RATE Group | Unlicensed Bitcoin Exchange Operator Indicted by Justice Department
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Unlicensed Bitcoin Exchange Operator Indicted by Justice Department

25 Jul Unlicensed Bitcoin Exchange Operator Indicted by Justice Department

Posted at 00:20h in Bitcoin News by

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

According to the DoJ, the indictment filings and court statements indicate that Green operated a fiat-to-Bitcoin (BTC) conversion service through the website Destination Bitcoin. As such, 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.

As noted in the announcement, a person is required by federal law to register any money transmitting businesses with the Secretary of the Treasury.

Sentencing

Regarding monetary quantities and compensation, the report says that Green converted over $2 million in fiat money to BTC. Moreover, the maximum penalty for Green’s…

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