Bitcoin Trader Faces Five Years in Jail over Operating Unlicensed Exchange

A Californian cryptocurrency trader, Jacob Burrell Campos, will be sentenced to up to five years’ imprisonment after pleading guilty to managing an unregistered Bitcoin (BTC) exchange. Burrell signed an agreement with the local prosecutor and will pay a penalty of $823,357 as a forfeit for his “ill-gotten gains,” the Southern (NYSE:SO) District of California Attorney’s office explained in a press release on Monday.

Between January 2015 and April 2016, the trader sold hundreds of thousands of US dollars in Bitcoins to over 1000 clients on its platform. Burrell had not registered the exchange as a money transmitt…

This article appeared first on Cryptovest

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