The New Jersey Attorney Office has accused William Green of Monmouth County over an illegal bitcoin exchange. The 46 years old Green was illegally exchanging customers’ money into bitcoins for a fee.

William was conducting all this money transmitting business with his website named Destination Bitcoin. The New Jersey Attorney Office alleges that he had earned over $2 million cash with his illegal bitcoin exchange. The police have arrested him before under the same charge of running an unauthorized bitcoin exchange.

According to federal law, any business based on money exchanges is mandatory to register with the Secretary of the Treasury. Green, however, didn’t go through any legal procedures to register his business. The punishment of this offense can lead him to a fine of $250,000 and five years of jail.

The regulatory bodies are now taking strict actions against such unregistered crypto exchanges. In May, two such cases took place in Germany and Australia. The German Financial Regulator issued a warning against CoinBene for not registering under Germany’s banking act. Similarly, the Australian Regulator warned OneCoin for not having any legal registration and Finance Services License.