Altcoin News: New Jersey Resident Accused of Creating Unlicensed BTC Exchanger

July 26, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

A resident of the US state of New Jersey was accused of organizing and managing an unlicensed cryptocurrency exchanger.

William Green was charged in a case involving the management of an unregistered remittance company through the Destination Bitcoin website. Through the website, he allegedly received payments of more than $2 million in cash, turning the funds into bitcoin for customers for a fee, according to a statement the prosecutor’s office of New Jersey.

Green will have to be brought to trial shortly. The prosecutor’s office stated that, in accordance with federal law, any person who owns or operates a money transfer business must register it with the Ministry of Finance.

“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,” the message says.

The maximum penalty for such a violation is five years in prison and a fine of $250,000.

Last year in Pennsylvania, Eldon Stone Ross was charged with running an unlicensed remittance company and sentenced to one year in prison.

Author: Marko Vidrih