Unlicensed Bitcoin Exchange Operator Faces 5 yr Jail Term

A 46 year old man from New Jersey, William Green has been charged the United States Department of Justice (DoJ) for allegedly running an unlicensed money transmission service (a fiat-to-Bitcoin conversion service). He is facing a maximum penalty of 5 years imprisonment and a $250,000 fine for operating website called Destination Bitcoin which received money from public 7 covert it into Bitcoin without registering with Secretary of the Treasury.

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