A 46 Year Old Man Indicted For Running Unlicensed Cryptocurrency Exchange In US

Admin || JULY 25, 2019

A New Jersey Resident William Green, 46-year-old, was indicted by a federal grand jury for allegedly running an unlicensed money transmission service. The indictment is  published  in a press release on July 24 by United States Department of Justice (DoJ).

According to the release, the indictment filings and court statements shows that Green operated a fiat-to-Bitcoin (BTC) conversion service through the website Destination Bitcoin. Green reportedly would receive money from his customers in order to convert their cash to BTC. The findings further indicated that Green had not registered with the Secretary of the United States Treasury in any capacity.

It is noted that a person is required by federal law to register any money transmitting businesses with the Secretary of the Treasury, before such operation is carried-on.

The report says that Green converted over $2 million in fiat money to BTC. Moreover, the maximum penalty for Green’s alleged crime is 5 years imprisonment and a $250,000 fine.

According to the DoJ, Green was charged over the same issue in a criminal complaint filed on February 28.

Previously, the State of New Jersey filed a complaint last week about purportedly unregistered securities sales within its borders. The State accused blockchain-based online marketplace Pocketinns of selling over $400,000 in securities to investors, without registering with the state’s associated bureau.

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