• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Breaking: Binance CEO Accused Of Violating US Derivatives Rules
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Binance CEO Accused Of Violating US Derivatives Rules
crypto crime ciphertrace
Advertisement

New Jersey Man In Soup For Selling Bitcoin Worth $2 Million

Eustace Cryptus by Eustace Cryptus
4 years ago
in Bitcoin News, News, News teaser
0
Advertisement

New Jersey resident William Green faces up to 5 years in prison and a $250,000 fine for selling $2 million worth of Bitcoin online.


The Justice Department Lays Down the Hammer

On Wednesday the U.S. Department of Justice charged a 46-year-old New Jersey man with running an unlicensed Bitcoin exchange. William Green of Monmouth County New Jersey is alleged to have operated Destination Bitcoin, a website that allowed users to turn fiat into cryptocurrency.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

According to the New Jersey Attorney’s Office, Green processed more than $2 million in cash and converted the funds into Bitcoin for a fee.

This is not Green’s first encounter with law enforcement and he was previously charged with operating an unlicensed money transmission business in February 2019. 

Current US federal law stipulates that “any person who owns or operates a money transmitting business must register the business with the Secretary of the Treasury.” In a press release on Wednesday, the New Jersey Attorney’s Office explained that: 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

However, Green did not register, either in his own name or in the name of his business, with the Secretary of the United States Treasury as a money transmitting business.” 

If convicted, the charge carries a maximum penalty of 5 years in prison, along with a $250,000 fine. 

Strange Bedfellows

Green is not the first U.S. citizen facing significant jail time and fines for operating an unlicensed money transmitting business. On April 9, 2019, 22-year-old Jacob Burrell Campos was sentenced to a two-year prison sentence for selling unlicensed Bitcoins. Campos offered his services via localbitcoin.com and frequently used encrypted messaging apps to communicate with customers. 

Similar to Green, Campos sold Bitcoin for 5% above the spot exchange rate and received payments in cash. In addition to failing to register with the Financial Crimes Enforcement Network, Campos also admitted that he did not employ anti-money laundering and know-your-customer processes on his exchange. 

Do you think the Federal government should play a greater role in regulation crypto-commerce? Share your thoughts in the comments below! 


Image via Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Eustace Cryptus

Eustace Cryptus

Educator by day, crypto zealot at night. I scour charts, swing trade & ponder blockchain’s ability to transform cities, commerce and the entire banking system as we know it!

Related Posts

Nasdaq

Nasdaq Targets Mid-2023 For Crypto Custody Launch

3 days ago
Crypto.Com Became The10th Largest BONE Holder

Crypto.Com Became The10th Largest BONE Holder

5 days ago
Hong Kong

Hong Kong Set To Welcome Prominent Crypto Data Firm

1 week ago
crypto conference the alliance

Crypto.ro Announces “The Alliance,” a Highly Anticipated Crypto Conference in 2023

2 weeks ago
Shopify Launches Comprehensive Blockchain Suite for Merchants

Shopify Launches Comprehensive Blockchain Suite For Merchants

1 month ago
New record: 49% of Bitcoin Supply Has Not Changed Hands in 2 Years

New Record: Half Of Bitcoin Supply Hasn’t Changed Hands In 2 Years

2 months ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • HEX looks to AI Heavyweights SingularityNET, Avorak AI and...

    1 hour ago
  • Binance Coin (BNB) Price prediction, Experts think RenQ...

    6 hours ago
  • Betnomi Affiliate Program 2023

    8 hours ago
  • Tremendous Growth in TMS Network (TMSN), While...

    9 hours ago
  • TMS Network (TMSN) Unveils Innovative Ideas for the Future...

    9 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.