The United States Department of Justice (DoJ) on Wednesday announced an indictment against, William Green, a 46-year-old man residing in New Jersey.
Green, according to the allegations, operated a service, Destination Bitcoin which allowed users to convert fiat into Bitcoin, while he charged a fee for these transactions.
However, he offered this service without obtaining the money transmitting license required for businesses that served the public in such a capacity. The DoJ explicitly stated in the indictment filed by a federal court jury against the accused,
"Green did not register, either in his own name or in the name of his business, with the Secretary of the United States Treasury as a money transmitting business."
Meanwhile, within the period that his allegedly unlicensed fiat-to-Bitcoin exchange lasted, Green processed at least $2 million worth of transactions. He used bank accounts to hold customer funds, and "converted such money into Bitcoin in accordance with the customers’ instructions," as per the DoJ announcement.
Possible Penalties for William Green
While a court sitting on a yet to-be-scheduled date is necessary to validate the indictments against William Green, there are stipulated penalties for crimes related to operating an unlicensed money transmitting business.
The DoJ cited a maximum penalty of 5 years imprisonment and a $250,000 fine, while Green could even come under further punishments since he was previously charged with the same offense by criminal complaint on February 28, 2019.
Moving away from Green, Stmarket.co reported a similar development earlier this week.
The New Jersey Bureau of Securities filed a lawsuit against Pocketinns and its President Sarvajnya G. Mada for a $410,000 ICO conducted in early 2018.