Bitcoin exchange CEO arrested

Posted online January 28, 2014 | 6:57 am

The founder of a prominent Bitcoin exchange company has been arrested and charged with running an illegal scheme to sell the digital currency to customers trafficking narcotics on the now-defunct drug website Silk Road, prosecutors said Monday.

Charlie Shrem, 24, chief executive of BitInstant, was arrested Sunday in New York on charges of conspiring to commit money laundering and operating a money transmitting business without a license, according to the Huffington Post.

An underground Bitcoin exchanger, Robert Faiella, faces similar charges for acts including allegedly selling the digital currency to users of Silk Road.

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