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US V. Liberty Reserve Business Analysis

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Liberty Reserve is the frontrunner in offering digital currency through Liberty Reserve’s online bank. Currency is offered in a proprietary digital currency called “LR” and is utilized to facilitate payments between shares of the digital currency (Department of the Treasury, 2013). Shares of “LR” are purchased through the use of third party exchangers and money service businesses (MSB’s) (Department of the Treasury, 2013).
Liberty Reserve corporate headquarters are located in San José, Costa Rica. Some MSB’s that facilitate transfers to Liberty Reserve, which are owned by Liberty Reserve corporate executives, are located in Kuala Lumpur, Malaysia (Thompson Reuters, 2013). The corporate executives and founders for Liberty Reserve are Arthur Budovsky and Vladimir Kats (Department of the Treasury, 2013). The company structure at corporate headquarters is relatively small with six total employees.
Gross annual transaction revenue for Liberty Reserve is approximately $200 million USD and gross annual profits are approximately $2 million USD per year. Liberty Reserve averages 7.8 million financial transactions per year (U.S. v. Liberty Reserve, 2013). …show more content…
v. Liberty Reserve, 2013). The operation was based in New York, New York and the business did not comply with United States anti-money laundering laws (U.S. v. Liberty Reserve, 2013). “Gold Age, Inc.” was a MSB that facilitated payments to the first digital currency operation, “E-Gold” (U.S. v. Liberty Reserve, 2013). Budvosky and Kats were both convicted of operating an unlicensed MSB and then opened Liberty Reserve shortly thereafter (U.S. v. Liberty Reserve, 2013). Liberty Reserve was designed to reside outside of the United States to elude law enforcement and be a new digital currency venture (Thompson Reuters,

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