A New Jersey resident has pleaded guilty to running the now defunct cryptocurrency exchange Destination Bitcoin without a proper license. He faces up to five years in prison and a $ 250,000 fine.
William Green, 53, told a federal judge that he illegally converted clients’ money into cryptocurrency between August 2017 and February 2019, according to a US Department of Justice statement. This week he pleaded guilty to running an unlicensed money transfer business.
The plea concludes the IRS investigation into Green’s crypto business, which began in December 2018 and led to a criminal investigation eight months later. Undercover agents struck a deal with Green that ultimately led to his arrest.
The Justice Department did not disclose how much BTC Green bought for his clients and what his profits are from running an unlicensed exchange. US federal law requires remittance businesses to obtain appropriate licenses.
According to a statement, special agents from the IRS and the Department of Homeland Security have spearheaded the investigation into Green. Both agencies used analytical tools to track transactions on the Bitcoin blockchain.
A plea of guilt carries the maximum possible sentence of five years in prison and a fine of $ 250,000. The verdict will be announced on August 10, 2021.
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