US authorities charge a man for allegedly converting over $2 million cash into bitcoins without a license

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.