A New Jersey resident, William Green, pleaded guilty to operating an unlicensed Bitcoin exchange. The information was released in a statement by the U.S. Department of Justice.
According to the department, from August 2017 through February 2019 Green exchanged clients’ funds for the first cryptocurrency. He transferred digital assets to users’ wallets and charged a service fee.
Under the law, the owner or operator of a business involved in money transfers must obtain the appropriate license. Green admitted he had been operating without authorization.
The man faces up to five years’ imprisonment and a $250,000 fine. A sentencing hearing is scheduled for August 10, 2021.
Rossen Iosifov received a 10-year prison sentence for laundering about $5 million through cryptocurrencies and participating in a multi-million-dollar fraud scheme.
Earlier in February, a California resident admitted to operating an unlicensed Bitcoin exchange and laundering $13 million.