Owner of a financial technology company in London, Caio Marchesani, is accused of assisting drug traffickers in using cryptocurrency exchange platforms to launder large sums of money. The Monetary Conduct Authority oversees Marchesani’s fintech company, Trans-Quick Remittance, which provides cross-border remittance businesses.
Marchesani had been sought after by Belgian authorities as part of their endeavour to break up a global gang. The investigators charged Marchesani with “knowingly and deliberately” converting a sizeable sum of money to Bitcoin for Sergio Roberto De Carvalho, a Brazilian inmate. An Interpol Crimson Discover was filed against De Carvalho for drug trafficking, money laundering, and murder.
According to research, this case could hurt the British fintech industry and raise concerns about the spread of illicit funds around the globe. More robust oversight has been demanded by Transparency Worldwide UK after “purple flags” were raised by more than one-third of UK-licensed digital currency companies.
The Dutch cops’ seizure of more than 12 tonnes of cocaine, valued at more than $283 million, prompted the Belgians to launch their own investigation three years prior. Once more, De Carvalho was linked to the cocaine. Marchesani was worried as well once the texts had been decrypted by the authorities.
According to reports, Marchesani overcharged De Carvalho for money transfers while managing 14 Binance accounts and holding money for him. The putative prisoner was detained in May 2023 at Heathrow Airport in the United Kingdom, and the verdict is scheduled for September. A spokeswoman for Binance said that they provided law enforcement with “sensible operational help” regarding the probe.
The perpetrators were said to have combined modern technology with the well-known Middle Eastern money transfer mechanism Hawala. According to Belgian authorities, the use of cryptocurrency increased after the COVID outbreak as money transfers became more reliable.
Marchesani’s attorneys refuted the accusations and insisted that his money came from legitimate sources. According to his defense, Marchesani ran a “thriving business focused on healthy eating in a restaurant setting.” According to Bloomberg, this could be an allusion to Acai Berry Meals, where Marchesani serves as chief financial officer and is a 50% shareholder.