US authorities charge a man for allegedly converting over $2 million cash into bitcoins without a license
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The U.S. Attorney's Office for the District of New Jersey has formally charged a 46-year-old man for operating an unlicensed bitcoin exchange, according to a statement Wednesday.
The man, William Green, operated a website called Destination Bitcoin, through which he allegedly accepted more than $2 million in cash from customers to convert it into bitcoins and charged them a fee.
However, Green did not register the business as a money transmitting business with the Secretary of the United States Treasury. The charge carries a maximum penalty of 5 years in prison and a $250,000 fine.
Green is scheduled to appear before a district judge on a date yet to be decided.
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