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Bitcoin Government News

New Jersey Resident Charged for Operating Unregistered Bitcoin Exchange

New Jersey resident William Green has been arraigned by a grand jury for reportedly operating an unlicensed money transmission platform. The indictment was recently announced by the US Department of Justice (DOJ) through a press release. 

Fiat-To-Bitcoin Business

As per the DOJ’s statement, the charges and statements filed at court showed that the 46-year-old Green ran a fiat-to-Bitcoin (BTC) conversion business using the Destination Bitcoin website. 

A resident of Wall Township, Green was said to collect money from clients and converted their cash to Bitcoins as per their instructions. He then charged a fee for providing this service.

Court findings also indicated that Green’s business was not licensed in any capacity by the Secretary of the US Treasury. 

Federal legislation states that any money transmitting platforms are required to be registered with the Secretary of the Treasury by the individual who owns or runs the business. 

5 Years imprisonment and $250,000 Fine

According to reports, Green reportedly converted more than $2 million fiat to BTC. As per the law, Green’s alleged criminal activities would result in a maximum penalty of five years imprisonment and a fine of around $250,000. 

Green is scheduled to appear before a District Judge but the date is yet to be scheduled. DOJ records showed that he previously had a criminal complaint filed against him last February over the same issue. 

New Jersey has been doubling down on illegal crypto activities recently. Last week, the state charged Pocketinns, a blockchain-powered online marketplace, of selling more than $400,000 in securities. Like Green’s alleged business, Pocketinns was said to have been unregistered

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