“Destination Bitcoin” operator indicted for operating unlicensed money transmitting business
The charge of operating an unlicensed money transmitting business carries a maximum penalty of 5 years imprisonment and a $250,000 fine.
A federal grand jury today issued an indictment regarding William Green, 46, of Wall Township, New Jersey. He was indicted for operating an unlicensed money transmitting business through which he charged customers fees to convert more than $2 million in cash into the digital currency Bitcoin.
Green was charged by indictment with one count of operating an unlicensed money transmitting business. He is scheduled to appear before a United States District Judge on a date to be scheduled. He was previously charged with the same offense by criminal complaint on February 28, 2019.
According to the allegations, Green maintained a business that operated a website called “Destination Bitcoin.” Through the Destination Bitcoin website, Green received money from customers, deposited such money into bank accounts maintained by Green, and then converted such money into Bitcoin. Green charged the customers a fee for this service.
Federal law provides that 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. But 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.
The charge of operating an unlicensed money transmitting business carries a maximum penalty of 5 years imprisonment and a $250,000 fine.
