Bitcoin trial collapses after legal arguments

The prosecution of MBC Limited and its directors for breaches of the Isle of Man’s Anti-Money Code ended with Not Guilty verdicts being entered after legal arguments revealed serious errors by the Isle of Man Financial Services Authority in the conduct of its investigation.

MBC had provided technical services to merchants using convertible digital currencies for businesses based off-shore and in the US.

Peter Caldwell made submissions for the defence on the exclusion of evidence and abuse of process leading to the prosecution offering no evidence against the company and its three directors. The arguments emphasised the need for regulators whose supervisory functions may result in a criminal investigation to apply clear guidance to its investigators.

Costs were awarded in favour of all defendants.

Peter, who specialises in multi-jurisdictional fraud and regulatory cases was given a special licence to act as an Advocate at the Manx Bar.