RATE Group | Bitcoin Trader Pleads Guilty Over Unlicensed Exchange Business
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Bitcoin Trader Pleads Guilty Over Unlicensed Exchange Business

30 Oct Bitcoin Trader Pleads Guilty Over Unlicensed Exchange Business

Posted at 11:13h in Bitcoin News by

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A 21-year-old bitcoin trader from California has pleaded guilty to operating an unlicensed money transmission business and now faces a maximum of five years in prison.

According to a news release issued Monday by the Attorney’s Office of the Southern District of California, the trader, Jacob Burrell Campos, admitted as part of a plea deal that he had operated a bitcoin exchange without registering the business with the Financial Crimes Enforcement Network (FinCEN).

Furthermore, Burrell had no anti-money laundering or know-your-customer procedures in place.

“Unlicensed money transmitting businesses, especially those operating at or near the border, pose a serious threat to the integrity of the U.S. banking system, and provide an ‘open door’ for criminals to utilize such businesses to launder the proceeds of their illicit activities,” said U.S. Attorney Adam Braverman in the report.

Burrell reportedly sold hundreds of thousands of dollars in bitcoin to over 1,000 customers…

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