A 52-year-old Australian woman has been charged by authorities for allegedly operating an illegal online digital currency exchange. 

According to a report by itNews, detectives from the NSW Cybercrime Squad have charged a Sydney woman for allegedly operating an online digital currency money laundering service. Authorities arrested the woman at a shopping center on May 14 after seizing more than $60,000 in cash and $73,000 in bitcoin from her personal handbag and vehicle. 

The report claims the woman operated an illegal money laundering syndicate that exchanged cash for cryptocurrency. 

Detective Superintendent Matt Craft, the Cybercrime Squad Commander, said, 

While cash is still ‘king’, digital currencies are fast becoming the preferred choice for organized criminal networks involved in money laundering, funding terrorism, and cybercrimes.

Craft continued, calling it “concerning” that digital money laundering exchanges are able to operate unregulated. 

The Sydney-based woman was responsible for an alleged $5 million in bitcoin transactions since 2017. 

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