A Greek court has approved the US extradition of a Russian national accused of running a $4bn Bitcoin laundering ring on the now-defunct BTC-e exchange.

Alexander Vinnik, 38, was arrested in Greece in July and is wanted by both the States and Moscow. Authorities suspect he was ringleader and responsible for alleged laundering activity since 2011.

Vinnik has denied the charges against him. Reuters reports that a Greek court today cleared him to be extradited to America, where he could face up to 55 years in prison if convicted.

He is reportedly appealing the decision in Greece's supreme court.

The risk of money laundering is one reason why some shy away from decentralised virtual cryptocurrencies such as Bitcoin. ®