Resident of New Jersey accused of organizing illegal crypto exchange

Posted 25 July, 2019

A resident of Monmouth County in the US state of New Jersey has been charged with launching and managing an illegal bitcoin exchange. 

An official press-release state that the man was charged with running an unlicensed money transfer business. If the court pleads guilty to the defendant, the maximum penalty can reach 25 years in prison, as well as a fine of $250,000.

According to the media resources, 46-year-old William Green accepted fiat money from customers and transferred them to a bank account. After that he exchanged the money for bitcoins for his clients. 

"Any person who owns or controls a money transmitting business shall register the business (whether or not the business is licensed as a money transmitting business in any State) with the Secretary of the Treasury," noted in the press release.

As it turned out, Green was already charged in February for the same offense. It seems that William Green decided to start a crypto stock exchange, which is not registered anywhere.

Also in 2018, the California State District Attorney’s Office filed similar charges against a man and fined him $823,357.

Meanwhile in the state of Pennsylvania, the local Department of Banking Services stated that cryptographic services are not subject to a state license to run money transmitter business.

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