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US Department of Justice unveils unlicensed bitcoin exchange service

Amandeep Sonewane | Jul. 25, 2019
US Department of Justice unveils unlicensed bitcoin exchange service

July 25, 2019 | AtoZ Markets - US Department of Justice has recently signaled that a New Jersey resident for allegedly operating an unlicensed bitcoin exchange. Yesterday's press by the U.S. Department of Justice announced the indictment of 46-year old William Green on account of illegally operating an unlicensed money transfer business.

William Green charged for illegal money transfer business using Bitcoin

According to the DoJ, a person named William Green has been charged for operating an unlicensed money transfer business through which he charged almost $2 mln in cash into Bitcoin from the customers for converting. 

Green, who lives in Wall Township, New Jersey, was charged by indictment with one count of operating an unlicensed money transmitting business. He is scheduled to appear before a United States District Judge on a date that to be scheduled by the court. Also, he was previously charged with the same offense by criminal complaint on February 28, 2019.

According to the documents filed in this case and statements made in court: Green maintained a business that operated a website called “Destination Bitcoin.” Through the Destination Bitcoin website, Green received money from members of the public (the “customers”), deposited such money into bank accounts maintained by Green, and then converted such money into Bitcoin in accordance with the customers’ instructions. Green charged the customers a fee for this service.

US Federal laws for operating unlicensed money transfer business

Federal law dictates that any person who owns or controls a money transmitting business shall register the business (whether or not the business is licensed as a money transmitting business in any State) with the Secretary of the Treasury. 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 charge of operating an unlicensed money transmitting business carries a maximum penalty of 5 years imprisonment and a $250,000 fine. U.S. Attorney Carpenito credited special agents of IRS – Criminal Investigation, under the direction of Special Agent in Charge John R. Tafur, as well as special agents of the U.S. Immigration & Customs Enforcement, Homeland Security Investigations, under the direction of Special Agent in Charge Brian Michael, with the investigation leading to today’s indictment.

The government is represented by Assistant U.S. Attorney Anthony Torntore of the U.S. Attorney’s Office Cybercrimes Unit in Newark. The charge and allegations in the indictment are merely accusations, and the defendant is considered innocent unless and until proven guilty.

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