New Jersey Man Charged with Running an Unlicensed Bitcoin Exchange

A 46-year-old inhabitant of the U.S. state of New Jersey has been charged with operating an unlicensed bitcoin exchange. 

William Green of Monmouth County was prosecuted on one count of operating unlicensed cash transmitting business through the operation of a website called Destination Bitcoin. 

Through the site, he purportedly accepted over $2 million in cash, exchanging the money into bitcoin for clients for a fee, the New Jersey Attorney’s Office stated in a press release on July 24. 

Green is set to appear before a district judge on a date yet to be decided. He has already been charged with the same offense back in February 2019, the release said. 

The office stated that, under government law, any individual who possesses or runs a cash transmitting business must register the business with the Secretary of the Treasury.

“However, 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,” it stated. 

The charge has a maximum penalty of five years in prison and a fine amounting to $250,000.