watchdog has charged Brendan Gunn, the brother of Olympian breaker Rachael Gunn, for allegedly coping with cash suspected to be proceeds of crime whereas working a fiat-to-crypto conversion firm.
In a March 5 assertion, the Australian Securities and Investments Fee stated Gunn was charged with one depend of coping with cash that could possibly be moderately suspected to be the proceeds of crime.
“It’s alleged that Mr Gunn handled two financial institution cheques, which contained the proceeds of 4 funding quantities totaling $181,000 made by three sufferer buyers who deposited funds for conversion to cryptocurrency,” ASIC stated in its assertion.
Rachael Gunn, higher recognized by her stage identify “Raygun,” went viral for her breakdance performances throughout the 2024 Olympics — one among which noticed her hop like a kangaroo.
She bombed out of the competitors, shedding all three of her battles on the video games. Nonetheless, her brother nonetheless complimented the efficiency.
Supply: Brendan Gunn
In its assertion, ASIC stated Brendan Gunn was a director at Mormarkets, an organization that accepted deposits for conversion to crypto.
“On behalf of Mormarkets, Mr Gunn sought to open a sequence of financial institution accounts on an ongoing foundation to obtain and switch deposits, regardless of financial institution accounts being repeatedly closed resulting from considerations about scams and Mr Gunn being knowledgeable of those considerations,” ASIC claimed.
Gunn confronted an area court docket on March 4 and is predicted to return on April 29. If convicted, he faces three years behind bars, a $37,800 tremendous, or each.
ASIC Chair Joe Longo stated the regulator “continues to prioritize rip-off prevention and detection exercise” and can take motion the place required.
Info for Gunn’s attorneys was not instantly obtainable.
It comes as regulators within the nation have flagged plans to shift focus towards the crypto business.
Associated: Australian police discover ‘Aladdin’s cave’ of stolen Bitcoin ATMs, Pokemon playing cards
Australia’s Anti-Cash Laundering regulator, the Australian Transaction Reviews and Evaluation Middle, just lately took motion in opposition to 13 remittance service suppliers and crypto exchanges in February, with over 50 others nonetheless being investigated concerning doable compliance points.
AUSTRAC CEO Brendan Thomas stated in December final 12 months the Anti-Cash Laundering regulator was shifting its focus to the cryptocurrency business in 2025 amid a crackdown on crypto ATM suppliers who may be flouting Anti-Cash Laundering legal guidelines.
ASIC additionally launched a session paper on proposed steering for crypto in December, inserting many digital property beneath the class of economic merchandise and requiring corporations dealing in crypto to be licensed.
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