Bitcoin • October 30, 2018, 9:44AM EDT
UPDATED: October 30, 2018, 10:44AM EDT

Bitcoin dealer faces five-year imprisonment for operating an 'unlicensed money transmitting business' using LocalBitcoins

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The Block

Jacob Burrell-Campos pled guilty to operating a bitcoin exchange without registering with the Financial Crimes Enforcement Network and without implementing anti-money laundering safeguards. According to the plea, from January 2015 to April 2016, Burrell facilitated the sale of hundreds of thousands of dollars in bitcoin to over 1,000 customers in the U.S. Burrell advertised his business on LocalBitcoins.com and negotiated a commission of 5% per transaction. Burrell faces a maximum of five years imprisonment and will be sentenced on February 11, 2019.  (Source: Department of Justice)