New Jersey man sentenced to five years in prison for operating an unlicensed bitcoin exchange.

A New Jersey man has admitted to operating an unlicensed bitcoin exchange for 18 months. He allegedly converted over $2.5 million for his clients without obtaining the required licenses. According to the DoJ press release, William Green appeared before U.S District Judge Kevin McNulty on April 5 to answer to one count of operating an unlicensed money transmitting business. The 53-year-old Wall, New Jersey native, pleaded guilty to the charge by video conference.


Green faces five years behind bars and a fine of $250,000.

The DoJ indictment had alleged that Green operated the bitcoin exchange called Destination Bitcoin from August 2017 to February 2019 through a website and various referrals. Green would receive fiat currencies from his clients through cash, wire transfers, and online payment processors. He would then convert those funds into digital currencies and then send them to the clients, whom he charged a fee for the service. Green now faces five years behind bars and a $250,000 fine on charges of running unregistered money transmitting business. 


Regulators continue to focus on crypto scams. 

Earlier this month, the Department of Justice had charged a popular Instagram influencer with digital currency fraud. According to the charge, Jay Mazini claimed to purchase bitcoin at inflated prices from his followers on social media platforms. However, once he received the BTC, he never wired the funds. The department has continued to be involved with the crypto industry at a time when regulators are taking a keen interest. Its biggest action came against the BTC derivatives exchange, BitMEX, whose leaders had been flaunting regulations for years. The former CEO Arthur Hayes recently surrendered to U.S. authorities in Hawaii to face his charges, following the steps of Ben Delo, who also surrendered to U.S. authorities a month ago.