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

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)

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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