Months after his extradition from Morocco to the United States, Renwick Haddow hasn’t been indicted. Thus, the civil case filed against him by the Securities and Exchange Commission (SEC) is also still pending.

Criminal Case Not Yet Concluded

According to Finance Feeds, the criminal proceedings against Haddow are still ongoing. In a statement released by the US Department of Justice (DOJ) on Tuesday (September 4, 2018), Haddow is yet to be indicted.

Part of the delay stems from a continuance issued by US Magistrate Judge, Honorable Stewart D. Aaron. According to reports, the 30-day continuance which was granted in mid-August 2018 was due to the fact the parties in the case were discussing a potential disposition of the criminal case.

Haddow, a UK citizen, is charged with two counts of wire fraud. One count relates to his alleged fraudulent activities on the Bitcoin Store platform and the second count for his activities in the Bar Works scheme.

The update from the DOJ also revealed that the SEC’s case against Haddow is still pending because the criminal trial hasn’t been concluded. In July 2018, the civil suit against Haddow was stayed to allow for the conclusion of the criminal proceedings.

According to the allegations against Haddow, he falsified and misrepresented his affiliation with both companies when soliciting investment. For one, he hid his involvement with the Bitcoin Store saying instead that the platform was run by “investment professionals.” If found guilty, Haddow faces the prospects of up to 40 years in prison.

Crackdown on Bitcoin and Cryptocurrency Crimes

Haddow isn’t the first person to run afoul of the law due to his involvement in alleged Bitcoin and cryptocurrency scams. Recently, Jacob Burrell Campos, a California Bitcoin dealer was charged with multiple counts of money laundering. According to reports, Campos operated an illegal money transmission service using Bitcoin.

For most governments, BTC and other cryptocurrencies provide a means of unregulated money transfer. This situation brings up the possibility of money laundering. Thus, many countries are mandating cryptocurrency exchange platforms to adhere to strict know-your-customer (KYC) and anti-money laundering (AML) protocols.

Do you think Haddow should be indicted for the charges against him? Do you believe cases like these adversely affect the credibility of the emerging cryptocurrency industry? Keep the conversation going in the comment section below.

Images courtesy of The Global Mail, Shutterstock

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