The post Canada’s Self-Proclaimed ‘Crypto King’ Faces Fraud And Money Laundering Charges appeared on BitcoinEthereumNews.com.

Aiden Pleterski, known in the crypto community as the “Crypto King,” and his associate Colin Murphy have been formally charged with serious financial offenses. These charges emerged from an extensive joint investigation, Project Swan, conducted by the Durham Regional Police Service (DRPS) and the Ontario Securities Commission (OSC). The investigation focused on allegations of fraud and money laundering centered in Ontario, particularly in Whitby and Oshawa, the respective residences of Pleterski and Murphy. Investigation Details And Public Advisory The authorities have levied multiple charges against Pleterski, including a fraud charge for over $5,000, laundering the proceeds of crime, and breaching a court order from May 14, 2024. Given the gravity of these charges, Pleterski is currently detained and awaiting a decision on his bail. In contrast, Colin Murphy, also charged with fraud of over $5,000, was released under conditions that mandated his future court appearance. The Ontario Securities Commission (OSC) and the Durham Regional Police Service (DRPS), in collaboration with the Toronto Police Service, York Regional Police, and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), have jointly pursued this case. In response to these developments, the OSC has released a public advisory urging those approached by Pleterski or Murphy to report their experiences. This appeal has proven fruitful, providing critical information that has benefited the ongoing investigation. Canada’s Stance On Crypto The charges against Pleterski and Murphy come when institutional interest in crypto noticeably increases in Canada. According to a recent survey by KPMG in Canada and the Canadian Association of Alternative Assets and Strategies (CAASA), institutional investors have significantly increased their adoption of crypto assets. Approximately 39% of these investors reported exposure to digital currencies in 2023, a notable rise from 31% two years earlier. Many institutions allocate at least 10% of their portfolios to cryptocurrencies,…

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Filed under: News - @ May 17, 2024 7:20 am