A New Jersey resident was indicted on Wednesday by a federal grand jury, for running an unlicensed money transmitting business, according to a press release from the New Jersey Attorney’s office.
Through the alleged unlicensed Bitcoin exchange, William Green charged its customers fees, in order to convert more than $2 million into the digital currency, Bitcoin.
According to the documents filed against Green, the 46-year-old man was caught operating a Bitcoin exchange business through a website dubbed “Destination Bitcoin,” through which he received money from his customers.
Such money from the members of the public is deposited in bank accounts maintained by Green. Afterward, he converts them into Bitcoin in accordance with the customers’ instructions. Previously, he was charged with the same offense by criminal complaint on February 28.
Per the report, Green this time, was fouled for not registering with the Secretary of the United States Treasury as a money transmitting business, either in his own name or in the name of the business.
As the Federal law demands, any person who owns or controls a money transmitting business shall register the business with the Secretary of the Treasury, whether or not the business is licensed as a money transmitting business in any State.
Consequently, he was indicted with one count of operating an unlicensed money transmitting business and is expected to appear before a United States District Judge on a date yet to be announced.
Green is likely to be charged a fine of about $250,000 and a maximum penalty of 5 years imprisonment. However, the charges and allegations in the indictment are merely accusations, hence he is still considered innocent unless and until proven guilty.
Recently, a 33-year-old Australian government employee was charged by the country’s federal police (AFP), for modifying the agency’s computer network to mine cryptocurrency for personal gain; about AU$9,000 (US $6,148) from the mining operations.