Former Cryptocurrency Exchange and Owner Sued by US for $100 Million

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Alexander Vinnik, the former owner of the now-defunct cryptocurrency exchange BTC-e, now faces a civil lawsuit to add to his already extensive list of international charges. The US is suing the Russian national for $12 million and the exchange for $88 million on the suspicion of violations of the Bank Secrecy Act.



The civil complaint against Vinnik and BTC-e was filed on July 25 in the Northern District of California. The document accuses the company and its owners of failing to register with the Financial Crimes Enforcement Network (FinCEN). It also states that the company did not observe anti-money laundering regulations.



BTC-e Used Cryptocurrency for Crime


The complaint posits that the cryptocurrency exchange operated without identity checks and was used by all manner of criminals to clean money. It claims that BTC-e handled funds from ransomware attacks, drug deals, identity fraud, embezzlement, and other illicit activity.

Vinnik is currently being detained in Greece, while various governments seek his extradition. In addition to the recent civil filing, the U.S. accuses the former exchange operator of using the BTC-e exchange to launder as much as $9 billion. Bloomberg cites an apparent legal expert who mused that the $100 million civil suit 


As mentioned, there have been multiple governments seeking Vinnik’s extradition. His native Russia has two arrest warrants for fraud against him. Additionally, France has money laundering charges to the tune of $155 million against him.

An initial U.S. extradition request was approved by a Greek court in October of 2017, however, Vinnik successfully appealed. The court later ruled in favor of France’s request.