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Blockchain, cryptocurrencies, and insider stories by TNW.

US man faces up to 5 years in prison for selling $2 million worth of Bitcoin online

Bitcoin charged

A federal grand jury has indicted a New Jersey man for selling over $2 million worth of Bitcoin BTC through an unlicensed money transmitting business.

William Green, 46, who was charged with one count of operating the unlicensed business, is set to appear before a United States District Judge although no date has been set yet.

According to documents filed and statements heard in court, Green’s business was “Destination Bitcoin,” a website that allowed him to convert customers’ fiat deposits into Bitcoin in exchange for a fee.

Unfortunately for Green, US federal law says that any individual who owns or controls a money transmitting business must register it with the Secretary of the Treasury – including ones that sell Bitcoin for cash.

Green failed to do so and is now facing a maximum penalty of 5 years in prison and a hefty $250,000 fine.

Published July 25, 2019 — 09:06 UTC