Allegedly, between 2017 and 2018, he converted more than $5.6 million of his customers’ cash into Bitcoin while charging a fee of between 10% and 20% for the promise of anonymity.
Court documents said that forensic analysis of the kiosks showed that $5.6 million in cash was deposited into them between September 2017 and November 2018, generating more than $590,000 in fees, from which about $160,000 were deposited into Taylor’s personal bank accounts.
Additionally, according to court documents cited by prosecutors, Taylor and his businesses did not have a money transmission license from the New York State Department of Financial Services or the U.S.