U.S. Man Indicted for Running Illegal Bitcoin Exchange 


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William Green, a Monmouth County, New Jersey resident has been indicted by a federal grand jury for operating a bitcoin trading business dubbed “Destination Bitcoin” without registering with the Secretary of the Treasury as required by the law, according to a press release on July 24, 2019.  

End of the Road 

Per a press release by the United States Attorney’s Office, District of New Jersey, the long arm of the law has caught up with a Monmouth County resident who has allegedly been running an illegal bitcoin business in the area.

Specifically, Willian Green, a 46-year-old Wall Township man has been indicted for operating a money transmitting venture named Destination Bitcoin without registering with the U.S Secretary of Treasury, as the law mandates all operators of such businesses to do so even if they are licensed in any state.

Green allegedly sold more than $2 million worth of bitcoin (BTC) to members of the public in exchange for cash. He charged a fee for his services and deposited the funds in his bank accounts.

He has now been charged with one count of operating an unlicensed money transmitting business and he’s required to appear before a United States District Judge on a date yet to be fixed.

It’s worth noting that this is not the first time Green has broken the law, as the bitcoin trader was reportedly found guilty of the same offense by criminal complaint earlier in February 2019.

Five Years Behind Bars

According to the authorities, the charge of operating an unlicensed money transmitting business carries a maximum penalty of five years imprisonment plus a $250,000 fine; Green could go in for it if found guilty.

Reportedly, Green’s case was investigated by special agents of the U.S. Internal Revenue Service (IRS) in collaboration with special agents of the U.S. Immigration and Customs Enforcement, Homeland Security Investigations and U.S. Attorney Carpenito has commended them for their excellent work.

Of a truth, Satoshi Nakamoto, the father of modern-day blockchain technology created Bitcoin to function independently of state laws, the activities of rogue actors has however made it important for the cryptospace to work with guidelines.

In related news, earlier in May 2019, BTCManager informed that a Las Vegas man named Morgan Rockoons had been sentenced to two years imprisonment for wire fraud and operating an illegal Bitcoin-based money transmitting business.

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