New jersey man indicted over unlicenced bitcoin exchange.

New Jersey man, named William Green of Monmouth county, 46 years old resident in united states has been charged with running an unlicensed bitcoin exchange in the U.S.

He was indicted on one count charge of operating an unlicensed money transmitting business. He does this through the operation of a website called Destination Bitcoin.

Information from the New Jersey Attorney’s Office said in a press release on Wednesday that the culprit, William Green has allegedly accepted more than $2 million in cash so far through the site and has exchanged the money to bitcoin with a fee paid by customers.

He has been charged previously with the same offense then in February 2019 , the release indicated. He is set to appear before a district judge on a date yet to be determined.

According to law as stated by the office, that under federal law, any person who owns or operates a money transmitting business must register the business with the Secretary of the Treasury. William Green was found wanting in this as non if name or business name was not registered with the united states treasury, he stated.
The charge carries a maximum penalty of five years in jail and a $250,000 fine as the law stated.

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Credits: Daniel Palmer

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