Ian Freeman Ordered to Pay $3.5 Million in Restitution for Unlicensed Bitcoin Operation

The restitution aims to compensate victims of romance scams facilitated by Freeman's cryptocurrency exchange.

Ian Freeman, a libertarian activist and radio show host, was sentenced to eight years in prison for running an unlicensed bitcoin exchange business.
The federal judge's ruling requires Freeman to pay over $3.5 million to 29 victims and forfeit various assets seized during the investigation.
Freeman's operation catered to fraudsters targeting elderly women, acting as a conduit for romance scams.
Despite his conviction, Freeman claimed he tried to protect potential scam victims and did not believe he broke the law.
The case highlights the challenges in combating romance scams and the importance of regulatory compliance in cryptocurrency operations.