Would it be legal for a shop to accept Cryptocurrency payments without KYC (know your customer)?
If the shop owner received the Crypto their customer got illegally, would the shop owner be held liable even when he didn't know about it?
For example, a customer buys a $500 Amazon electronic gift card with Bitcoin. The shop owner knows nothing about the customer except his email address. He then exchanges the crypto into USD, pays his supplier, and later reports his capital gain to the IRS. So is there anything illegal in his actions that he is unaware of?
Please help me understand it. I appreciate your input!
1 Answer from Attorneys
I don't see how this is any different from walking into a 7-11 with cash you just stole from an old lady. How can the 7-11 know from where the money came?
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